A gambler who lost £1.5 million betting on football is suing Betfair for his money back.
Lee Gibson, 47, of Leeds – a multimillionaire ‘problem gambler’ and buy-to-let property tycoon – told a court he placed more than 30,000 bets through betting exchange Betfair between 2009 and 2019.
Gibson admitted he initially found gambling ‘enthralling and exciting’ but his losses become ‘unsustainable’ and in March 2019 his account was closed for good.
He alleges Betfair should have known he was a problem gambler and was under a duty to stop him sooner. The case was rejected by a High Court judge last year but his bid to win back £1 million in damages will be heard this week by three judges at the Court of Appeal.
Gibson’s barrister, Yash Kulkarni KC, said his client’s betting was predominantly on ‘correct score’ football markets, sometimes in ‘obscure’ games with wagers of up to £20,000.
Kulkarni argues Betfair ‘knew or ought to have known’ that Gibson was a problem gambler and because the firm treated him as a VIP with his own individual ‘relationship manager,’ it had assumed a duty to look after him properly.
“The evidence showed that Betfair knew or had information available to them showing that Mr Gibson was chasing his losses, had borrowed money or sold something to gamble, and was gambling at a level beyond that which he could afford from his income after tax and expenses.”
Despite leaving school at the age of 16, Gibson made himself a multi-millionaire by buying and renovating properties in the Leeds area. He once owned 16 houses which were rented to students but some were sold or remortgaged as his losses grew.
His gambling career started in 2009 and by the end of 2012 he had lost £100,000 – with that number increasing to £500,000 by the end of 2015, £1 million in January 2018 and in March 2019 when Betfair closed his account it was £1.5 million.
Gibson was offered incentives by Betfair like hospitality at football matches and golf invitations. He was quizzed under anti-money laundering rules about the source of his gambling funds and explained to the firm he was a landlord with a big portfolio.
At the end of the trial last year, a judge ruled he was not convinced Betfair should have known about Gibson’s gambling problem – arguing he consistently reassured Betfair he was able to fund his gambling and losses.
Joe Lyons is a betting industry writer for GamblingIndustryNews with years of experience on reputable gambling websites. Joe specialises in long form content in the world of sports betting and gambling. Joe is recognised as an expert in sports fields such as horse racing, soccer, NFL and NBA.
