The HBF (Horseracing Bettors Forum) wishes to highlight their latest update to the Register of Protection Of Funds.
This list shows how protected (or not) any funds bettors may have in their bookmaker accounts in the event of insolvency.
In these uncertain times bettors may wish to consider the withdrawal of funds from the 23 bookmakers labelled Not Protected (as per their own terms and conditions).
Another area of concern is the use of Medium Protection where it was noted that while 33 firms offer this protection, 19 state there is no absolute guarantee that their funds will be repaid in full, with just eight bookmakers offering High Protection.
The HBF continues to lobby bookmakers to raise the protection levels for bettors’ accounts and having discussed this matter with the Gambling Commission, the HBF suggest that their guidance to consumers needs to be clearer on this issue.
Colin Hord, Chair of the HBF, said:
“In these extraordinary times, each day the Corona virus crisis continues, the likelihood of bookmakers going bust increases, and for some bettors this could mean that their hard-earned money is lost for good.
“While we can do all we can to urge bettors to reduce or move their funds to an account that offers High Protection, we believe that in this day bookmakers should no longer be stating on their terms and conditions that there is no guarantee their funds will be returned.”
Notes to editors:
1. The Register of Protection of Funds can be viewed here.
2. The HBF is an independent body set up in 2015 to represent the interests of those who bet on UK Horse Racing. Further information can be found here.