188Bet Cease Trading in Britain and Ireland
by Glenn Baird - March 26, 2019
As of today 188Bet will no longer provide their services to players in Britain and Ireland.
The former Chester Cup sponsor announced the closure this morning via their website, leaving nothing there other than a message for customers informing them of the decision.
Officially known as Annatar Limited, 188Bet have written on their website that, “This is a commercial decision in a very competitive marketplace.” They go on to make it clear that the company have not fallen into liquidation and that the majority of customers with live ante-post bets will have those wagers kept.
Any single bets that have been placed on sporting events up to June the 30th will be honoured, as will any accumulator/multiple bets that can be settled before the same date. Any bets that have been placed on events that will occur after the 30th will have their wagers returned.
Anyone with money in an account must remove those funds before August the 30th of this year or risk losing the lot. In a closing notice on the website the company have stated that: “If you have any funds in your 188Bet account, please log in and withdraw your outstanding balance as soon as possible.”
This withdrawal from the British and Irish market means that 188Bet can focus more on their Asian ventures, where they are considered to be one of the big gambling firms.
In response to the news, Irish stockbroker Goodbody had this to say: “In total we believe that 188Bet and BetBright only accounted for a small proportion of the UK online market, less than three per cent.
“However, their respective exits from the market highlights the competitive nature of the market and the difficulty for sub-scale operators to have a long-term future.
“Given sector headwinds [competition; regulation and taxation] further UK brand consolidation is likely, particularly in online gaming.”
The UKGC have also had their say, stating that: “We are making inquiries with 188Bet into this matter, but we do not talk about ongoing cases. We advise all customers who are affected to carefully read the operator’s website.”