New compensation package for Sporting Options customers from iBetX

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iBetX, the betting exchange, has ensured that nearly all of the Sporting Option account holders will receive compensation in full not once but twice. All customers of Sporting Options upon opening an account with iBetX will receive a minimum of £1,500 credited to their account, or up to 25% of their total account balance, whichever is the lowest. Customers will receive remainder of the money through commission sharing with iBetX.

Imraan Malik, CEO of iBetX, commented: “Betting companies in the past have faded away with customer’s money but the betting exchange industry is the first industry where the rival firms are stepping in financially to make sure the end users don’t feel the pinch.”

All iBetX member funds are ring-fenced and held with the Bank of Scotland and are audited by independent accounting firm Rothman Pantall & Co. Furthermore, iBetX has substantial liquid cash in a separate account to run the company’s day-to-day operations.

iBetX has always maintained clients money in a ring-fenced account but in the light of the recent event – to provide our customers with 100% piece of mind, we will be choosing a reputable third party company to hold all clients deposits in a joint account. This trust account will not be controlled by iBetX but will be jointly managed by iBetX and the chosen company to process clients deposit and withdrawals.

We believe that customer is king and we are taking additional steps to ensure that iBetX members interests are protected. iBetX already holds a giant share of the US market and provides the largest variety of markets for US horse racing. The company is proud to announce that 2004 has been a year that has seen iBetX go from strength to strength and we fully expect to continue this trend for many years to come.