Online betting exchange Matchbook are free to once again operate in the UK after having their licence reinstated by the Gambling Commission.
In February 2020, Matchbook were forced to close their doors to UK customers after having their UK licence suspended by the Gambling Commission following a two-year review which led to concerns over anti-money laundering regulations and customer care policies of Matchbook users. As a result, Matchbook’s owner, Tiplebet, was ordered to pay a £740,000 fine by the Gambling Commission in April.
Matchbook was told that it’s licence to operate in the UK would remain suspended until the company was able to prove that it had recified the issues and could meet the measures put in place by regulators.
After six months of not being able to offer their services to the UK market, Matchbook have been given the green light to operate again after ‘implemented significant improvements to its compliance practices’.
A spokersperson at Matchbook said:
“This announcement marks the culmination of many months of hard work and investment across our entire business.
“We are extremely proud of the dedication and commitment of our staff during a very challenging economic period that has enabled Matchbook to once again offer a much improved exchange platform to UK residents as we continue to grow our market share and deliver an industry leading platform and liquidity pool for our customers.”
“We’re pleased to announce that our license suspension has been lifted and we are working hard to get the site back up and running as soon as possible,” the statement said. “We can’t wait to welcome you all back to Matchbook in the coming days.”
Who Are Matchbook?
Matchbook was founded in 2004 and launched as a rival to betting exchange Betfair which launched 5 years prior and offers an online casino along with their betting exchange services.
Matchbooks main selling point is the low commission charges which can eat into the profits of punters, traders and matched bettors over time.
There are four main betting exchanges in the UK which are Betfair Exchange, Smarkets, Betdaq and Matchbook and so it’s good news for everyone in the UK to have another option available again.