BusinessCompany NewsOnline betting website goes bust

Online betting website goes bust

Winners with an online betting site have been left out of pocket after something they hadn't gambled on happened: it went bust.

Link: Bookie defends intangibles

Menzies Corporate Restructuring, appointed administrators to Sporting Options, welcomed a rescue package from Betfair, the UK’s largest betting exchange, but said it would only allow ‘the large majority’ of those owed money to receive full compensation.

Paul Clark, joint administrators, said: ‘We are hopeful that the deal that we have negotiated with Betfair will result in the large majority of Sporting Options clients who are owed money being fully compensated.’

The amount of money held in the Sporting Options clients’ account was put at less than £100,000, compared with £3.6 million owed to client creditors.

‘We are unable to advise clients in relation to their decision making process, but we feel it is unlikely that we will be able to make an early distribution to the clients from the funds we are holding,’ said Clark.

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