Trusted online casino operator Magic Red Inc. (NASDAQ:MGCINC) has made a costly mistake after launching their online casino in The Netherlands that caused the company to lose hundreds of thousands of euros to its players.
This glitch has already lost them close to 600,000 euros in free spins and cash prizes and the loss is going to continue to increase until 31st of March when Magic Red's new customer agreement takes effect.
What Exactly Happened?
Thomas Reinhardt, an experienced casino player from Den Haag who discovered the loophole explains,
"Magic Red's new promotional campaign for new customers in The Netherlands was supposed to give up to 200€ of additional free credits to all new customers that deposited at least 20€ to their account. Unfortunately for them, they had a wording error in the agreement so each new customer can get up to 200 euros of free credit.
As a result, people are using the free credit and hitting jackpots that is costing Magic Red heavily in The Netherlands. What is making matters even worse for the company is that there is no way for them to fix it due to the strict gambling laws in The Netherlands which require casino companies to notify at least 7 days in advance before changing their terms and conditions. So getting these bonuses for free is completely legal."
Thousands of Winners
One company's mistake can be incredibly profitable for everyone else. A lucky woman, 26-year-old Nicole Mathiasen from Amsterdam, registered with Magic Red and claimed the 200€ free credit that required no initial deposit and after using just 24€ for spins she won the progressive jackpot of 73,217€.
"I used to dread waking up each morning and going to a job that I hate, all to just be able to cover my rent and bills, now I have so much freedom."
Magic Red's CEO in The Netherlands, Kevin Boehm was fired immediately after the incident and the new manager Luuk Koevoets has a lot of fixing to do. Koevoets responded to our enquiry via email,
"This has been a very unfortunate and costly mistake for the company but we have to learn from it and move on. Dutch market is very important to us and we are here to stay even after this costly error for the company."
Here is how Dutch residents are claiming their free money:
1. They sign up on the Magic Red's unique campaign page
2. They will make a deposit of at least 20€
3. They use the free credits they receive to win prizes and jackpots without a risk of losing - completely legally
UPDATE (March 30th):
As of March 30th, the free bonus loophole at Magic Red is still available.
Magic Red's new customer agreement will become active on March 31st 2019 and this loophole can no longer be used.
If you are located in The Netherlands then click here to claim your free bonus now!