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  • 02-08-2022 11:08pm
    Registered Users Posts: 2,923 ✭✭✭ garra

    Is there any risk of losing money through placing a longer term bet (7K over 10 months) with an online gambling company such as SportNation, through collapse of the company itself? Is there any central authority which honours winning bets in this case? Their website is ropey enough and I have doubts they may be a bit "fly-by-night", although the risk of my bet not coming through probably far outweighs risk of company liquidation.


  • Registered Users Posts: 2,923 ✭✭✭ garra

    Okay so I did my own research on this...

    Any gambling business you make a bet with must tell you whether your money has any protection in case they were to go bust.

    It is important to note that although online gambling businesses licensed by us must keep customer funds in a separate account, there is no guarantee that this will ensure that customers get any of their money back if the business runs into financial difficulties. Those using gambling businesses do so at their own risk.

    Now I had a look at SportNations T&Cs

    We are required by the licences we hold with the UKGC to inform Users about what happens to funds which we hold on account for you, and the extent to which funds are protected in the event of insolvency. We hold customer funds separate from company funds in both a bank account and in reserve funds which we hold with our payment processor. These funds are not protected in the event of the Operator’s insolvency: not protected segregation.

    So, if SportNation offer 11/4 for LFC as outright PremierLeague winners (easily the most generous odds on offer) and dont offload the massive risk of such an outcome to other bookmakers, or some other circumatnce brings their insolvency, I can say "Ta-ra" to my 7K and no comeback.

    So now I have to factor in this to my bet. Sake

  • Registered Users Posts: 2,923 ✭✭✭ garra

    Just a little update to above 2 posts.

    SportNation Bet has ceased trading and has refunded my outstanding bets, which were season long outrights.

    This comes as a pleasant surprise, as I was certainly due to lose 4980 euro (if Liverpool didn't win league or Nunez/Salah be stop scorer). Just got the money into my account and I had written it off already. Would be raging if I was a City fan of course. Haha