SunBets Closure – Regulators Ready to Step in

July 20, 2018 July 20, 2018 David Nugent

It came as something of a shock when I heard that SunBets had suddenly closed down their operation, for being an online sportsbook run by the mighty Tabcorp and being promoted and linked up to the company that publishes The Sun newspaper in the UK, I had imagined that it was going to be around for quite some time, but now that sadly is not going to be the case!

As is always the case however with all UK Gambling Commission licensed operations, that commission is ready to step in if needed regarding ensuring that any player balances are going to be paid out in full and in a very timely fashion too.

However, it is very fair and true to say that as Tabcorp are a Multi-million Pound Company, who for reference are actually based in Australia there is no doubt in my mind that customers will get paid out their winnings in full and with no delays.

In fact, currently at the time of checking their website earlier this morning, a notice had been placed on it informing customers to log into their accounts and to withdraw any funds left in that account. It has to be presumed that any outstanding bets will be settled too.

Why Did SunBets Close Down?

It is a purely financial matter that has resulted in SunBets closing down, for the company that was operating that site on behalf of the owners of The Sun newspaper had determined that there was no long term future in the sportsbook and decided to cut their losses.

Those losses however are going to be significant, for as part of the contract they signed with the owners of The Sun newspaper that being News UK they are now required to pay an early exit fee or a whopping £39.5 million, but fortunately they are a company big enough to be able to afford that exit fee!

Alternatives to SunBets

What I would suggest you do if you do have any funds left in your SunBets account is not panic, you still have access to your account and as such will be able to log into it and withdraw your winnings in the usual way.

But do make sure that you do so as quickly a possibly, for if you do not then there could be a delay in you getting paid out your winnings if you leave it too long.

As for where else you should be betting online, then that decision is one you are going to have to make for yourself, however what I would advise you to do is to ensure that any betting sites, bookmakers and sportsbooks you are thinking of signing up to is both fully and licensed by the UK Gambling Commission if you are a UK based sports bettor.

By doing so if like SunBets any betting site you do sign up to suddenly close their cyber doors, you will have the peace of mind in knowing your funds held in your betting account are safe!

About The Author

David Nugent

Editor

Hi, my name is David and I am the chief editor of legalbettingreport.com, I am proud to bring you all latest legal matters concerning the sports betting industry , I am a keen sports fan, dabbling in a few odd bets on my beloved Everton FC

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