BetBright Closure the ‘Best Option’ for Punters
March 14, 2019
Irish bookmaker BetBright abruptly shut-shop last week following being acquired by 888 Holdings for £15 million.
BetBright announced they would cease to offer gambling services on a permanent basis on Tuesday 5th March with players being given 30 days to withdraw their funds and any Ante Post bets being considered void.
Many punters were left frustrated by the decision to void bets but the Gambling Commission has responded by saying it was the ‘best option’.
The Gambling Commission investigated the situation due to a number of complaints from disgruntled punters.
A Gambling Commission spokesman said:
“We’ve carefully looked at the situation with BetBright”
“During our inquiries the operator highlighted the very real possibility of going into insolvent liquidation if it remained open. This would have resulted in customers receiving no winnings, and no refunds on stakes placed.
“This was a significant risk for BetBright’s customers and therefore we’re content the return of stakes, as part of an orderly closure of the business, is the best option available for the vast majority of customers in what is an unusual and difficult situation.”
BetBright Chairman Rich Ricci also responded, talking to ITV Racing:
“It’s been a very difficult week”
“The directors acted in the interest of all of their shareholders, stakeholders, customers, creditors, whatever. That’s all I can say about it.”
“The directors of the company – of which I’m not one, however, I was supportive of the actions they took – acted in the best interests.”
“No one feels good about it,” he told ITV Racing. “It happens in business. People have lost their jobs. People have lost money. There is no profit gained by anyone else. It’s just a difficult situation and we’re just trying to do the best for everyone. We’ll see what happens.”
Ricci is the owner of horse Benie Des Dieux who fell at the last hurdle on day 1 of the Cheltenham Festival on Tuesday, starting the race as a heavy odds-on favourite, making his week one to forget.
BetBright was founded in 2013 and became one of the most well known online bookmakers, offering regular promotions and be sponsors of Nottingham Forest football club and The BetBright Cup Chase at Cheltenham.