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Clearing house for the sports betting market
 August 27, 2008, 8:39 am (3 years ago)The AIM-listed self-governing broker and clearing house for the sports betting market, Betbrokers plc has revealed that its shares have been for the time being hold following one of its affiliate companies, Betbrokers Limited, was positioned in management.
The group stated as well its designated advisor Daniel Stewart and Company has quit with instant effect.
"Presently the company is not capable to entirely determine the consequence of this on the company's monetary situation," a spokesman explained, stating that the postponement was of a provisional nature.
In June this year Betbroker plc shares dropped 27 % after it was revealed that a deficiency of obtainable funds in the company's clearing house account had affected and limited the value of bets that the company had been capable of taking in these several months. During that time the company prayed for a cash inoculation of between GBP 1 and GBP 2 million.
The Chief Executive and Chairman of Betbrokers, Wayne Lochner explained during that time: "I am dissatisfied that the short of obtainable financial support in the clearing house has had a damaging effect on the company's UK routine for the period. The short of financial support in the clearing house and our incapability to manage some big bets has resulted in a decline in the average deal size. Notably, other KPI's for the UK business, as well as the number of transactions and trading volumes, show Betbrokers nonstop growth."
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