Rich Ricci, the former chairman of the defunct internet bookmaker BetBright, said on Friday that he is “delighted that we have found a solution”, which guarantees that all outstanding ante-post bets with the firm will now be honoured by BetVictor.
BetBright sold its technology platform to rival firm 888.com in early March for £15m, but its outstanding liabilities on bets already placed with the firm were not included in the deal. While 888.com agreed to honour bets on the Cheltenham Festival in mid-March, it declined to take on ante-post bets on the football season, which were believed to have a potential total liability of around £1m depending on results.
Bets that were declared void with stakes returned included those placed by one BetBright customer with a potential return of nearly £27,000 for an initial stake of £400. The customer had a £100 each-way double on Luton (14-1) and Lincoln (10-1) to win League One and League Two respectively, and a £100 Trixie (three doubles and a treble) on Lincoln (4-1), Leeds United in the Championship (5-1) and Arbroath, now the runaway leaders of League One in Scotland, at 6-1.
Both Luton and Lincoln are now priced at around 2-9 to win their divisions, while Leeds are still competitive in the Championship at 11-2. The book has effectively closed on Arbroath.
Ricci, a leading owner in National Hunt racing, attracted fierce criticism after BetBright’s closure was announced, but now appears to have been working behind the scenes to get a fair deal for the firm’s customers.
“The way the business world works had to take its course,” Ricci said on Friday, “and there were technical issues why I couldn’t step in myself, not the least of which is that I’m not a bookmaker and so I needed a partner. So I’m delighted and really grateful to BetVictor that we have found a way to honour these bets.
“It was an unusual transaction and when these things happened, the directors had to take a decision in the interests of all the liability holders. It was a process that had to play out and I’m delighted that we have found a solution.”
The news may also be seen as an embarrassment for the Gambling Commission, which endorsed the original decision to void all ante-post bets. The regulator said in a statement at the time that it was “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”.
The mood among the overwhelming majority of punters was that the commission’s approach was a betrayal of its mission statement to ensure that gambling is conducted “in a fair and open way”, and also set a dangerous precedent for the future.
Only this week, 188Bet has announced a similar policy for voiding ante-post bets following its decision to withdraw from the UK market, despite continuing to operate successfully elsewhere and there is a widespread view in the industry that other firms are also likely to shut up shop in the next few months due to the fiercely competitive nature of Britain’s gambling market.
Punters looking for a bet on Friday’s cards ahead of Saturday’s return of Flat racing on turf could get a return from Qaaraat (2.30) in the six-furlong sprint at Lingfield Park. The four-year-old has only one win in 16 starts to date but he ran a fine race off a six-month break to be second in a good time at Wolverhampton last time and notched his only success off this mark of 69.
Lord Lamington (4.10) has a big chance on the same card, while the normally reliable The Ogle Gogle Man (2.40) should atone for a first-fence fall last time out down at Fontwell. Rey Loopy (7.30) and Everkyllachy (8.00) should also go well at Newcastle.
Lingfield Park 2.00 Golden Guest 2.30 Qaaraat (nap) 3.05 Drakefell 3.35 El Ghazwani 4.10 Lord Lamington (nb) 4.40 Follow A Dream
Fontwell 2.10 King Muro 2.40 The Ogle Gogle Man 3.15 Le Ligerien 3.45 Glance Back 4.20 Steel Bob 4.50 Truckers Tangle 5.20 Kost A Coat
Wetherby 2.20 Denmead 2.50 Las Tunas 3.25 Falcon Sun 3.55 Flowery 4.30 Desert Island Dusk 5.05 All About You 5.35 Marinero
Newcastle 5.55 Echo 6.30 Dreamofdiscovery 7.00 Astonished 7.30 Rey Loopy 8.00 Everkyllachy 8.30 Gowanbuster
Tips by Greg Wood
