The TAB and the Bonus Bet Promotions Fiasco
The horse racing betting website TAB has had a major misfortune with the incorrect counting of its bonus bet promotions. The company has commissioned an independent outside investigator to investigate this miscounting of its bonus bets promotions. This miscounting will have a huge effect on the returns for the entire horse racing industry. There has been a major malfunction with the new fixed-odds betting platform. The platform had a major glitch and was counting bonus bets twice. This has allowed for a huge misrepresentation of the income generated on the platform. The miscount was for about 7 months and the income was overstated by at least 1.6 million dollars.
How does the Bet Promotions Work
TAB gives away the bonus bets as a part of their routine promotions. This helps to keep the bettor's attention and interest in the horse race. The bonuses are the best way for TAB to stimulate turn over and it is the thing that bookmakers do across the globe.
It admitted to the mistake and to the fact that the mistake was costing the company money. The internal team of TAB is the individual who was responsible for the discovery of this issue. Unfortunately, the team did not discover the incident until January when they were completing their half-yearly report. To some of this mistake in a simple way; the profits that TAB thought they had for the 2019 – 2020 season were 700,000 dollars ahead of budget. Unfortunately, because of this error TAB is drastically behind when it comes to its budget.
The chairman of the TAB is a gentleman by the name of Dean McKenzie. As the chairman of TAB Dean McKenzie did not run or try to hide the error but instead, he faced the problem head-on and this included notifying the press of the error. He also notified the press that there was currently an independent investigation or review taking place to discover how the mistake happened and who or what is at fault.