Matchbook is one of the world’s leading online betting exchanges. Dealing with billions of pounds of transactions every year.
The Matchbook website proudly presents coverage of all the major sporting events, including the premier league, rugby, tennis, greyhound racing and of course, our beloved horse racing.
Adding a casino category which is very similar to gry kasyno, one of the leading and most popular European online casinos. Matchbook started operating in Great Britain almost a decade ago.
Matchbook came under fire from the British Gambling Commission, who applied heavy fines and forced an immediate cease to their trading.
In February, Triplebet’s Matchbook was on the verge of collapsing right from under their feet, which would leave thousands unemployed.
The Guernsey-based sports exchange received multiple sanctions for social responsibility and money laundering failings following a two-year review by the industry regulator.
They were also ordered to pay a £740,000 fine for their errors, while their license was revoked until it could prove that all the failings were fixed and their business model saw huge improvements.
Irresponsible Social Behaviour
In April The Gambling Commission reported various instances of major irresponsible social behaviour, allowing customers to gamble large sums of money without any background checks in wealth or proof of source funds.
In one instance, one customer was allowed to gamble over £2,000,000 in a single day with no checks being carried out before the bet being placed and accepted.
One customer who lost over £700,000 in one year had a relative who had a long list of criminal convictions of gambling-related offences. Again, Triplebet did not try to verify or investigate their customer.
The betting industry has always had a dark side since time began. Regular bookmakers and more recently, some betting exchanges have been encouraging a special VIP service for customers who like betting with high amounts.
VIP clubs were known hotbeds for criminals to clean money. So this became a top priority for the Gambling Commission. The recent license suspension and heavy fines are proof that they are trying to make the industry safe and legal.
Back To Business
Betting exchange Matchbook has had the suspension of their licence lifted by the Gambling Commission and can offer their full services to customers in the UK again.
The commission went on to say Matchbook have implemented those measures and confirms there is now no risk to either their online casino or sports exchange.
The platform is used by many different users, some bookmakers like to balance their books, while it’s a popular hit with the matched betting community due to their low commission rates.
Although they have been permitted to trade again, we took a look at their terms and conditions to make sure your money would be safe. And still, it’s very confusing. It appears just as before that your money is held by an independent company but is not safe in case of insolvency.
So it would appear that your money isn’t safe, and the use of the independent company? Well, your guess is as good as mine.
That being said, their terms and conditions are in line with the industries regulators and no different from any other betting exchange or bookmaker.
Matchbook Welcomes Change
Mark Brosnan stepped down as Matchbook’s chief executive officer in June after seven years, with chief financial officer Farzad Peyman taking over on an interim basis.
A spokesman said: “This announcement marks the culmination of many months of hard work and investment across our entire business.”
They confirmed they had made “significant improvements” to their compliance practices and were confident that they were “among the very best in the industry”.
“We’re extremely proud of the dedication and commitment of our staff during a very challenging economic period that has enabled Matchbook to once again offer a much-improved exchange platform to UK residents as we continue to grow our market share and deliver an industry-leading platform and liquidity pool for our customers.”
While many punters won’t be affected by today’s news, we should all welcome The UK Gambling Commission trying to clean up the industry.
Matchbook does offer great prices compared to the majority of bookmakers available online and in-store, it can only help push the betting industry into a more fair and prosperous future.