Cost of UK levies and regulatory compliance takes its toll
World Bet Exchange (WBX) has closed its betting exchange due to "the rising costs of regulatory compliance and levies in the United Kingdom".
Although betting will be suspended, members will still be able to log in to withdraw their funds and to see their balances and unsettled bets, a company advisory said.
WBXMail will remain operational and all long-term markets will be settled in the normal way when results are known.
Malcolm Gray, chief executive officer of WBX said in a post that he had truly believed WBX would become a genuine alternative to Betfair.
"Though I am of course disappointed that WBX is closing, I am proud of my team and the fairness in which the exchange has operated for almost 10 years," Gray said. "Please rest assured that WBX will continue to service its Members and affiliates in the same spirit during the wind-down period."
The company's Customer Services Team will also remain operational for as long as it takes to wind down the business.
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