The online sports betting company PointsBet has been fined $25,000 by the New Jersey Division of Gaming Enforcement for violating the state’s sports betting laws. The company admitted to taking bets on soccer games that had already ended, as well as on a college basketball game that was prohibited in New Jersey.
Betting on Soccer Games After the Final Whistle
According to the settlement agreement, PointsBet accepted five bets in August 2021 on the outcome of European soccer matches after the games had already ended. The bets were placed by one customer, who wagered $13,500 and received $28,275. The company discovered the error and voided the bets, returning the money to the customer.
PointsBet told the regulators that it did not have an automated process in place to review the accuracy and timeliness of published markets. The company also blamed an unresolved communication issue between itself and a third-party data feed provider for the problem.
Betting on St. Peter’s Men’s Basketball Team
PointsBet also accepted bets on March 25, 2022, on the St. Peter’s men’s basketball team, which was ineligible to be bet on in New Jersey. The team was on a legendary “Cinderella” run through the NCAA tournament, reaching the Sweet 16 round for the first time in its history.
The market for St. Peter’s bets was live for 55 minutes and two people placed bets, totaling $60. Both bets were canceled by the company. PointsBet said that it had mistakenly included St. Peter’s in its list of eligible teams, and that it had implemented additional checks to prevent such errors in the future.
PointsBet’s Response and Fine
PointsBet cooperated with the investigation and agreed to pay a $25,000 fine to settle the matter. The company also agreed to review its policies and procedures to ensure compliance with New Jersey’s sports betting laws and regulations.
PointsBet is one of the leading online sports betting operators in New Jersey, which is the largest and most competitive sports betting market in the U.S. The company offers a variety of betting options, including fixed-odds, points betting, and parlay betting.
