The UK online betting sector has lost another operator with the news that Isle of Man-licensed sports betting and online casino company MustardBet is to close.
The company has set out to notify all customers by posting a notice of closure on all of its platforms, and anyone visiting the MustardBet site will be able to read the detail of the closure.
Mustardbet have confirmed that they will be refunding all balances to their existing customers, a process that they say will be completed within three days.
The news marks a sad end to an online venture that was launched back in 2018 by Andrew Garrood, a former executive at Cantor Fitzgerald. The company set out to become the UK gambling industry’s leading low margin bookmaker, and ran with the slogan, ‘Winners Welcome’.
Based in the Isle of Man, Mustardbet reportedly invested significantly in creating a dedicated sportsbook platform that would be able to support a low margin sportsbook able to fit with the fast-growing online UK betting market.
Taking on the established players in the sector has clearly proven to be a tough task, but the closure of Mustardbet will be a loss to punters. High margins in the UK sports betting and online casino business are a regular source of frustration among customers, and the demise of companies such as Mustardbet that attempt to buck the trend is bad news for punters.
Mustardbet have announced that all unsettled bets will be paid out as winners unless there are multiple bets from the same customer on the same bet, and the company will also leave their website up for another 28 days, until November 11, to give customers the chance to close and clear their accounts. They have also advised that queries should be directed to firstname.lastname@example.org