Just How Safe Are Your Betting Funds?
By now it will be clear that we are living in very uncertain times.
In the current climate, I don't think we can take anything for granted. Stock markets are crashing and global sport has almost come to a complete standstill.
Many companies, huge, large and small face an uncertain future, none more so in the Travel Industry. It's then not a great leap of faith to assume that this is going to have many, many, more knock on effects in other industries including financial institutions such as banks.
It would be remiss not assume that some bookmakers may also be in danger the longer this progresses.
So just how safe is your money?
How Safe Are Your Funds In Your Betting Account?
This week our friends at the Smart Betting Club tackled exactly this topic by publishing a very relevant article about how much financial protection bookmakers offer for their account holders.
If you using the likes of Betfair and Betway, then you are about as safe as you can be. But you'd be surprised at the names in the list who may not offer quite as much protection as you may think.
Bookmakers shares have plummeted, as your can see from the Chart above for 888, with the indefinite pause of pretty much all global sports betting and, with no certainty as to when sports might resume, this puts some major pressure on many of these bookmakers, perhaps even threatening their existences. William Hill's shares have fallen from nearly £2 in February to less than 40p, GVC that owns Ladbrokes/Coral have fallen from over £8 to £3.50 and Flutter (Paddy Power/Betfair) is down from over £9 to £6.
If you hold money with any bookmaker you should consider withdrawing it. If and when sport and betting return to something approaching normal you can always put it back. Leaving funds in your bookie's account is a risk you simply don't need to take.
Bookmaker Customer Deposit Protection
Thanks to the British Horse Racing Authority, back in 2017 something was put in place called “Advanced protection of punters’ funds” Charter.
In short, it provided a categorisation of bookmakers based on how secure and protected your funds are with that bookmaker should the worst happen.
If you'd like to know what category your bookmaker falls into, and just how secure your betting funds are, then we highly recommend you read the full Smart Betting Club article here.
All the best,
Jon and the Football Advisor Team
Jon is the Founder and Chief Tipster at Football Advisor and Predictoloy. He started life as data analyst in the digital marketing field before find his true calling in the world of Football and Horse Racing Betting.
Jon has been sharing his professional expertise since 2009 and specialises in using objective data analysis and subjective experience of betting built up over more than a decade of professional betting.
In 2014, Jon also launched (and continues to run) the trusted Football Advisor service service which provides a variety of football and horse racing betting models and portfolios. A few years later, Jon launched the Predictology platform which is the worlds first betting system builder and analyser covering a wealth of football betting related statistics covering more than 200,000 matches.
Jon has also lent his knowledge and expertise to several of the trusted Premium Services offered by the respected Secret Betting Club, including Football Lay Profits. Racing Bet Profits and, most recently, Racing Lay Profits.