Sporting Options collapses

UK betting exchange Sporting Options has suspended all betting activities until further notice. They were thrown out of the betting exchange trade association (BETA) for breaking its code of practice just before London’s Menzies Corporate Restructuring were appointed as joint administrators on November 15th. Players received a message stating that the financial position and business operations of the company are being reviewed. Industry sources suggest that the firm may have been trading using customers’ deposits and a substantial amount of these funds could be at risk. Earlier this year Blue Square pulled out of a deal to acquire Sporting Options during the due diligence phase. At that time the UK bookmaker did not give a reason. BETA’s other members, Betfair and Betdaq, were keen to assure their customers’ funds are placed in ring-fenced accounts and kept separated from company funds.