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Matchbook license ‘Temporarily’ suspended

Matchbook license ‘Temporarily’ suspended

Matchbook, a sports betting operator has had its UK gambling license ‘temporarily’ suspended. The reason is not yet known. UK Customers were informed through email that the UK Gambling Commission (UKGC) had “decided to temporarily suspend the operating license of Triplebet Ltd (t/a/Matchbook). As a result of 23:59 on 17 February 2020, we will be briefly closing off all betting and casino activity in the United Kingdom.”

Matchbook has stated that it has been in “regular contact” with the UKGC and had come to an agreement with a plan in which it will deliver on several conditions. Customers can still withdraw their funds, and any open bets are yet to be settled. Matchbook was founded back in 2004. The betting exchange was acquired in 2011 by a consortium of investors with an impressive track record in the UK’s banking and sports betting sectors. One of the main areas of focus for the Matchbook platform is horse racing. The betting exchange has sponsored many prestigious races across Britain and Ireland in recent years. Matchbook was also one of the first companies to register as part of the Authorized Betting Partner scheme back in 2016.

As stated above, the reasons behind the suspension remain unclear. Still, it was reported last month on a UK legal judgement involving Matchbook subsidiary Eurasia Sports; it held a license issued by the Alderney Gambling Control Commission for the site 3et.com, which commits to “unrestricted betting” to high-value punters. This case dates back to 2015.

The defendants were many high-rollers from Peru who were employed by Eurasia by an Irish firm known as Xanadu Consultancy. The defendants were dominant betting whales who wanted to “bet considerable amounts quickly” via Eurasia, which offered some of these bettors credit of up to US$1m at a time without any security.

This system unravelled when some of the whales couldn’t or wouldn’t honour their markers, but promised to bring in other whales to keep Eurasia’s betting cash flowing. Eurasia then alleged that these whales had conspired to defraud the company by submitting checks that bounced and making false claims about having paid their gambling debts to other defendants, leaving the company out some $12.6m.
The UKGC has put its licensees on notice regarding their VIP clients after a report determined that VIPs were overrepresented in UK problem gambling statistics. The UKGC also recently announced plans to prohibit the use of credit cards for gambling.

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Source : https://calvinayre.com/2020/02/17/business/matchbook-betting-exchange-uk-license-suspended/


Author: Josh Slaiter
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