Sportmarket ................

Sep 30, 2019
football betting tips -

 

clubgowi has had a very long and ongoing relationship with Sportmarket and I have known the main owner for longer than either of us probably cares to remember ! That alone is not enough for me to have promoted them for so long, that has just as much/more  to do with them offering a quality service, being very open and straightforward in all business dealings and always looking to do the very best for their clients. Many companies say similar, but in Sportmarket's case I know it to be true and I have often about them being the "good guys" of the betting industry.
 
They are in the process of moving from Malta to the Isle of Man and that switchover is being made today, it is a very small part of why I have not covered the NFL game this evening, as their official announcement details that there will be some brief downtime overnight during the migration and also, just what the switchover entails. That is reproduced below the "good luck " sign off.
 
I also wrote something about the move in the occasional free newsletter last week, some crossover within the two posts, but you can also read that here ...............
 
I had no plans to send a free newsletter this week as many of you are still involved in the free trial I offered last week, but I really should have updated some big changes at Sportmarket and which some people seem to have misunderstood, judging by several emails I have received, so, I am going to try and explain the situation .
 
They are in the process of moving back to the Isle of Man , which is where they were originally set up before moving to Malta, as they need to operate under a license, they could get one in Malta, but only to offer EU bookmakers, which in their case means only Betfair and that would be pointless for a betbroker and we all know how valuable it is to be able to bet all the asian companies on one easy to use, trustworthy website.
 
There is no change in ownership , just the trading name, it is no different from my trading the newsletter as clubgowi.com or Keith Wade, both of which I have done, companies do it often, usually relating to change in circumstances, like the move of Sportmarket to the IOM.
 
This also means they could take positions with bookmakers in the future should they wish, it gives them more options and can only be beneficial to their own clients.
Like all responisble companies, Sportmarket need to keep all player funds in a segregated client account and they have always done this and will continue to do so, just in a slightly different way than most people might imagine. The problem is that nowadays no big banks wish to deal with gambling companies, that is an industry wide issue. In fact, it is difficult even to get any bank accounts in IOM (even though that was an initial requirement for a move there) so the Isle of Man Gambling Supervision Commission ( GSC) now allows banks outside of the IOM to be used and Sportmarket have Sparkasse in Malta. That appears to be a decent bank with public records looking solid , but would they want to put all customer money in a single Maltese bank after seeing several others fail ?  We are talking about a very large sum of money by anyone's standards. The answer is “no” of course and they would much rather keep part of funds with solid companies like Betfair, Paysafe, large bookmakers, other EMI’s (online banks) and with Group companies that can hold larger amounts of funds in bigger banks.
 

The GSC understands this and have granted them the right to keep funds by other means for “professional” customers (those with deposits above EUR 30,000). This way they can spread funds, so that if a payment provider or bookmaker would default and go down , Sportmarket could take the "hit" and no player would ever be in risk of losing money.  They have been very transparent and asked larger winning customers to accept that their funds are not held in a single account together with everyone else’s money and this is more and not less secure, for all . All smaller deposits are held in the traditionally manner.

 Also, this way they will also have a better cash flow ,as they need to keep several million with payment providers and bookmakers , just in order to offer clients all betting options (all of Sportmarket accounts with Pinancle/IBC etc have to be fully funded at all times) with the best limits and make quick payments with multiple payment providers. Besides the proposal "approval" for these larger bettors, it is no different from how they keep funds at the moment. I very much doubt there is a more secure betbroker in the industry and certainly not one who is more open and above board with their customers.

I should point out that the Isle of Man is one of the most stringent jurisdictions in the world with extremely high ethical standards for the owners and investors. This makes it one of the toughest licenses to acquire. The Isle of Man Gambling Supervision Commission gives out the fewest licenses per year. Also, that at all times Sportmarket will hold more in liquid funds than client deposits.

I hope that explains the move and highlights how transparent Sportmarket are, do you know as much about how other companies operate ?

 

 
Good Luck.
 
 
Sportmarket official announcement:
 

Sportmarket is currently operated by Sportmarket Limited (Malta). Due to regulatory reasons our bet-broker business will be moved to Sportmarket Services Limited (Isle of Man) - “SSL” - on October 1st.  SSL is a company in the same Group meaning that the ownership of the business will not change.
 
SSL has been granted a license as a Betting Intermediary and provider of Fixed Odds Betting by the Gambling Supervision Commission – “GSC” - in Isle of Man. Being approved by the GSC is a quality stamp for the routines we have in place, how player balances are protected and how we run our business in general.
 
Apart from the downtime during the migration of accounts (see below) our services will remain the same. We will continue to offer you Sportmarket PRO at no cost and we will also be able to hand out direct accounts with some of our bookmaker-partners. The same eWallets and European banks will continue to be available for deposits and withdrawals.
 
We plan to go live under SSL’s license in Isle of Man on (Tuesday) October 1st.
 
From 22:00 CET September 30th to 10:00 CET October 1st there will be downtime and you will not be able to login, make transactions on your Main Sportmarket account or place bets on Sportmarket PRO. Once the service is restored you will be able to login with the same user credentials as before.
 
During the downtime of the websites, our Customer Support team will move all your balances from Sportmarket PRO and from Private bookmaker accounts to your Main Sportmarket account.
 
In order for us to move your account to SSL you are required to login to your Main Sportmarket account on www.sportmarket.com to read and accept the new Terms & Conditions. Once you have done that your account is held with SSL and your balance transferred from Sportmarket Limited to SSL. In order to start requesting bets again you will need to move funds to your Sportmarket PRO account the normal way.
 
Should you wish not to have your account migrated you must not accept the new Terms & Conditions and we kindly ask you to withdraw your full balance either by requesting it from your Main Sportmarket account before the migration or by contacting our Customer Support after the migration (as you cannot login unless you have approved the Terms & Conditions).
 
The login details for your Main Sportmarket account and Sportmarket PRO will remain the same after the migration but you will not be able to see old transactions in the accounts and are advised to contact Customer Support if you need help with that. If you want to continue betting on Private Bookmaker accounts, we would have to open new ones after the migration meaning you will have to request it again.
 
All winnings from pending bets placed before the migration (but settled after the migration) will be credited to your Main Sportmarket account manually every Monday.
 
If you want to assist us, you can refrain from placing many bets on Early Market where the games take place after the migration and also make sure that funds in your Private bookmaker accounts are transferred to your Main Sportmarket account before the migration.
 
If you have any additional questions or queries about the change of jurisdiction and migration process, don’t hesitate to contact us.
 
Thank you for your ongoing support and cooperation!

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