188BET departs very competitive UK and Irish gambling market; nullifies some of the bets made by customers
Online gambling operator 188BET today announced that it is closing shop in Great Britain and Ireland, citing a “very competitive marketplace” as the reason that prompted its decision.
News about the online bookmaker leaving the British and Irish gambling space came shortly after Irish operator BetBright ceased operations. BetBright closed down just days after its much larger rival 888 Holdings bought it along with its in-house technology platform for £15 million.
Owned by Isle of Man-based operator Annatar Limited, 188BET has been part of the UK gambling space for a while. The online gambling business had huge brand exposure through sponsorship of high profile sporting events including the Chester Cup horse race, the Solario Stakes, and the September Stakes, among others.
As from today, 188BET will no longer accept customers from the United Kingdom, Ireland, the Channel Islands, and Gibraltar. The operator clarified in a message on its website that it will remain operational in the rest of the markets it has been authorized to provide its services.
188BET said that its exit from Great Britain and Ireland was “a commercial decision in a very competitive marketplace.” In the UK, in particular, the gambling market has literally exploded in the years after the implementation of the Gambling Act (2005).
With the growth of the market, local regulators have also tightened the rules under which gambling services should be provided, particularly over the past several years. Violators of those rules have been slapped hefty, most frequently seven-figure fines for their compliance failures.
That, combined with a new wave of restrictions on advertising of gambling products and the recent remote gaming duty hike to 21% has clearly urged 188BET and other industry stakeholders reconsider their presence in the local market.
Will 188BET Honor Bets?
The bookmaker said that all pending single bets for events set to take place up to June 30, 2019 will be honored. Bets placed for events occurring after the end of June will be declared void and stakes will be returned to punters.
Components of multiple bets that are set to conclude before or on June 30 will also be honored, while those involving events after that date will be nullified.
188BET advised its customers from the UK, Ireland and the other territories it closed business in today to withdraw their funds before August 30.
The online gambling operator stressed on the fact that it was solvent and that its customers’ funds would be safe with it until they decide to withdraw them.
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