Don’t leave balances with bookmakers… your money may not be protected.

Hi there, these are very uncertain times for us all and we hope you and yours come through safe and well.

We want to reiterate a timely article put out by Smart Betting Club about the lack of financial protection your bookmakers may have for any funds that you hold with them.

Bookmakers shares have plummeted with the cessation of global sports betting and with no certainty as to when sports might resume this puts some of their very existences at risk. 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.

Even though antipathy between punters and bookmakers is legendary, of course we hope that none of them do go out of business as the people who work at these firms maintain all have jobs and families to look after. But given the circumstances, there is a fair chance we may lose a few especially some the newer entrants into the market.

you can read the full SBC article here

Stay safe
The team at Cleeve