racing news/
BETDAQ Statement on Sporting Options betting exchange
going into administration
16/11/2004
BETDAQ is surprised by the news that the Sporting Options betting exchange
has today (Monday, November 15th) gone into administration. We have sympathy
for those who may be adversely affected, and are keen to assure our customers
that BETDAQ remains in rude good health.
BETDAQ customer funds have always been fully ring-fenced from the daily
operating expenses of the exchange. In addition, and in recognition of
the absolute priority we give to customer confidence, and to the security
of customer funds, we placed a cash bond of $10 million with our bank in
2001.
This instrument was a first in the betting industry and continues to give
BETDAQ users an unprecedented level of financial protection in their dealings
with the exchange.
BETDAQ is a professionally run, very well funded company enjoying a significant
share of a still rapidly expanding market. The low margin on which the
exchange model is based does require a rigorous control of costs, but that
is a discipline which successful exchanges adhere to.
We continue to have great confidence in the future growth potential of
the exchange industry as a whole, and look forward to playing our part
in that growth in Britain and around the world. |