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The World Bet Exchange founded over 10 years ago has closed down. A statement on the company website blames the increased regulatory pressure
WBX will close its betting exchange (“The Exchange”) effective 17:00 (GMT) on 16/03/15. Although betting will be suspended, Members will still be able to log in to withdraw their funds and to see their balances and unsettled bets. WBXMail will also remain operational. All long-term markets will be settled in the normal way, when results are known. Our Member Services Team will continue to provide support and are available from Monday – Friday, 0900 – 1700 GMT.
A note from the CEO, Malcolm Gray:
To our loyal members and affiliates,
I have always taken a long view with WBX and believed that we’d become a genuine alternative to Betfair on the strengths of our great platform and commitment to putting every exchange player back in control. Unfortunately the business strategy is no longer viable due to the rising costs of regulatory compliance and levies in the United Kingdom, along with the increasingly prohibitive stance of various betting jurisdictions.
Though I am of course disappointed that WBX is closing, I am proud of my team and the fairness in which the exchange has operated for almost 10 years. Please rest assured that WBX will continue to service its Members and affiliates in the same spirit during the wind-down period.
Thank you for your support.
It’s a shame when innovative businesses close, whilst UK regulations are an essential part of protecting consumers and ensuring the security of customer funds they can sometime be overzealous.
WBX can be contacted with the below details:
- Telephone: 0207 229 1884 (from outside the UK, dial +44 207 229 1884)
- Email: firstname.lastname@example.org
- Member Services Team are available from Monday – Friday, 0900 – 1700 GMT.
One of the hardest things for new betting exchanges to do is to compete for market makers and liquidity that is currently focused on Betfair. The two major betting exchanges Betfair and BetDaq are seeing a little competition from Smarkets and Matchbook and it will be interesting to see how both newcomers fair over the coming years.
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