World Bet Exchange (WBX), a UK based betting exchange company, has announced they are shutting down operations, with betting suspended this past Monday. In a statement to the public, WBX cited UK regulatory compliance costs as well as the competition of Betfair as the reason behind the closure.
WBX will be honoring any unsettled bets of longer-term markets, with members still having the ability to log in and withdraw funds. Malcolm Gray, the Chief Executive of WBX, stated that he had always taken the long view with the company and believed that WBX could be a genuine alternative to Betfair based on the strength of the platform.
Gray then stated that this business strategy is unfortunately not working any longer due to the rising cost of regulatory compliance and levies of the UK, combined with the continual increase in prohibitive stance of additional betting jurisdictions.