At a time when online casino and sports betting is growing
at unprecedented rates, there will eventually be casualties among online
gambling operators that can’t bare the competition. Such is the case for the
sports betting site 188Bet. Citing the influx of competition and dwindling
profit margins from UK operations, ownership of the 188Bet brand has announced
it will withdraw its betting operations in the UK and Ireland effective March
While understandable, the announcement still comes as a
surprise given the current state of expansion in the online gambling industry
throughout Europe. In the current environment, online providers have been
waging war with bonuses promotions and player perks. Clearly, some providers
are unable to participate and compete at this level. Anyone who is interested in
knowing more about the aforementioned bonuses can click here for casino bonuses that are currently being offered
throughout the UK.
While the 188Bet brand will continue to operate in other
jurisdictions, the decision regarding UK operations applies to all customers
based in the following areas: Great Britain, Northern Ireland, the Channel
Islands and Gibraltar, as well as the Republic of Ireland.
Annatar Limited, 188Bet’s parent company, wants to assure
its customers in other jurisdictions that the company is doing well, and this
latest decision was made to strengthen the company’s overall financial
According to a press release issued by Annatar Limited
representative, “Annatar Limited is solvent and fully able to meet all its
financial obligations which includes its customer funds that remain ring-fenced
Then adding, “We have provided advance notice of this to our
regulators and we will manage the closure of our Great Britain, Northern
Ireland, the Channel Islands, Gibraltar and Ireland business and return
customer funds in an orderly manner.”
The process for closing down accounts and closing out open
bets with UK customers will proceed as follows:
No more bets are
being accepted from bettors in these regions.
The operator will
honor all ante post or pending bets that include events occurring up to 23:59
hrs (GMT+1) on June 30, 2019.
All single bets for
events occurring after this deadline will be voided and the stake will be
returned to the customer within 48 hours.
Multiple bets and
accumulators with selections for events up to this date will be settled as
and accumulators as of the cut-off time that include remaining unsettled
specific selections for events occurring after this date will be voided and the
bet amounts settled within 48 hours.
Customers will have
until have until August 30, 2019 to login into their accounts and withdraw any
Going forward, gamblers can expect to see other casualties.
When an industry reaches temporary saturation, there’s a purging of the
companies that are struggling to compete. Such is apparently the case with
188Bet. That’s not really a reflection of the company and its management, but
more likely a reflection of just how competitive the online gambling industry
has become. That’s why it’s never a bad idea for an online gambler to establish
relationships with at least two online operators.