racing news/

BETDAQ Statement on Sporting Options betting exchange going into administration
16/11/2004

BETDAQ is surprised by the news that the Sporting Options betting exchange has today (Monday, November 15th) gone into administration. We have sympathy for those who may be adversely affected, and are keen to assure our customers that BETDAQ remains in rude good health.

BETDAQ customer funds have always been fully ring-fenced from the daily operating expenses of the exchange. In addition, and in recognition of the absolute priority we give to customer confidence, and to the security of customer funds, we placed a cash bond of $10 million with our bank in 2001.

This instrument was a first in the betting industry and continues to give BETDAQ users an unprecedented level of financial protection in their dealings with the exchange.

BETDAQ is a professionally run, very well funded company enjoying a significant share of a still rapidly expanding market. The low margin on which the exchange model is based does require a rigorous control of costs, but that is a discipline which successful exchanges adhere to.

We continue to have great confidence in the future growth potential of the exchange industry as a whole, and look forward to playing our part in that growth in Britain and around the world.