The UK Gambling Commission (UKGC) has lifted the curtain on the closure BetBright and its controversial decision to void outstanding bets with an estimated payout which could have amounted to £1 million. The major gambling regulatory body in the UK explained that the decision to void large bets was not a bad one actually, because the online gambling operator’s customers would have received no money back in case that the company had gone into liquidation.
The UKGC made another disclosure regarding the proceeds of £15 million received as a result of the recent sale of BetBright’s technology platform to its rival operator 888.com. The Commission explained that the money had been used to cover the costs of the closures of the company’s 35,000 customers, including the returns of stakes and deposits, including the voided ante-post bets.
As a result of Dedsert entering into an agreement to sell its sports betting technology, customer accounts will be closing. Betbright has stopped accepting any deposits and wagers, and customers are being asked to withdraw their funds from their BetBright accounts… (1/2)
— BetBright (@BetBright) March 5, 2019
A spokesman for the gambling watchdog shared that the Commission has been informed that the received money has formed part of the assets which were used to settle outstanding ante-bets, liabilities, stake refunding, etc. The spokesman also made it clear that the Commission is not empowered to insist that a gambling operator stays in business until the results of customers’ ante-post bets have been revealed.
Any of the small number of ante post wagers that settle beyond today, including all losing bets, will be fully refunded. (2/2)
— BetBright (@BetBright) March 5, 2019
UKGC Says That Decision Was the Best Possible Option
As Casino Guardian reported yesterday, the UKGC has revealed that it is content with the way BetBright handled the situation. As a result, the Commission faced criticism from a bettor whose ante-post bets were voided by the bookmaker.
Now, the major gambling regulator in the UK revealed more details about the matter. It became clear that during the inquiries held by the Commission, the Irish bookmaker highlighted the possibility of going into insolvent liquidation in case it remained operational. As explained by the watchdog, this would have resulted in customers being left with no winnings and none of the stakes placed would have been refunded.
The UK Gambling Commission shared that such a decision would have posed a significant risk for the customers of the brand. This is exactly why the regulatory body believes that the decision made by BetBright was the best option available for the vast majority of the company’s customers, especially considering the difficult and unusual situation.
As gesture of goodwill, 888sport will pay winning Cheltenham bets previously accepted by Dedsert (BetBright). Regrettably we cannot take on all other ante post bets from another company. Dedsert Ltd is refunding all funds to BetBright punters.
— 888sport (@888sport) March 6, 2019
As revealed by the online bookmaker itself, it was the outstanding ante-bets which were declared void. Also, bets, which were voided without warning include the ones placed by one punter during the current football season. Reportedly, these bets had the potential to get a return of approximately £27,000 for an initial bet of £400 and would have had a cash-out value estimated to several thousand pounds with just two months of the football season left. Unlike these football bets, 888.com, the new owner of BetBright made a decision to show some respect by favouring the outstanding ante-post bets on horse racing.
- Author
Olivia Cole
