|GamSure, first ever bond guarantee provider for the online gaming industry, said today that the Sporting Options fiasco and the loss of its customers' money, could have been avoided if they had a player’s bond scheme in place. GamSure says that the demise of the betting exchange should act as a sharp warning to the industry about the need to ensure a guarantee for the financial liability of both gambling operators and individual players.|
GamSure has been working closely with Government jurisdictions, banks, insurance brokers and bank processors to implement an industry-wide bond scheme which does just that. The bond scheme involves gaming and gambling operators taking on a small cost per user. Then, in the event of bankruptcy or license withdrawal, for example, GamSure would take on the responsibility for the operation.
Gareth Wong, GamSure’s founder today said “The unfortunate demise of Sporting Options just goes to demonstrate that further measures need to be implemented now to enable the developing international remote gaming industry to stand on its own feet. GamSure’s pioneering bond scheme is a necessity to bring transparency, trust and confidence to the industry and to also provide a proxy that consumers can understand.”
Rob Hartnett, Managing Director of BETDAQ who has already secured a $10M bond to act as extra protection of client funds, said “We have always operated with the security of a bond, despite the fact that client funds are held in a separate company anyway. It proves our commitment to player confidence. We believe that financial security is paramount in the growing area of remote gaming.”