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.

>> Read the full article here

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.

>>> 64 Firms Now Rated On How They ‘Protect' Your Money

All the best,

Jon and the Football Advisor Team

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