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Paul Williams commented on Betmart\’s closure blaming betting industry apathy

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The betting exchange launched in 2003 by a group of 34 independent British and Irish bookmakers ceased trading as new financial backing is sought.

“We haven’t got the money that we want to be able to provide a good competitor to the other exchanges, but it is not in a state of negative finance or anything like that,” said Williams.

“Effectively, unless I get some funding, we are going to shut Betmart down, but that decision isn’t going to be made immediately, and in the meantime, the customers accounts are separate from the business account, it’s all there, and if people want to request their money, it is all available.”

“The bookmakers are useless. We could have had a successful business had the bookmakers made an effort. A number of them, to be fair, made a financial effort, but they made no physical effort to use the site, and that was its downfall really.”

“I am talking to guys in the City of London, but a number of them want me to move in different directions. Some of them want me to move towards casinos, and some want me to do a more financial-based betting exchange, so at the moment it is just a case of protracted negotiations,” added Williams.

In the meantime, the company made arrangements for the several hundred customers to receive the balance of their accounts by the end of May.