The role of the United Kingdom Gambling Commission (UKGC) is in question over the warp up of Betbright, an online gambling operator. Betbright was taken over by 888 holdings last week, and there have been reports of problems facing Betbright clients who were unable to get their stakes which were declared void by the company. The estimated voiding Betbright bets amount to 1 million pounds.
To what is being seen by many as UKGC ’s siding with Betbright, the commission has said that if the company were to go into liquidation, there would have been nothing for it to return to the customers. According to the information provided by UKGS on Betbright sale, the company managed to sell its platform for 15-million pounds TO 888 holdings. The proceeds are being used to pay the void bets and other necessary expenses.
Talking to reporters about the Betbright situation a UKGC spokesman said, “We’ve been informed that the money has formed part of the assets used to settle outstanding liabilities including the refunding of stakes and any other customer accounts.” He also said that in the event of the gambling operator continuing with the business as usual, it would have gone bankrupt, in which case the customers wouldn’t have got anything. He opined that this was the best possible alternative to help the customers given the dilapidated financial position of Betbright.
Rich Ricci, former executive chairman, Betbright is facing the brunt of the customers as they believe he could have had better policies towards providing options for punters to cash out. Ricci was also associated with the Barclays until 2013 before working with Betbright.