A leading Australian bookmaker is refunding punters who backed New Zealand to win the Cricket World Cup final, describing the method used to determine England as winners an "absolute disgrace".

Sportsbet said it had refunded 11,458 people a total of $426,223, after they supported New Zealand to win the final head-to-head or to win the tournament outright.

England were crowned champions on a little-known boundary-countback rule, after the dramatic match was tied through 50 overs and then again after a 'super over'.