 |
|
|
|
|
racing news
|
associations
betting exchanges
betting strategy
bloodstock agents
bookmakers
breeders cup
cheltenham festival
epsom derby
fixtures 2005
fun and games
glorious goodwood
grand national
holidays & tours
race horses
hospitality
information & tips
jockeys
laying horses
links sites
odds comparison
overseas racing
portals
punchestown
racecourses
race horse trainers
royal ascot
horse sales
software
stud farms
syndicates
york ebor
Gamsure's
bond guarantee scheme could have saved Sporting Options' player deposits
and winnings19/11/2004
GamSure, the world's first bond guarantee provider for the remote gaming gambling industry, today stated that the demise of Sporting Options and subsequent losses of their player's money could have been avoided if they had a player's bond scheme in place.
In a move to inject much needed trust, confidence and goodwill back into the remote gambling industry and to ensure that all players are properly protected, GamSure has been working closely with Government jurisdictions, banks, insurance brokers and bank processors to implement an industry-wide bond scheme providing a guarantee for the financial liability of both gambling operators and individual players.
The bond scheme, which acts to protect player's deposits and winnings, would involve qualified gaming and gambling operators taking on a small cost per user, where GamSure's bond would assume financial responsibility for the operation based on pre-defined trigger events (e.g. bankruptcy or license withdrawal). Operators have confirmed that they are keen to absorb this cost, as being ‘bonded' with GamSure would give players trust and confidence in their business. In addition, established operators could combine the benefits of their brand equity and bond guarantee to maintain their growth and realise their true potential by tapping into the follower's market.
Furthermore, GamSure's bond initiative would provide financial liability coverage to protect player's deposits and winnings. This is a great differential to ring-fencing player's deposits only (especially from sports books or casino operators' perspective), as from a player's point of view, their winnings would be more important to them than their initial deposit, which operators would be able to cover through GamSure's bond scheme.
At present, consumers are not aware of the industry structure – the legalities, jurisdictions and risk of being defrauded, which is why a bond guarantee scheme should be put in place. Andrew Tottenham, Chairman of iGGBA (Interactive Gaming Gambling and Betting
Association), stated “As a trade association for the i-gaming
industry, we strongly support any measure that increases consumer protection
and the credibility of the industry as a whole.”
Rob Hartnett, Managing Director of BETDAQ who has already secured a $10M
bond to act as extra protection over their client funds, said “We
have always operated with the security of a bond, despite the fact that
client funds are held in a separate company anyway. It proves our commitment
to player confidence. We believe that financial security is paramount
in the growing area of remote gaming.”
GamSure is enabling the industry to become a more self-regulating market.
GamSure, who would provide the bond guarantees for all operators in the
industry that meet GamSure's proprietary bonding criteria (together
with partners like remote e-gaming jurisdictions, banks and bank processors),
would be providing similar protection to that of ATOL (The Air Travel
Organiser's Licence) and ABTA (Association of British Travel Agents)
in the UK travel industry.
Gareth Wong, GamSure's founder today said “The unfortunate
demise of Sporting Options just goes to demonstrate that further measures
need to be implemented now to enable the developing international remote
gaming industry to stand on its own feet. GamSure's pioneering
bond scheme is a necessity to bring transparency, trust and confidence
to the industry and to also provide a proxy that consumers can understand.”
