You may not have heard the news that SunBets that being an online betting site owned by News UK the owner of The Sun newspaper but operated by Tabcorp, a huge Australia based gambling company has suddenly closed down!
That will certainly be shocking news if you have any funds held in your SunBets account. However, fortunately for you if you are a customer and have any funds left in your account, UK gambling laws are going to protect you!
Every single betting site that is licensed by the UK Gambling Commission is legally obliged to keep their player account balances in a completely separate and segregated bank account, and that is something that SunBets did.
In fact, the SunBets sportsbook website is now displaying a message alerting all of their customers that they have ceased trading and to log into their accounts an withdraw any balances held in that account, and as such if you do have any money in your SunBets account then you are urged to withdraw them immediately.
There will not be any delays in paying out their customers however, so when you do request your account balances be paid back to you they will be processed and sent to you in the usual standard time frames and with no extra delays!
Reasons for SunBets Closing Down
It was due to the fact that Tabcorp who were operating SunBets on behalf of News UK couldn’t make any money out of that betting site and SunBets has been losing money for quite some time, that has led to its closure.
However, that decision to terminate the contract with New UK is going to be a costly one for they are now obliged to pay News UK £39.5 million, which is probably music to the ears of that company!
Is Betting Online Safe
I wouldn’t let the fact that SunBets has gone out of business put you off betting or gambling online, for at all times and due to the fact that that betting site was licensed and regulated by the UK Gambling Commission did ensure that all players funds were safe, and those customers are going to be receiving their funds back over the next few days.
But when you do fancy betting online or gambling in any shape or form online, and this also includes when you want to bet and gamble on a mobile devices too, make sure the betting or gambling related site you have chosen to sign up is a fully licensed and regulated one.
As long as you stick to using such sites then the operators of such sites are legally required to ensure your money is also safe and they do have a range of additional responsible gambling features on offer too, such as you being able to set your own deposit limits in addition to you also being able to set a limit on how much you are prepared to lose.
So please do make the effort if ensure any gambling sites you sign up to and play at are fully licensed and regulated in the country in which you live!