UKGC sheds light on BetBright abrupt closure

first_img Winning Post: Swedish regulator pushes back on ‘Storebror’ approach to deposit limits August 24, 2020 Submit The UK Gambling Commission (UKGC) has issued a statement on the closure and sale of former licensed incumbent BetBright.On Wednesday 6 March, BetBright announced its closure, having sold its entire technology stack and assets to London-listed online gambling group 888 Holdings for £15 million.In its statement of closure, BetBright confirmed that all player funds and winnings would be repaid, with the online bookmaker allowing customers 30-days access to clear accounts.However, the bookmaker’s abrupt closure would garner criticism from its customers, as despite its £15 million sale, BetBright announced that it would treat all ante-post wagers as void.Overseeing the closure of BetBright, the UKGC issued a statement confirming that the bookmaker had been in a “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 which had been placed,” it added. “This was a significant risk for BetBright’s customers and therefore we are content that 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.”On day one of the Cheltenham Festival,BetBright Chairman Rich Ricci – the former Chief Executive of Corporate Finance at Barclays Bank – detailed that it has been a “difficult week” for everyone involved with the betting enterprise.“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.”Founded in 2013, by the enterprise team of the Brennan brothers (Marcus & Richard) and Tadhg O’Toole, fast growth BetBright had been branded as a ‘darling of the Dublin tech scene’.Furthermore, challenging industry norms the bookmaker had built its sportsbook product from the ground-up, choosing to avoid standard third-party platform provisions.Following Australian gambling giant Tabcorp Holdings declaring in 2018 that it had outlaid £50 million on its failed UK venture Sun Bets, analysts will be assessing whether the UK betting market maintains a place for new blood. UKGC hails ‘delivered efficiencies’ of its revamped licence maintenance service  August 20, 2020 Share Related Articles Share UKGC launches fourth National Lottery licence competition August 28, 2020 StumbleUponlast_img read more

Derrick Kwakye, Yasmin Kadri win Eastern Region Armwrestling Challenge

first_imgDerrick Kwakye known in media cycles as ‘Asoka’ was crowned the Champion of Champions in the Eastern Regional edition of the Eagle Extra Stout Armwrestling Challenge over the weekend.The most popular Jackson Park in Koforidua was brought to a standstill as thousands trooped to the venue to be part of the event held under the auspices of the Ghana Armwrestling Federation (GAF).The night brought together all those who matter the Koforidua and its environs including the MCE Hon. Isaac and Michael Okyere Baafi of Ghana Free Zones Authority. Top media personnel and comedian Baba Spirit were also there to add colour to the event sponsored by the Accra Brewery Limited (ABL) through their Eagle Extra Stout brand.In the female division, young Yasmin Kadri defeated Victoria Zatey to be crowned the female champion while Zatey received a silver medal with Rose Avanyo winning bronze at the end of the day.In the men’s under 60kg, Elliot Lamptey won gold after pinning Listowell Lamptey who won silver while Isaac Nii Amugi defeated Richard Tanye in the 70kg.Edward Asamoah of Ghana Immigration Service proved his worth as captain of the team when he won gold in the men’s 90kg followed by Francis Adamavi who won silver and Issa Kunya who won bronze. The highlight for the night was the +100kg where Derrick Kwakye defeated Mark Antwi aka “Punisher” while SWAG Armwrestler for the year, Haruna Tahiru won bronze in the category.President of the Ghana Armwrestling Federation, Charles Osei Asibey thanked the people of Koforidua for responding massively to their call and urged them to continue playing the sport, the reason for the challenge.He said the technical department of the federation will assess the performances of the participants and add deserving ones to the national armwrestling team as they prepare to defend their continental title in Mali.On his part, John Baptiste Akado, Brand Manager for Eagle Extra Stout was elated at the level of organisation and turnout even after the heavy downpour and reiterated on a continued support brand Association with the Armwrestling Federation.Kumasi will host the next Eagle Extra Stout Armwrestling Challenge in June. —last_img read more