Horseracing Bettors Forum publishes operator fund protection levels amid Covid-19 uncertainty
Betfred, LeoVegas and Betsson among biggest operators offering lowest level of customer fund protection
The Horseracing Bettors Forum (HBF) today published a list of betting operator fund protection levels amid increased demand for consumer safety during the coronavirus pandemic.
Eight operators, including Betfair, BetStars, BetVictor, Coral, Paddy Power, Smarkets and now Betway are among those classified as having the highest protection level of customer funds, according to the HBF register.
Bookmakers are grouped by the level of protection they offer consumers, with those offering high protection identified as holding customer funds in a separate account which is controlled by an independent individual or auditor.
In this scenario, customer funds are protected if the business goes bust.
Bet365, bwin and Ladbrokes, as well as Kindred Group brands Unibet and 32Red, offer a medium level of protection to customer funds through methods including the use of separate accounts.
Those firms with medium protections are classified as having arrangements in place to deal with company insolvency and separation of consumer funds.
Nineteen operators, including 888 and Virgin Bet are also listed as medium risk, but are highlighted as not stating an absolute guarantee that customer funds will be repaid within their terms and conditions.
The HBF has concerns about the lack of an absolute guarantee of repayment of customer funds by these operators and has called on the Gambling Commission to adjust its guidance to operators.
A total of 23 bookmakers are classified as not having any protection for consumer funds within their terms and conditions. These firms include Betfred, Betsson, LeoVegas, the Tote, MansionBet and Marathonbet.
Bookmakers identified as not protected do not operate separate accounts, with all money being included as part of the business in the event of insolvency.
Colin Hord, chair of the HBF, said: “In these extraordinary times, each day the coronavirus crisis continues, the likelihood of bookmakers going bust increases, and for some bettors this could mean that their hard-earned money is lost for good.
“While we can do all we can to urge bettors to reduce or move their funds to an account that offers high protection, we believe that in this day bookmakers should no longer be stating on their terms and conditions that there is no guarantee their funds will be returned,” he added.