Is Betdaq on the edge of the cliff.....?

[Brian Ford]

http://www.midasoracle.org/2009/07/03/betdaq-accounts/

D. Apparently GBE UK Ltd. *OWES* £723,000 to BDQ Member Funds for “treasury services”. Just to remind you BDQ Member Funds holds the “ring-fenced” customer money so that the betting exchange operator can’t just delve in and help themselves if they’re a bit short. That it’s in the business of “treasury services”, i.e. lending cash to other loss-making companies in the Betdaq group, will come as a surprise to customers.

Put bluntly Betdaq has lost £700k+ and covered the shortfall by borrowing customer funds that they claim are “ring-fenced”. That’s exactly how Sporting Options went bust in 2004 taking customer funds with it.

[Ron]

What can you do, we have to have money in accounts to work. I only use Betdaq when the other place is having site problems so have to leave sufficient working capital in the account, nevertheless, like most other people I have grown a fond and personal attachment to my bit of money and don’t want to see the bit I have going down the pan. The trouble is that you never know for sure until it’s too late.

[Brian Ford]

Strange thing about this useful piece of info is that its getting plenty of coverage on the BF Forum now. Sum1's Black Arts Dept is working overtime. Remember only last week that ludicrous story about the 22yo winning £20M on BF was in the NOTW. All these stories seem to benefit 1 company. Aint that really strange!

[Ron]

Changed my backup site to Betmate. Only 3% commission and eventhough it is owned by Betdaq it looks a better option. You are making me paranoid with these threads.

[Brian Ford]

In the current climate I would think that a major scandal and/or bankruptcy of a big firm is gonna happen sooner or later. I just think that going up against a ruthless operator such as BF only makes this more likely. The info on Betdaq is mighty interesting and the amount of £750K seems relatively small for them to do something so disconcerting.

Russ Wiseman is on here so no doubt he can put your mind at rest or send you into a blind panic. He is listed on members here and is their PR Director (I think)

[Anton Whalley]

To

[Warren Banks]

Well this is slightly worrying as Im forced to do all my trading on the daq at the moment

I notice that the article has been removed though from midasoracle?

[Dave C]

Worrying stuff, although not to me personally. I use both Fairbot and Daqbot, and running them side by side shows just how bad BetDaq are, and consequently I have very little cash or activity there? Dermot has deep pockets but it would appear after funding the company for 9 years he is getting to the bottom of them?

What amazes me even more is how WBX keep going, given the amount laid out on advertising but the pathetic amounts of money available there..? Anybody have good experience of using them?

Dave C

[Warren Banks]

Not tried WBX but after last nights liquidity on betdaq on the Pro40 I need to try something else, I know it was a rain affected match but most of the time I felt I was on there on my own!
God I miss Betfairs liquidity sometimes

[Ron]

The main problem I found on Betdaq was getting bets matched in the 'place' market. This caused a reduction of about 20% in my cash turnover. If it hadn’t been for this I would still be there… Well on Betmate anyway which is about the same.

[Steve]

I think most people know about betdaq's losses over the last couple of years and where they are trying to put themselves in the market place.(wholesale rather then retail)
l have a had couple of dealing with them in the last month and they seem to be trying to make a very big push at moment i.e. they have a very strong recruitment drive on at moment.
The big difference between them and Sporting Options is money as Sporting Options never really had any to start with and they knew what they were doing from the start.