Thousands of people who put money on Brighton and Hove becoming a city are fuming because bookies say they will only pay out a third of the winnings.
Punters have been told they cannot claim the full amount because Wolverhampton and Inverness are also being granted city status.
Customers say they were not warned that they might lose out when they placed their bets and are calling for compensation.
Bob Bailey was expecting to pick up £94 from William Hill this week - but came away with just £31.33.
Mr Bailey, 45, of Brunswick Street East, Hove, said: "Because I had great faith in Brighton becoming a city I went into William Hill last year."
He put £2 on Brighton becoming a city in September 1999 at 16-1.
Mr Bailey, a former Lib Dem leader on the old Hove Council, said: "I remember Simon Fanshawe saying to me then that they were great odds. Then in October 1999 I put another £10 on at 5-1.
"When I heard the news about the city status I punched the air and shouted, 'Yippee!'. I thought I had won £94 so I went into William Hill in Western Road.
"The man in the shop asked me if I wanted the good news or the bad. I said bad and he said the winnings would have to be divided because three places won city status. I think there should be some compensation. I was not given a warning at the time I placed the bet.
"When I was in the shop it sounded like they'd had a few complaints about this from people. I am going to make a complaint about it."
A spokesman for William Hill - the only bookmaker taking bets on the city announcement - said: "It is like a horse race. If you put a bet on and it is a dead heat, you only get half the amount. This is standard practice."
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