The UKGC Releases Announcement Regarding BetBright Closure
The gambling industry watchdog in the UK, the UKGC has issued its statement regarding the sale and the closure of the former incumbent, BetBright. More than a week ago, on the 6th of March, BetBright announced that it is closing its business and that it has sold all of its technology stack as well as its assets to the UK gambling group, 888 Holdings. It also announced that this deal is worth 15 million GBP. In the announcement where it announced its closure, the company confirmed that they are going to repay all of the players’ winnings and funds. The online gambling operator is going to allow its customers access for 30 days to clear their accounts.
Criticism and Bad Attention from BetBright’s Customers
On the other hand, the abrupt closure if the online bookmaker is going to garner a lot of bad attention as well as criticism from its players. The main reason behind that is that despite the 15 million pounds deal, BetBright announced that it is going to treat all ante-post bets as void wagers.
The UKGC who is overseeing and monitoring the closer of the BetBright Company issued its statement where it confirmed that the UK bookmaker had a very high possibility to go into insolvent liquidation if it insisted on keeping its doors opened. If that happened, it would have meant that the players wouldn’t have gotten any of their winnings, or get any refunds on the stakes that they placed. It was a severe risk for the customers of the company, and this is why the UKGC is content that they are returning the stake, as a part of the orderly closure process of the company, and the UKGC also indicated that this is the best possible outcome of the situation, for the vast majority of BetBright’s customers.
BetBright’s Chairman Comments on the Situation
On the 1st day of the Cheltenham Festival, the Chairman of BetBright who is also the previous Chief Executive of the corporate finances at Barclays Bank stated that it had been a very rough week for everyone who is involved in the company. He added that no one feels right about this, but it happens in business. People have lost their daily jobs, and people lost money, and there is no profit gained, it is just a hard situation, and they are trying to do the best possible action for everyone who is involved.
BetBright has been in the business for six years since it opened up shop in 2013. The Brennan brothers’ enterprise team (Richard and Marcus) along with Tadhg O’Toole created a fast-growing bookmaker which a lot referred to as the Darling of the Dublin tech Scene. Through the challenging norms of the industry, the team at BetBright built the company from the ground up, as they chose to avoid the traditional 3rd party platform provisions.
The closure of the BetBright company, right after the giant Australian gaming giant, Tabcorp, made its announcement that it has laid out fifty million pounds on its failed United Kingdom venture Sun Bets, analysts are inevitably going to be assessing whether the UK gambling market still has a place for any new blood.