UKGC says cancelling bets was “best option” for BetBright customers
UK gambling regulator’s conclusion met with derision by some punters on social media
The UK Gambling Commission has ended its enquiry of BetBright’s decision to cancel antepost bets, saying the decision was the “best option” available to the firm.
The regulator released a new statement Wednesday evening which said it had “carefully looked at the situation” and was content with the Irish operator’s actions.
“During our enquiries the operator highlighted the very real possibility of going into insolvent liquidation if it remained open,” the UKGC said.
“This would have resulted in customers receiving no winnings and no refunds on stakes which had been placed.
“This was a significant risk for BetBright’s customers and therefore we consider that the return of stakes, as part of an orderly closure of the business, is the best option available for the vast majority of customers in what is an unusual and difficult situation.”
The conclusion of the enquiry was met with derision by some punters on social media.
@GamRegGB gambling commission you are, were and continue to be not fit for purpose. You may as well not exist as you offer absolutely nothing, have no back bone and should be shut down with immediate effect before any more money is wasted on you.
— Andrew Coombs (@Utsawc89) March 13, 2019
888, which acquired the BetBright technology, agreed to pay out antepost Cheltenham bets as a gesture of goodwill, but not football bets, where liabilities could run into the six figures, according to one source.
Former BetBright chairman Rich Ricci was questioned about the decision on ITV at Cheltenham this week, with the racehorse owner doubling down on previous comments that stakeholders had been fair.
“The directors acted in the interest of all of their shareholders, stakeholders, customers, creditors, whatever,” Ricci said. “That’s all I can say about it.
“The directors of the company – of which I’m not one, however, I was supportive of the actions they took – acted in the best interests.
“No one feels good about it. It happens in business. People have lost their jobs. People have lost money. There is no profit gained by anyone else. It’s just a difficult situation and we’re just trying to do the best for everyone. We’ll see what happens.
“It’s unique circumstances. The company has its own issues and its own reasons for doing things.”