Bookmaker News – Matchbook operating license suspended

Matchbook customers in limbo

Bookmaker News

Sports betting exchange operator Matchbook has had its UK gambling license temporarily suspended for as yet undisclosed reasons.

On Monday, Matchbook’s UK customers reported receiving emails informing them that the UK Gambling Commission (UKGC) had taken the decision to temporarily suspend the operating license of Triplebet Ltd, Matchbook’s parent company. As a result, all betting and casino activity in the United Kingdom has ceased until further notice

Despite Matchbook’s announcement, the UKGC’s official license register still shows Triplebet’s licenses as being active.

Company seeks to assure client base

Matchbook has assured its UK customers that they would retain access to their online accounts for fund withdrawals and the site would continue to settle all open positions but it’s though the company will need to meet certain conditions laid down by the UKGC to begin trading again.

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Speculation suggests Matchbook’s problems are linked to a UK legal judgement involving subsidiary Eurasia Sports, which held a license issued by the Alderney Gambling Control Commission for the site, which promised unrestricted betting, allegedly up to $1 million, to high-value punters without proper vetting or security.

That lack of proper vetting is alleged to have cost Eurasia approximately $12.6m in unpaid debts.

Last year, Triplebet engaged a third-party compliance specialist in order to elevate its standard of compliance beyond what is required by the UKGC. Those recommendations are due to be acted upon in the coming weeks but it may be a while beforv their licence to operate is reinstated.

The UKGC had previously put its licensees on notice regarding their VIP clients after a report determined that VIPs were over-represented in UK problem gambling statistics. More recent efforts to combat problem gambling has seen the UKGC move to stop the use of credit cards for gambling.

Matchbook have been in operation since 2004 but were acquired in 2011 by a group of investors with backgrounds in British sports betting and banking.

Horse racing has increasingly become a focus for the company, which was among the firms to sign up to the Authorised Betting Partner scheme in 2016, and they have sponsored a number of races in Britain and Ireland, including at Cheltenham, Goodwood and Ascot, where the Grade 1 Matchbook Clarence House Chase is the group’s headline race.