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WBX - ANOTHER ONE BITES THE DUST

WBX stopped taking bets and closed it´s betting exchange on monday,16th February. Management cited competition from market leader Betfair and new compliance costs as the main factors. 


All monies will be returned to clients and ante post bets will be honored. Members can still log-in and withdraw funds or check the status of their account, below is the statement on the WBX site:



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.


Comment:


WBX was launched in November 2006. When stepping into the exchange arena they believed they could conqueror Betfair by offering reduced commissions. A similar model was used by Betdaq (who where later acquired by online and retail bookmaker Ladbrokes). It didn´t work since they couldn´t get volume.


 To get turnover into the pool, exchanges need market makers. Take Matchbook which is owned by (Smart odds) Matthew Benham. They pump their exchange by being able to obtain the best odds in Asia. Jo public takes the same minus Matchbook´s commission. Betfair (at inception) had leading syndicates doing the dirty work for them. WBX and Betdaq have been ignorant!


We refused many requests for WBX to be promoted on our site. Our answer was always the same. YOU HAVE NOTHING.


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