Multimillionaire Problem Gambler Sues Betfair for £1.5 Million Lost on Football Bets

Lee Gibson, 47, a multimillionaire buy-to-let property tycoon from Leeds, is suing Betfair after losing £1.5 million betting on football over a decade-long period. Gibson, who has been described as a ‘problem gambler,’ told the court that he placed more than 30,000 bets through the betting exchange between 2009 and 2019.

Gibson admitted that he initially found gambling “enthralling and exciting,” but his losses eventually became “unsustainable,” culminating in the closure of his Betfair account in March 2019. He alleges that Betfair should have recognized his gambling problem and was under a duty to intervene earlier. A High Court judge rejected his case last year, but his bid to recover £1 million in damages is now set to be heard this week by three judges at the Court of Appeal.

Gibson’s barrister, Yash Kulkarni KC, explained that his client’s betting focused predominantly on “correct score” football markets, sometimes in “obscure” games, with wagers reaching up to £20,000. Kulkarni argues that 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 assumed a duty to monitor 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,” Kulkarni added.

Despite leaving school at 16, Gibson built a multimillion-pound property portfolio in Leeds. At one point, he owned 16 houses rented to students, though some were sold or remortgaged as his gambling losses mounted. Gibson began his gambling career in 2009, losing £100,000 by the end of 2012. By the end of 2015, his losses had risen to £500,000, reaching £1 million by January 2018 and £1.5 million by March 2019, when Betfair closed his account.

During his time as a high-volume bettor, Gibson was offered incentives by Betfair including hospitality at football matches and golf invitations. He was also questioned under anti-money laundering rules about the source of his gambling funds, explaining that he was a landlord with a substantial property portfolio.

At the conclusion of last year’s trial, the judge ruled that he was not convinced Betfair should have known about Gibson’s gambling problem, noting that Gibson had consistently reassured the firm that he was capable of funding his gambling and covering his losses.

The Court of Appeal will now examine whether Betfair’s handling of Gibson as a high-stakes customer, coupled with the firm’s knowledge of his escalating bets and financial behavior, amounted to a failure of duty that could entitle him to damages.

By fLEXI tEAM