Betfair Debates Returning Funds to Victims of Fraudster – Report

Betfair may be on the throes of a dilemma. Gambling businesses seldom express remorse openly, but the company is, according to a report by The Guardian, now mulling whether it should return the money it earned from a convicted fraudster back to his victims.

If the company does so, it would be more than a mere gesture of goodwill. It will create a precedent whereby companies are taking direct responsibility for letting the money of crime sift through their platforms, raising the standards industry-wide, and setting a new unspoken code of moral conduct.

Housing Charity Gutted by Gambling Addicted Former Employee

The Guardian has reported the case of both Betfair’s intended return of funds as well as the sentencing of one Andrew Monford, a former finance manager at housing charity Co-operative Development Services (CDS), who defrauded victims out of £340,000, roughly $457,765. 

Betfair granted Monford a VIP status, with the man eventually ending up losing over £1m or $1.27 million on the platform – the platform’s own profit stood at about £200,000 or $269,220. 

Perpetrator and Sportsbook Show Visible Signs of Remorse

His actions were uncovered by CDS in 2024, and a complaint was filed against the man. For his part, Morford has been contrite, assisting investigators and paying back victims to the extent of his financial ability. 

Betfair could now help alleviate some of the financial pain experienced by Morford’s victims. As to Morford, he has been given a two-year suspended sentence, with the presiding judge, Silas Reid, arguing that the man’s gambling addiction was a decisive factor in handing down a more lenient verdict in the end.