Matchbook exchange - Breaking news

Post Reply
User avatar
Euler
Posts: 24701
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

The betting exchange Matchbook are suspending bets from all UK customers from midnight tonight until further notice
I haven't seen anything official, but news spreading quickly.
User avatar
megarain
Posts: 2040
Joined: Thu May 16, 2013 1:26 pm
Contact:

Also heard similar.
User avatar
Euler
Posts: 24701
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

Cork-based tech company caught up in '$1m-a-day international betting scam'

https://www.independent.ie/business/iri ... 08141.html
Emmson
Posts: 3363
Joined: Mon Feb 29, 2016 6:47 pm

"Temporarily" they say but then would say that.
User avatar
Euler
Posts: 24701
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

EQ_r0O6WAAIuyCF.png
You do not have the required permissions to view the files attached to this post.
Alphabet
Posts: 5
Joined: Sat Feb 11, 2017 4:06 am

Looked on the T+C's Page - It seems on paragraph 13.2 they have a ''Basic Level'' of protection or ''Not Protected'' as stated.
This would mean you would not get any money back if this temporary closure is more serious. So best to withdraw all funds tonight.

https://www.matchbook.com/page/rules_an ... onditions/
Segregated Accounts
Customers of Great Britain

13.1 We are required by our licence to inform customers about what happens to funds which we hold on account for you in the event of insolvency http://www.gamblingcommission.gov.uk/fo ... funds.aspx

13.2 We hold customer funds separate from company funds in a mixture of bank accounts and in reserve funds which we hold with our payment processors. These funds are not protected in the event of insolvency. This meets the UK Gambling Commission’s requirements for the segregation of customer funds at the level: Not Protected

All Other Customers

13.3 There is a potential risk to the funds standing to your credit in the event of the insolvency of Matchbook or its associates. Those funds shall at all times be held by Matchbook in a segregated account distinct from any other funds held by Matchbook as per the regulations of the Alderney Gambling Control Commission.

13.4 For further information on risks associated with segregation of player funds please visit AGCC’s https://www.gamblingcontrol.org
User avatar
Euler
Posts: 24701
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

The temporary suspension of our UK license poses no threat to customer funds, which have been, are and will remain safe for all of our customers. Customers are able to freely withdraw their funds now and will continue to be able to do so throughout the duration of the suspension.
thelearner
Posts: 15
Joined: Sun Jun 10, 2018 10:38 am

I will tell you, like I am sure many others will do, if I receive my money in a day or two.
spreadbetting
Posts: 3140
Joined: Sun Jan 31, 2010 8:06 pm

I'd get them out asap, can always redeposit when things are fine. Seen enough exchanges seemingly lose their ring fenced funds when they've played bookies to with others money. Makes little sense to have many loyalties in this game and certainly not to the exchange.

Good luck to all with funds deposited.
User avatar
The Silk Run
Posts: 902
Joined: Mon May 14, 2018 12:53 am
Location: United Kingdom

spreadbetting wrote:
Tue Feb 18, 2020 2:11 am
I'd get them out asap, can always redeposit when things are fine. Seen enough exchanges seemingly lose their ring fenced funds when they've played bookies to with others money. Makes little sense to have many loyalties in this game and certainly not to the exchange.

Good luck to all with funds deposited.
I concur. Otherwise you will become a scratchbook statstic. Good luck all.
User avatar
Bog
Posts: 190
Joined: Sat Aug 11, 2018 7:19 am

Alphabet wrote:
Mon Feb 17, 2020 7:27 pm


13.2 We hold customer funds separate from company funds in a mixture of bank accounts and in reserve funds which we hold with our payment processors. These funds are not protected in the event of insolvency. This meets the UK Gambling Commission’s requirements for the segregation of customer funds at the level: Not Protected
Betfair funds are protected?
User avatar
LeTiss
Posts: 5386
Joined: Fri May 08, 2009 6:04 pm

Will they come back, or fold?........Either way, they are buggered

Exchanges rely upon good faith and trust. Once punters and traders stop trusting the integrity of the company holding your money, then people will stop using them and stop depositing money

I have often wondered about the resiliance of Betfair's finances. Because of traders operating banks, they must be holding a huge amount of our money in their accounts. How robust are their finances if we all started withdrawing our money at the end of each day?
thelearner
Posts: 15
Joined: Sun Jun 10, 2018 10:38 am

I have received my money.
invisiblelayer
Posts: 245
Joined: Fri Sep 10, 2010 7:08 pm

Only used them a few times in the past mainly Horse place markets, no problems. Tried using them for the first time in over a year a few weeks ago and account suspended for some reason. Couldn't be bothered to chase it up and will certainly stick to Betdaq as an alternative in future. Seen plenty of negatives around them recently with account closures on winning accounts citing responsible gambling terms and reading about this high rollers stunt I hope they shut down for good.
User avatar
Euler
Posts: 24701
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

I note that core market 'Liquidity' after the closure was almost exactly the same as before despite cutting off most of their customers.
Post Reply

Return to “Alternative betting exchanges, Smarkets, Matchbook etc.”