A respected island based gaming expert believes online bookmaker 188Bet has quit trading in the British Isles to concentrate on the Asian market.
Castletown-based Warwick Bartlett spoke to Business News after the company announced it had with immediate effect stopped taking bets in the British Isles and Ireland.
Explaining the move, which does not apply to 188Bet’s operations in other territories, the company stated simply: ’This is a commercial decision in a very competitive marketplace.’
The business is known officially as Annatar Limited and the statement also made clear Annatar is solvent and able to meet all financial obligations, with customer funds ring-fenced and safe.
Mr Bartlett, chief executive of the Global Betting and Gaming Consultants, based in Arbory Street, Castletown, reacted to the news.
He told Business News: ’188 is primarily an Asian facing sports book whose original interest in the UK was the availability of Premier League shirt sponsorship.
’They were for example sponsors of Wigan Athletic and Bolton Wanderers.
’They have been sponsoring Rugby League and UK horseracing.
’Sports betting in Asia is popular and the main betting market for Asian gamblers is the Premier League.
’By becoming a shirt sponsor your potential customers in Asia can see your adverts throughout the match.
’Apart from shirt sponsorship there are in-ground betting partnerships and pitch advertising.
’To benefit from the media exposure in the UK operators have to licence in the UK and with that comes all of the restrictions, reporting standards, and compliance measures which are costly.
’The UK is presently the most competitive gambling market in the world with the pay-out percentage to customers higher than it has ever been.
’It is therefore essential for sports book operators to have significant market share to operate profitably in such low margins and cover the cost of compliance.
’I suspect that 188bet have decided that they have built up a good business in Asia and the UK marketing campaign that will inevitably attract loss making UK business is no longer worth the effort and cost.’
Annatar is registered on the ground floor at St George’s Court, Douglas, and is licensed by the island’s regulator, the Gambling Supervision Commission.
The 188Bet name had become increasingly familiar for punters and people in the horse racing industry.
188Bet sponsored some high-profile horse races.
In addition to the Chester Cup there was the Solario Stakes run at Sandown Park and and Market Rasen’s Summer Plate.
The company had also previously signed up as an authorised betting partner.
In a further link to racing, 188Bet have been the sponsor of champion Flat jockey Silvestre de Sousa, who produced a regular blog for the bookmakers throughout last season.
Aware last autumn of 188Bet’s apparently growing influence in British racing, Business News put in a request for an interview to do a story about the success of this island based business.
But we received a brief reply saying: ’It is not the custom of our business to pass comment nor agree to press interviews.’
The racing ’Bible’ The Racing Post confirmed the company is one of the larger players in the Asian market.
Anyone with funds in a 188Bet account must withdraw money by August 30.
A closure announcement on the 188Bet website said: ’If you have any funds in your 188BET account, please log in and withdraw your outstanding balance as soon as possible, and in any event before 23.59 on August 30, 2019.
e-gaming in the island has consistently been growing and now makes up 18% of the Isle of Man’s economy.
There are nearly 40 online licensees registered with the Isle of Man Gambling Supervision Commission