WBX Betting Exchange Shuttered: Regulatory Climate Spelled Doom
Online betting exchange WBX has unceremoniously closed its doors for good though the company insists players are able to withdrawal their funds in full and that any future wagers will be decided “in the normal way”.
WBX had attempted to compete with the world’s largest betting exchange, Betfair, however the current regulatory climate made this close to impossible. A newly implemented tax on Web gambling by the UK Government earlier in the year has resulted in a number of companies either shutting down or relocating.
CEO Malcolm Gray issued the following statement:
"To our loyal members and affiliates, I have always taken a long view with WBX and believed that we'd become a genuine alternative to Betfair on the strengths of our great platform and commitment to putting every exchange player back in control. Unfortunately the business strategy is no longer viable due to the rising costs of regulatory compliance and levies in the United Kingdom, along with the increasingly prohibitive stance of various betting jurisdictions.
Though I am of course disappointed that WBX is closing, I am proud of my team and the fairness in which the exchange has operated for almost 10 years. Please rest assured that WBX will continue to service its Members and affiliates in the same spirit during the wind-down period. Thank you for your support."
- Aaron Goldstein, Gambling911.com
