I know the funds are kept in a Trust but my question is there circumstances when the funds are at risk?
Secondly is there a limit on the amount of the funds that is protected?
For instance the banks deposit protection is £80000 per account
How safe are our funds in Betfair?
There is no protection like with the banks but in theory there is no risk to our deposits held in Betfair unless the underlying bank were to have a funding issue I guess.
I hope this kind of fear doesn't spread into the wider world as it is the last thing we need adding to the mix.
I hope this kind of fear doesn't spread into the wider world as it is the last thing we need adding to the mix.
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ShaunWhite
- Posts: 9731
- Joined: Sat Sep 03, 2016 3:42 am
If this is a concern to you then you'd be better off asking for written confirmation of the arrangement with Betfair rather than a stranger. Should the worst happen then at least you've got something concrete to present to the judge other than speculation and hearsay.
From the BF Premium Account Newsletter Feb 2020:
The Trust: https://www.betfair.com/aboutUs/Trust.Deed/
The GC requirements: http://www.gamblingcommission.gov.uk/fo ... funds.aspx
Source: https://forum.developer.betfair.com/for ... newsletterSecure Client Funds
We hold your funds separate from our company funds in a formal trust account. This means that they remain separate and protected by The Trust. In the event of insolvency, you will be able to withdraw your funds. You can read more about The Trust here . This meets the Gambling Commission’s requirements for the protection of your funds at the level, High.
The Trust: https://www.betfair.com/aboutUs/Trust.Deed/
The GC requirements: http://www.gamblingcommission.gov.uk/fo ... funds.aspx