Probably a technical issue with U.K. Gambling Commission regulations.
A gambling firm formerly operated by employees of Cork-based betting technology business Xanadu Consultancy has secured a judgment totalling $12.6m (€11.4m) in London against a number of defendants who laid bets of as much as $1m a day and engaged in what a judge described as a "co-ordinated deception". The Channel Islands firm, Eurasia Sports, was part of online betting group Matchbook.
Xanadu Consultancy - which had no part in the deception - helped to procure high-rolling gamblers, including the defendants in the case, through Eurasia for Matchbook.
Xanadu is owned by an Isle of Man firm whose directors include the Cork company's CEO Mark Brosnan, as well as former Ryanair CEO and ex-RTÉ finance boss Conor Hayes.
Wealthy individuals were targeted directly by Eurasia to facilitate enormous wagers that could not typically be made via the Matchbook website.
On September 2, 2014, Paul McGuinness of Xanadu, and Andrew Pantling, a director of a firm called Triplebet which trades as Matchbook, visited one of the defendants, Juan Omar Machi Aguad, at the Atlantic City Casino in Lima, which Mr Aguad owned. Mr Aguad was keen to place bets of up to $500,000 on American football games that were held under the NFL in the US. Eurasia was prepared to offer Mr Aguad $1m in credit without any security, given his reputation and what Mr Pantling said was the competition amongst betting firms for high-stake gamblers.
A day after the meeting, after due diligence paperwork was completed, Mr Aguad was given the $1m credit. By the next day - the first day of the NFL season - he had lost it all after failed bets on matches. Further credit was advanced, and by September 7, Mr Aguad owed Eurasia $1.5m.
Further client accounts were opened, which also later benefited from credit from Eurasia, but which ultimately owed large sums to Eurasia after failed bets.
In 2014 Jose Roberto de Romana Letts, was to be appointed by Eurasia as an agent in Peru to introduce South American gamblers to the firm. In October 2014, he suggested that he provide security for the bets placed by the proposed new customers.
He said that because he had been involved in a tax investigation, he would provide the security via a $10m cheque.
The $10m cheque was not honoured.
Judgement was delivered in court only earlier this year.
None of the defendants were present.
As a result of this case the U.K. Gambling Commission suspended Matchbook's licence.
Returns to U.K We are delighted to announce that Matchbook is once again offering its market-leading service to UK bettors with the lifting of our UK license suspension. You can now login to your account and place bets on the exchange or casino and take advantage of the busy sporting calendar ahead.
We have made improvements to our security and product offering over the last few months to ensure the highest level of service possible and we are proud to welcome you back to the platform for Bettors Who Know Better!
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Matchbook stops business in the UK
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