TGP chief defends withheld Cheltenham payouts

chief executive of the firm at the centre of a betting payouts furore says his operators were following "regulator approved procedures" in the face of "activity deemed suspicious".

Punters have taken to social media in recent days to complain about Cheltenham Festival winnings being withheld and betting accounts closed at bookmakers 138.com, 12Bet, Fun88.co.uk and TLCBet, all of which are owned by TGP Holdings Ltd.

Speaking to the Isle of Man Newspapers group, TGP chief executive Garth Kimber said: "Following unprecedented volumes and unusual activities during the Cheltenham racing festival the company has followed our regulator approved procedures and terms and conditions and reviewed activity deemed suspicious.

"All payments were processed for accounts not deemed to be under investigation and additionally all payments have now been processed for those accounts reviewed and found not to have been in breach of our terms and conditions.

"For those accounts where the terms and conditions have been breached, account holders have been informed, the company has processed a refund of deposits, voided all bets (winning and losing) and closed the accounts."

Kimber said his firm were in the process of sharing details of the "activities found to have taken place" with the "relevant authorities".

He added: "The company regrets the time taken and effects on genuine players but is committed to upholding both our own and the industry’s integrity."

Some customers have reportedly received emails stating that their accounts had breached terms and conditions regarding "bonus abuse and fraudulent activity".