Comments on: Bookmakers That Went Bankrupt Due to Matched Betting

By: Mike Cruickshank

Mike Cruickshank — Sat, 06 Oct 2018 14:54:48 +0000

In reply to Richard Russell. Nope! The bookies promotions are were the value comes from. Go and look at your Betfair statement over 3 months and see how much you've lost. All those funds and more will have won with the bookies. If it was win/win they would all be offering £500 bonuses daily. Nor would there be any gubbings.

By: Mike Cruickshank

Mike Cruickshank — Sat, 06 Oct 2018 14:52:12 +0000

In reply to Ian Lewin. Bwin aren't struggling. They are part of the GVC group that owns Ladbrokes, Coral & Sporting Bet

By: Ian Lewin

Ian Lewin — Sat, 06 Oct 2018 11:59:38 +0000

Interesting message from bwin when I tried to withdraw funds. Your request for withdrawal is being assessed and a decision will be made within 3 working days as to whether it is ok to proceed. I have paraphrased the message but that’s basically what was said.

Any news that they are struggling?

By: Richard Russell

Richard Russell — Sat, 06 Oct 2018 11:50:20 +0000

Surely a bookmaker makes money every time a punter takes up an offer as one has to deposit, and lose, a similar amount before becoming eligible for the bonus. I always thought Bonus offerings were a win/win situation for all concerned.

By: Dave Mac

Dave Mac — Sat, 06 Oct 2018 10:19:29 +0000

Never trust a bookie!

By: Ray

Ray — Sat, 06 Oct 2018 07:52:06 +0000

Mike, thanks for your interesting article, but I am confused by the 3 different levels of protection that gambling firms can offer and your statement that “None of them guarantees you the return of your funds, though.”

If the funds are not guaranteed, then what exactly does ‘Medium’ and ‘High’ level in practice mean?

Basic
No extra protection. Money in these accounts would still be seen as part of the business if it went bust.

Medium
There are arrangements (eg insurance) to make sure that the money in separate accounts is given to customers if the company goes bust.

High
Customers’ money is held in an account which is legally and in practice separate from the rest of the company. This account is controlled by an independent person or external auditor.