Friday, 15 March 2019

UK Gambling Commission Releases Statement On BetBright Closure

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The UK Gambling Commission has released a statement addressing BetBright’s abrupt closure.

The Irish betting site announced it’s closure last week (March 6) after it was acquired by popular online gambling company 888 Holdings. In the statement announcing its closure, BetBright also revealed that all winnings funds will be paid back to players but any single bets due to be settled after March 5 will be voided.

BetBright’s announcement was hit with backlash from customers, particularly after 888 Holdings announced it was encountering issues boarding BetBright users over to its own services. This led the UK Gambling Commission to announce that it would launch an investigation into the firm’s closure and buyout.

Now, a week after announcing its investigation, the UK Gambling Commission, which oversees all online gambling activities in the UK, has issued a statement on BetBright’s closure and decision to void ante-post bets.

The organisation confirmed on Wednesday that it had been told by the firm that it faced “a very real possibility of insolvent liquidation”.

A spokesperson for the Gambling Commission said: “We’ve carefully looked at the situation with BetBright. During our inquiries, the operator highlighted the very real possibility of going into insolvent liquidation if it remained open.

“This would have resulted in customers receiving no winnings, and no refunds on stakes placed. This was a significant risk for BetBright’s customers and therefore we’re content 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.”

BetBright Chairman Rich Ricci: “A Difficult Week”

Meanwhile, in an interview with ITV Racing on the first day of the Cheltenham Festival, BetBright Chairman Rich Rici called the last week “difficult” for everyone involved in the betting firm.

He said: “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.”

As the UK Gambling Commission announces it’s “content” with BetBright’s decision to void bets,  BetBright’s investors have been asked to withdraw all investments within the next few weeks. In addition, the sponsorship deal penned between BetBright and Nottingham Football Club is being discussed by official representatives.