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Is Your Money Safe Online?

The current coronavirus pandemic has suspended all scheduled races indefinitely. This situation has left many people wandering about online betting. While many operations continue, it’s impossible to place your bets on any sporting event, including horse racing.

Fortunately, some parties protect the gamblers’ interests. The Horseracing Bettors Forum has reminded bettors to check whether the site they are betting on will keep their money safe in case they declare bankruptcy. If all of this still sounds a bit confusing to you, continue reading to learn about the details.

What Are Your Rights?

Horse racing is extremely popular all over Europe and around the world, and many bettors have invested their hard-earned money into future races. With all those races getting canceled and most bookmakers pausing their businesses, players are now wondering whether their money is safe online or gone with the wind.

The HBF has updated its list of bookmakers that offer protection of funds and those that do not. Some of the possible global scenarios, such as a pandemic, are listed in the company’s terms and conditions. Unfortunately, not all bettors think of checking T&C before making their deposit.

Currently, there are 23 sites where your previously made deposits are not safe. These bookmakers are listed on the HBF’s website. Be sure to read the list carefully if you have made a bet recently.

Luckily, there is still hope even if you have made a deposit (or have some winnings) at one of the dangerous sites we will mention below.

Even though there are currently no races, bettors can still transfer money from one account to another. This means that users can move their money from the dangerous sites to a safe location. This solution is the best way to make sure you and your hard-earned money will be completely protected from any possible unfortunate events.

Dangerous Sites

One of the more popular sites on the UK horse racing scene is BetFred. Note that we are not suggesting that BetFred is an unprotected website since it does not guarantee the safety of your money. The bookmaker will, however, inform the users if their money has been merged with the company’s money.

BetFred’s terms and conditions clearly state that “Under the current Gambling Commission’s insolvency rating system, your funds are not protected.”

The bookmaker claims that all users’ money is kept in separate accounts, which will only be used in case of an emergency. One such case is a possible liquidation of the bookmaker’s company. In that case, users’ deposits and winnings are seen as a part of the company’s assets.

Additional sites that you might want to take note of include Tote, Marathon Bet, SportNation, and BetHard.

Potentially Dangerous Sites

The HBF’s list also includes 33 bookmakers whose protection is categorized as “medium”. Bookmakers like these guarantee that users’ money is held in separate accounts but does not guarantee that their money will be safe in cases of insolvency.

What makes these sites different from the previously mentioned ones is the fact that if the money is used in emergencies, the bookmakers do not guarantee that the money will be repaid — but, there is still a possibility of it happening. 

Safe Sites

Luckily, some entirely safe bookmakers guarantee full protection of users’ funds. These sites assure their users that their money is completely safe in case of bankruptcy. If such an unfortunate event occurs, users are entitled to their money back, instead of it becoming part of the company’s account. All users will be able to request a payout in cases like these.

Bookmakers that provide security for its users are Betfair, both Sportsbook and Exchange, BetStars, BetVictor, Betway, Coral, Paddy Power, and Smarkets. It may also be in your interest to take a look at this KatsuBet Review, which is entirely secure and provides top-notch customer service. What better way to feel secure than through instant online support?