WBX Betting Exchange Announces Closure; Players to be Paid
Betting exchange WBX has closed. Players with balances at WBX should log-in and withdraw their funds.
WBX posted a notice on their homepage last night making the announcement, and including a statement from the exchange CEO Malcolm Gray.
The statement explained WBX endeavored to compete with Betfair, but the regulatory climate and rising costs necessitated their closure.
WBX notice: "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 WBX 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."
The regulatory climate touched on by Mr. Gray is the implementation of the new UK Gambling Law, reported on by Sportsbook Review last September prior to its passage.
WBX clients are encouraged to keep SBR updated with the process of withdrawing their funds, and should write in if they encounter difficulty doing so. Players can write in via email to firstname.lastname@example.org.