Gambling Commission says BetBright refund was 'best option' despite complaints
BetBright's decision to void the majority of ante-post bets after they ceased trading and were sold to 888 – a move that enraged punters – was the best option according to the Gambling Commission.
It was announced last week that the bookmaker had been bought by 888 in a £15 million deal that resulted in existing bets being refunded.
A number of complaints were made to the Gambling Commission, while BetBright and chairman Rich Ricci came in for sustained criticism.
Ante-post bets on the Cheltenham Festival were reinstated after a 'goodwill' gesture, although Ricci defended the original decision to void wagers.
That was seemingly backed up by the Gambling Commission on Wednesday, when the regulatory body pointed to the prospect of BetBright going bust and the possibility of punters being left with nothing.
"We've carefully looked at the situation with BetBright," said a Gambling Commission spokesman.
"During our inquiries the operator highlighted the 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 placed.
"This was a significant risk for BetBright's customers and therefore we're content 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."
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