Holiday Whine: Bettors Call for Refunds After Devin Booker’s Early Exit – Opinion

Posted on: December 26, 2022, 04:03h. 

Last updated on: December 26, 2022, 07:46h.

Steve Bittenbender Read More

Expertise: Legislation, Sports Betting, Horse Racing.

UPDATE (8:40 pm ET) – DraftKings announced after the article posted that it, too, would give bettors who lost on Devin Booker single prop bets credits for free wagers. Parlays, including single-game parlays, that had Booker as the only losing leg would also be refunded in the same fashion.

It was not a Merry Christmas for all bettors on Sunday. That was especially true for those who wagered on Devin Booker’s return to the basketball court.

The Phoenix Suns star guard missed three games because of a groin injury after dropping 58 points against New Orleans on Dec. 17, and he missed two more games earlier in the month because of a leg injury. However, on Saturday, ESPN’s Adrian Wojnarowski reported Booker was set to return for the Suns holiday game against the Denver Nuggets.

But Booker’s return was short-lived. He exited the NBA game after just four minutes because of suffering another groin injury, according to multiple reports.

Bitter Bettors Take to Social Media

That left a bitter taste for some who wagered on prop bets FanDuel and DraftKings offered on Booker, especially those who included him in parlay bets.

During the game and well into Monday, those who felt aggrieved about the situation took their cases to social media. On Twitter, virtually any tweet from the sports betting giants got replies calling for them to void bets on Booker.

FanDuel eventually announced shortly after 2:30 pm ET Monday that it would give refunds in the form of free bets to those who lost straight prop bets made on Booker. It also gave similar refunds for parlays – including single-game parlays – where only the Booker bet lost.

DraftKings, as of 4:30 pm ET Monday, had not announced any plans for a refund.

Why Do Refunds Happen?

The practice of refunding sports bets has become more prevalent in the post-Professional and Amateur Sports Protection Act of 1992 (PASPA) online wagering era, especially when it comes to wagers tied to individual player performance. There have also been times when sportsbooks have offered free bets or credits when a blown call may lead to a disputed outcome.

Sportsbooks view such refunds as good customer service in hopes bettors will stay with them. In some instances, operators can take the credits they extend to bettors as refunds and deduct that from their gross gaming revenue. That can help reduce their tax liabilities.

But for many traditionalists in the industry, be they bettors or bookmakers, the move to refund such bets rankles them. The premise behind sports betting is simple, and it involves risk. That includes the risk of the player leaving the game early because of injury, ejection, or a coach’s decision.

Besides, player props are like other total wagers. They’re two-way bets with over and under options. So, the sportsbooks paid out the under bets as winners, as they should.

If you bet on a prop expecting to get a refund if said player gets hurt during the game, then respectfully, you shouldn’t be betting props,” tweeted Circa Sports Sportsbook Operations Manager Jeffrey Benson early Monday morning.

Benson also called out operators, though not by name, for allowing such behavior in the first place.

https://twitter.com/JeffreyBenson12/status/1607275583205146624

Enough is Enough

A couple of years ago, I thought that moves PointsBet made with its “Karma Kommittee” were OK because they were for extraordinary circumstances. Like when it gave a refund after the New Orleans Saints lost in the NFC Championship in January 2019 after a missed pass interference call.

But the movement has since spiraled out of control, and likely will continue that way as long as sportsbooks can treat the credits as write-offs. It’s time for the practice to end.

I’m not betting on that, though.

Instead, the next time a star player leaves a game early, we’re likely to see even more of an outcry.