Skip to main content

BetButler goes bust

No shock here, another UK-facing bet brokerage has gone under. Customers have complained about withdrawal delays for over 12 months, while the UK Gambling Commission sat there and did nothing. They only appear to be interested in sustaining that overrated, self-perpetuating industry called compliance. Gotta make sure those boxes on the fancy forms are ticked!

Earlier in the year, BetButler were even allowed to take over the debts of Bodugi, the failed social gambling site of Dave Nevison, whose customers had already suffered cash flow problems - talk about a double hit!

Hat tip to BettingTools.co.uk for the article

BetButler ceases trading

Remember BetBrokers back in 2008? A very familiar tale.

BetBrokers goes broke

The concept of a bet brokerage is nothing new - in Australia there have been numerous individuals over the years doing the same thing, we call them commission agents. Either for convenience (don't have the time or energy to chase best price), anonymity (celebrity) or barred by bookmakers (not so common a decade ago), they offer a service to place bets for people. Much easier to do with on-course bookmakers in Australia are they are compelled to take a bet, unlike the corporates. Anything outside of the mainstream though becomes very difficult as it's now beancounters rather than old school bookies willing to go head-to-head against the bigger punters.

Switch that business plan to the UK and you're done before you've even started. If it couldn't work for BetBrokers several years ago, it ain't gonna swim now. You have no chance of getting big money on regularly on racing unless you lose hand over fist. The market simply isn't that deep and bookies aren't interested in handling any decent money which might be informed, regularly beats starting price, or only ever takes top price. Given that modus operandi, horse racing is always going to be the prime attraction of a bet brokerage for a punter in need of such a service. Those wanting the service will be the ones wanting to take top price regularly, otherwise they'd be happy using the likes of Star Sports who will handle the big money, but without the gimmicky offers.

For football and cricket, if you stick to the main couple of markets, there will be plenty of outlets connecting you to the vast liquidity in Asia. Beyond that, even on those sports, you will struggle - a boutique operation with limited membership might be able to crack it but a business which tries to cater for large numbers of clients simply will not work.

Now I wonder when someone will ever sort out/shut down that mob of Irish cowboys, SportsSpreads?

Comments

Popular posts from this blog

lay the field - my favourite racing strategy

Dabbling with laying the field in-running at various prices today, not just one price, but several in the same race. Got several matched in the previous race at Brighton, then this race came along at Nottingham. Such a long straight at Nottingham makes punters often over-react and think the finish line is closer than it actually is. As you can see by the number of bets matched, there was plenty of volatility in this in-play market. It's rare you'll get a complete wipe-out with one horse getting matched at all levels, but it can happen, so don't give yourself too much risk...

Gimcrack Stakes preview

The final day of the Ebor Festival has a great spread of races, and just one of them could be described as having a clear-cut favourite. A solid reward for anyone who can find a winner.

The 2yo feature of the day is the Gimcrack Stakes, and saddling up again for the preview is Darren Goodbody, @DarrenPGoodbody. You can read more of his work here.

----------------------

Irish Thoroughbred Marketing Gimcrack Stakes
Group 2, 6f, 2yo C&G
£220,000
1510 local 0010 AEST


What a week it has been on the Knavesmire, some impressive juveniles to keep on the note book especially Tasleet of William Haggas's and Wesley Ward's Acapulco who impressed me taking on older horses, but even though with the 29lb allowance he could not over come proven Group 3 winning sprinter Mecca's Angel.

Mark Johnston has not improved on his six percent average here at York and I have reservations that it is going to improve with Buratino or Ode the Evening. The Listed Woodcote Stakes and Group 3 Coven…

Racing has a Ponzi scheme - and the fallout will be enormous

When the term 'Ponzi scheme' is mentioned these days, the names Bernard Madoff and Allen Stanford instantly spring to mind. The pair of them ran multi-billion dollar frauds (US$60bn and $8bn respectively) that destroyed the lives of thousands of investors who had put their life savings into a 'wonderful' investment strategy. How so many people were sucked into the scheme is baffling to those on the outside. The lifestyle, the sales pitch, the success stories of the early investors - I suppose it all adds up.

So where does this link to racing you ask? A prominent Australian 'racing identity' this week has been reported to have lost access to a bank account with punters' club funds of $194m in it. Firstly - is there a worse term for anyone to be labelled with that 'racing identity'? It ALWAYS ends up meaning shonky crook! Secondly - who the hell has a punters' club with an active bankroll in the tens of millions? It simply can't be done.

The…