Is the bookie banking on a market being more lucrative than it really is? Did they simply get their numbers wrong at the start? They might also have over-spent on a massive marketing campaign. The eagerness to bring in new clients could see them over-stretch. They could also find that they end up attracting more gamblers than they can handle.
Rather than worrying about why this happens, it is more important to spot the signs. Are there some tell-tale signs that a bookmaker is struggling financially? There are certainly a few things that you should be looking out for. Long withdrawal delays.
Every gambling site should make it clear how long it takes to get money out. If they are starting to slip this is a bad sign. Are they short of liquidity? Do they have lots of punters waiting to get paid? Unrealistic offers. Do their current offers seem just too good to be true? We all love bookie offers but if they are unrealistic then they could be in trouble.
Lots of poor comments on Matched Betting forums. There is a good chance that other customers start to discover problems before it hits the broader news. Are these recent poor reviews? Are Matched Betting forums filled with negative comments? Ignore any comments on sites like Trust Pilot, they are not reliable. Lack of communication. This means that they may not reply to your enquiries.
If they have gone suspiciously quiet you should investigate further. The company gets sold or taken over. Bookies that are doing well tend not to change hands. If a rival buys them out it could be a sign of problems. This is especially true if the price seems ridiculously low. However not all mergers mean they are about to go bankrupt. Ok, so in the worst possible case the bookie goes bust. What happens next? Do you lose any money held in your account with them?
Are you protected in any way? There are a few different things that could happen here. In a moment we will look at what has happened in some real-life situations of this type. The best case scenario is that someone rides in to rescue them. This could be a rival betting firm, for instance. They might see the chance to snap up the business and turn it around. If this happens then it is probably a case of business as usual.
Once the new owner takes over they should pay out to existing customers. On the other hand, what if there is no rescuer waiting in the wings? The Gambling Commission will probably take away their license at some point. This may be too late if you have funds frozen, though. In this case, it really depends upon whether your cash has been ring-fenced. If the betting company has done this then they should be able to repay everyone. Technically, all UK bookmakers should do this.
Some even state in their terms and conditions that customers are protected in the event of insolvency. However, you will probably still have a long, anxious wait to try and hold of your money. Since there are a number of different possibilities, maybe we should look at some examples. What betting firms have gone under in recent times?
How did their customers fare in getting their money back? From past experience once they go under you are highly unlikely to get any money back. Canbet This sportsbook operator had a long slide towards its eventual demise. It had been around for ages, having started in the mids. But from about onwards it was one problem after another. Canbet eventually went out of business in In the final year, the number of people owed money kept on increasing. The delays on paying out were blamed on an IT glitch at the time.
They eventually stopped taking in new clients or new bets but by then they owed a fortune. The payouts started taking longer and longer and eventually they folded. At the time of writing, it is unclear whether anyone got the money due to them. Things went awfully quiet, which hopefully means that everyone got paid. Bet Butler The idea behind Bet Butler was certainly an interesting one.
This was said to be ideal for celebrities and millionaires who wanted no-hassle gambling. By the site was history. This was when the Gambling Commission took away their license. So what went wrong? How did Bet Butler end up in such a bad way? As with the previous example, the storm had been building for a while. Customers were getting frustrated at the poor customer service.
Of course, this often makes things worse. If rumours spread about a bookie struggling then everyone wants their money out fast. This can put an unbearable strain on their resources that finally puts them out of business. The company blamed their problems on growing too quickly.
Their aggressive marketing campaign had apparently been just too successful. At the time of their crash, lots of people were owed money. Not everyone was able to get their cash out when the warning bell was rung. So what happened next? The list of their clients was bought by Momaco for just one shiny pound coin. They operated a live TV gaming show in the early hours of the morning.
It started up in in a blaze of publicity but soon collapsed. This betting firm entered into administration in , after just a year of operation. The holding company, Lean Forward Limited, said they had been unable to get in additional funds. Insolvency experts were appointed after they had failed to bring in this vital new investment. What caused their problems to begin with, though? As with Bet Butler, there was talk of a massively expensive marketing campaign not long before things went downhill.
Did they spend more than they should have? It definitely sounds as though this might have happened. They were offering a lot of matched bets and price boosts on a regular basis. It was a bit more difficult to spot them going under. There seem to have been fewer warning signs in this case. Right now, there appear to have been no updates on whether people managed to get their winnings out. This company had its license taken away in This was only a year after they first started doing business.
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