Betfred CEO to Refund Losers
Mar 21, 2014
A generous PR stunt by ManU fan Fred Done will cost short-term money, but could reap long term benefits.
Fred Done, CEO of Manchester bookie Betfred and rabid fan of the Manchester United Red Devils, has pulled a brilliant PR stunt in offering to refund the losses of anyone who bet on the football club to win the English Premier League title. Said the generous millionaire: “These loyal fans never had a chance of winning with United. This season the Reds have been useless, hopeless and meaningless. Anyone who has a bet on United winning the title need only take their slip to any shop and I will refund every penny.”
Expensive move in anticipation of big returns
NBC sports estimated that the betting shop operator and online and mobile sportsbook will lose $333,000 on the move, but the good publicity should help bring more future wagers in. Done was careful to point out that he is the “first bookmaker ever to do so.”
Sports betting is big business in the UK, pulling in more revenue than casino games like blackjack cards and poker. Brits lose a lot of money wagering with bookies like Done, but in this case they will benefit from his generosity and business strategy. For the sake of bettors and fans of the Red Devils, let’s hope that they fare better next year.