Renowned online sports betting operator Betfair has announced this Thursday that it had managed to find the cause of the recent software error and programmers were quickly able to fix it.

Earlier this week Betfair players reported that their bets were voided for some unknown reason causing losses of several million GBP. Due to the huge popularity of the online sports betting operator, the news of the bug travelled fast and the company came under heavy criticism.

In an interview given later the week, Betfair spokesperson Tony Calvin explained that the event was "highly embarrassing and an unacceptable betting experience for people, but there was a unique set of events that allowed this to happen".

He further went to comment that the problem was caused due to a malfunction of the operator's in-house automated trading program and refuted all claims that speculated that Betfair intentionally tampered with the betting software in order to make players lose their money.

Tony Calvin added that:

"If the Gambling Commission wants to come and have a look, that's fine. We're always honest and transparent."

This incident contributed to the already damaged reputation of the company. Earlier this year similar cases were reported by players, the most notable one being when players were not able to claim their "Happy Hour" deposit bonuses, despite the fact that the casino branch of the company was advertising such a promotion.

Another incident happened when the software of the sports betting client failed to process a large number of bets, among them many winners of the biggest Tote Jackpot pool in history. The company also had to face a decline in share prices and pressure from investors during the year of 2011.

Despite this, Betfair remains one of the biggest and most popular UK and European online sports betting operators. Besides the betting platform, Betfair also offers an online casino which provides a big variety of games to casino players.

Tags: Betfair, Online Gambling Software, Sports Betting