Can’t use field name for have_rows() on WordPress ACF repeater fields

have_rows() is not returning any rows for the field name.

I have a repeater field on an option page.

Works:
have_rows('field_554a52eedd894', 'option')

Doesn’t work:
have_rows('advert_placements', 'option')

The database entry looks like this:
_options_advert_placements | field_554a52eedd894
and those values are on the WordPress page too.

It seems to me that the ACF plugin isn’t looking up the field name correctly.

Any ideas?