Beware if you have money on deposit in the Matchbook Sports Betting exchange. Triplebet Limited is to close for UK customers. Initially it’s reported that this is a temporary closure, but how temporary is temporary.
A few weeks or maybe months who knows?
My advice is withdraw your funds immediately. *See Matchbook T&C’s at the bottom of the article in the summary.
According to Matchbook themselves there is nothing to worry about, but if they are just “suspended” until they meet the requirements set out by the Gambling Commission there is no guarantee that they’ll ever come up to the level required.
In fairness I’ve always liked Matchbook from my “Matched Betting” days. I won over £6,000 matched betting before too many of my online Sports Accounts where gubbed.
So due to being a serious matched better I had accounts with Betfair, Betdaq, Smarkets and Matchbook.
By the way you may want to read about some of Smarkets questionable “charges” here.
Luckily for me I’ve not long ago emptied all of the money I had in Matchbook and Smarkets.
I’d heard a rumour about it closing earlier in the day and first of all I didn’t believe it. So I went into my Matchbook account and contacted “Live Chat”.
Their live chat has always been pretty fast and this is the chat I had.
They mentioned the email in the live chat and not long after I receieved it.
Today the United Kingdom Gambling Commission has taken the decision to temporarily suspend the operating licence of Triplebet Limited (t/a Matchbook). As a result, from 23:59 on 17 February 2020 we will be briefly closed for all betting and casino activity in the United Kingdom.
During this time we will continue to settle all open positions and you will have access to your account to withdraw your funds. Should you have any questions regarding your account during this period, please contact our customer service team via email: firstname.lastname@example.org or by telephone: +44 (0)20 36426867).
Matchbook has been in regular contact with the United Kingdom Gambling Commission and has agreed a path forward where it will deliver on a number of conditions. We will be back soon and we are committed to providing a betting exchange which adheres to very high standards.
UK Gambling Commission
As a UK betting firm if you are being closed down by the Gambling Commission that doesn’t sound great does it?
As yet I’ve had no confirmation of exactly why they were closed down but if you read this article in the Irish version of the “Independent” you see some worrying stuff.
For example it says;
A gambling firm formerly operated by employees of Cork-based betting technology business Xanadu Consultancy has secured a judgment totalling $12.6m (€11.4m) in London against a number of defendants who laid bets of as much as $1m a day and engaged in what a judge described as a “co-ordinated deception”.
The case shines a unique light behind the scenes of the world of global high-stakes betting.
The Channel Islands firm, Eurasia Sports, was part of online betting group Matchbook.
Xanadu Consultancy – which had no part in the deception – helped to procure high-rolling gamblers, including the defendants in the case, through Eurasia for Matchbook. Xanadu is owned by an Isle of Man firm whose directors include the Cork company’s CEO Mark Brosnan, as well as former Ryanair CEO and ex-RTÉ finance boss Conor Hayes.
Read the full article here: “Cork-based tech company caught up in ‘$1m-a-day international betting scam‘
Some of the high stakes punters were having absolute chunks on according to the court case.
I’ve been told that the suspension doesn’t have anything to do with the court case mentioned above. Apparently they were unwitting victims rather than the instigator.
I have contacted the UK Gambling Commission for more information and I will update this post if I receive an update from them.
If you have money in an account with Matchbook withdraw it immediately just to be safe. Paul Fairhead who is a great Twitter account to follow (@BoycottBetfred) highlighted their terms and conditions which has the following alarming statement.
“These funds are not protected in the event of insolvency”
This bad publicity increases potential for the companies profitability to drop, due to customers not trusting them.
That should make insolvency trade at a much lower price than before this news broke!
MoPlay Closed and Insolvent
On Twitter someone accused me of taking a sensationalist view on this but if you don’t think you should withdraw your money you might want to see what MoPlay (Online Sportsbook) has just done.
In fact double check all your old online sports bookmaker accounts because if you haven’t logged into for a month or more they might be charging you an “admin fee” like Smarkets do.
Plus if they ever go busto in the future you won’t lose out financially.