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york ebor
16/11/2004
Betfair, the leading online betting exchange, has launched a rescue package for Sporting Options' customers who have lost money as a result of Sporting Options going into administration on 15th November.
This means 5,000 of the 5,300 Sporting Options' customers (or 95 per cent) owed money could be compensated in full in the next few days.
The package has been agreed with Sporting Options' administrator and approved by Betfair's board of directors.
" Our rescue package reflects Betfair's commitment to the betting exchange punter and to the nascent betting exchange industry. It is a testament to Betfair's financial strength that we are in a position to be able to do this," said Stephen Hill, Betfair's chief executive.
" The demise of Sporting Options shows why we urgently need the new Gambling Bill, not only to regulate online bookmakers but also to update regulation for the wider betting industry so that all punters are properly protected," said Mr Hill.
Mr Hill noted that customers' funds at Betfair are held on trust in a separate, ring-fenced account which is audited by KPMG. "Protecting customers' funds should be a condition of a bookmaker's licence and further, the new Gambling Commission should have the power to conduct spot-check audits of online and bricks and mortar bookmakers to ensure that this is the case," said Mr Hill. "The confidence that our customers have in the security of their deposits with Betfair has helped us to become the global leader in our field."
Mr Hill added: "We very much welcome Sporting Options customers to Betfair and we look forward to helping as many of them as possible. We hope we have gone some way in restoring their confidence in the betting exchange industry."
