November 15, 2004 at 16:02 #4049
Looks like end of the line for SO???November 15, 2004 at 16:24 #94087robnorthParticipant
- Total Posts 5807
Thankfully I took a large chunk of winnings out of my Sporting Options account yesterday. Seems like a good move.
Theoretically customers account money is ‘ring fenced’, but we shall see if remaining funds are recoverable.
Back to Betfair, I suppose!
RobNovember 15, 2004 at 16:31 #94088tootingMember
- Total Posts 379
This will be some test for the notion of ‘ring-fencing’, and the overal credibility of exchanges. If the money proves not to be ring-fenced, who would keep thousands on account with anyone again, including Betfair?
Many thanks to the people who posted on here in August (Mounty? Tony25?), pointing out that all was not well with Sporting Options. It made me withdraw my money that day, just in case.
<br>November 15, 2004 at 16:40 #94089Nick HattonMember
- Total Posts 399
Same as tooting – thanks a lot for the tip-off. 🙂
In theory everyone should be ok anyway, shouldn’t they ?November 15, 2004 at 16:46 #94090
There is only ONE EXCHANGE thankfully for me.
Undercutting the market leader is not an option.November 15, 2004 at 16:50 #94091Nick HattonMember
- Total Posts 399
I think someone on here will disagree Bogside ! 😉 :biggrin:November 15, 2004 at 16:56 #94092LetsGetRacingMember
- Total Posts 1147
There’s a statement on their website at the moment and it says you can still log in , right at the bottom of the page.
I’ve never dealt with them or even visited their site , so don’t know how well founded any rumours are.
I’m safe enough with Betfair and Betdaq.November 15, 2004 at 17:07 #94093empty walletMember
- Total Posts 1631
the anti exchange lobby will be loving every minute of thisNovember 15, 2004 at 17:08 #94094GlennParticipant
- Total Posts 1981
The client money will be ringfenced from others owed money by sportingoptions. However, I fear that those who are under the impression that it has been untouchable by those running sporting options are in for a rude awakening……..November 15, 2004 at 17:19 #94095bluechariotParticipant
- Total Posts 569
I understand the concept of ring fenced funds but is there any legal reason why the business creditors should not have access to the Clients funds. It is ok saying they are ring fenced but how does this stand in law.November 15, 2004 at 19:02 #94096phunterMember
- Total Posts 125
Glad to say i didn’t use them. 🙂November 15, 2004 at 20:04 #94097
Ian, one question for you WHY?
There is no point in anyone trying to conduct exchange business with the likes of your operation. No liquidity = no business.
I can’t see how the level of business can justify the cost of running a wanabe exchange. I was under the impression that Sporting Options was a lost cost operation and they have now failed.November 15, 2004 at 20:34 #94098dave jayMember
- Total Posts 3386
Bogside Posted on 8:04 pm on Nov. 15, 2004 <br>Ian, one question for you WHY?
There is no point in anyone trying to conduct exchange business with the likes of your operation. Ãƒâ€šÃ‚Â No liquidity = no business. Ãƒâ€šÃ‚Â
I can’t see how the level of business can justify the cost of running a wanabe exchange. Ãƒâ€šÃ‚Â I was under the impression that Sporting Options was a lost cost operation and they have now failed. Ãƒâ€šÃ‚Â <br>
Let me answer that … I use backandlay every day and get matched on all reasonable requests.
If you are the sort of numpty who just wants to go and bet or lay at whatever is available then backing on exchanges is not for you anyway. You are going to lose money what ever you do with that approach.
I’ve never spoken to Ian personally but I don’t think he will have any exposure to charge backs, or will he have unstainable over heads. This is what has done in SO …
I deposit funds, at backandlay by cheque and withdraw them in the same way. I don’t use a credit card and never bet more than I can afford.
The new ‘Know Your Customer’ policy at Betfair is a definite worry … are they being skinned ???
IMO, you have to spread your liabilities and Ian is a solid contender for the future. He’s going to be there when plenty of the others are not.November 15, 2004 at 22:18 #94099
Ian, not so long ago you were holding up Sporting Options as a fine example of a small exchange from West Sussex. Ãƒâ€šÃ‚Â Quick change of position now.
You must run your site as a hobby as I can see no way it can ever break even on the current levels of business. Ãƒâ€šÃ‚Â Liquidity is the life-blood of exchanges and I would not be surprised if there is only one operating in a years time.
(Edited by Bogside at 10:21 pm on Nov. 15, 2004)November 15, 2004 at 22:39 #94100tootingMember
- Total Posts 379
Getting back to Sporting Options, and possible implications…
I sent Ian a cheque for Ãƒâ€šÃ‚Â£250 when backandlay started. Prior to the rumours stated on here I had Ãƒâ€šÃ‚Â£1000 on account with Sporting options. Both are amounts I could shrug off, unhappily, but easily enough.
I have Ãƒâ€šÃ‚Â£10000 currently on account with Betfair. I am far from a big player there (3.75% commission). Assuming the worst for Sporting Options’ clients, I’m wondering how many punters like me will be happy to have 10K sat with Betfair, for all their supposed strength etc.
Not to mention the people who provide the real liquidity, who must have closer to Ãƒâ€šÃ‚Â£100000 on account.
This strikes me as a defining moment in betting exchange history.<br>
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