I haven't seen anything official, but news spreading quickly.The betting exchange Matchbook are suspending bets from all UK customers from midnight tonight until further notice
Matchbook exchange - Breaking news
Also heard similar.
Cork-based tech company caught up in '$1m-a-day international betting scam'
https://www.independent.ie/business/iri ... 08141.html
https://www.independent.ie/business/iri ... 08141.html
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
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
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.
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I will tell you, like I am sure many others will do, if I receive my money in a day or two.
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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.
Good luck to all with funds deposited.
- The Silk Run
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I concur. Otherwise you will become a scratchbook statstic. Good luck all.spreadbetting wrote: ↑Tue Feb 18, 2020 2:11 amI'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.
Betfair funds are protected?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
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?
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?
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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.