The commission supported the decision as it claims that it could’ve gone into insolvent liquidation otherwise.
UK.- BetBright has recently announced its closure as it sold its entire technology stack and assets to 888 Holdings for €15 million. The UK Gambling Commission (UKGC) released a statement on Thursday claiming that it was the right step as there was a strong chance of going into insolvent liquidation if the company remained operational.
BetBright revealed in its closure statement that all player funds and winnings would be repaid and gave players 30 days to clear their accounts, despite criticism from customers regarding the abrupt action.
The gambling commission confirmed that it had been overseeing the company and that there was a “very real possibility of going into insolvent liquidation if it remained open,” resulting in customers receiving no winnings and no refunds on stakes which had been placed.
“This was a significant risk for BetBright’s customers and therefore we are content that the return of stakes, as part of an orderly closure of the business, is the best option available for the vast majority of customers in what is an unusual and difficult situation,” explained the UKGC.