Bookmaker News – Pagebet Collapse a Sobering Lesson in Ambition

More than 120 betting shop staff are facing redundancy after prominent north-east betting chain Pagebet was wound up by administrators last week. The collapse represents a dramatic downturn in fortune for the Durham-based firm who, it appears, have been guilty of speculating without accumulating enough in terms of ready cash to fuel their fairly rapid expansion and fulfil existing obligations. Pagebet, the brainchild of Austin Carney and David Archer, closed down its internet operation last year in the face of mounting debts but continued to operate 50 betting shops across England until the administrators decided enough was enough last Friday. Many have attributed Pagebet‘s descent onto the slippery path to ruin on the very public falling out between Carney and Archer. Carney originally quit Pagebet in 2008 but returned last year, backed by new capital, prompting Archer to resign his position as director. The latter has recently launched freebets.com. The one piece of good news to emerge from Pagebet‘s demise is that more than half of their shops have been found immediate buyers. Stan James, who have already said they will honour any winning betting slips placed with Pagebet, will assume control of the majority with Newcastle firm Platinum Leisure taking three branches in the north-east.

No such problems for Betfair, who have broken new ground this week by becoming the first online betting exchange or bookmaker to launch a sports betting app for the iPhone. Aimed primarily at punters who like to back their team in-running, the app can be downloaded free of charge from Apple’s App Store and is being released in time for customers to have a real-time bet on the World Cup, wherever they are. Talking of the World Cup, Boylesports are offering a prize of 1million euros to any registered customer who correctly forecasts the first two in each group, the last 16 winners, the successful quarter and semi-finalists and the outcome of the final itself. Impossible? I’d have thought so, but the Irish bookmakers also have several consolation prizes on offer so the free competition might be worth a try.