Matchbook relaunches to UK players as licence suspension is lifted
Betting exchange operator hails mammoth effort of staff after compliance upgrade leads to reinstatement
Matchbook has reopened to UK bettors following the UK Gambling Commission’s decision to reinstate its licence after a seven-month absence from the market.
Matchbook owner Triplebet Limited confirmed to EGR the suspension had been lifted after the firm implemented “significant improvements” to its compliance practices.
This paved the way for the betting exchange operator to relaunch to existing UK players and new customers as revealed in a message on its website and Twitter feeds.
We are delighted to announce that Matchbook is once again available to UK residents 😀 🇬🇧
— Matchbook Betting Exchange (@TeamMatchbook) August 12, 2020
A Matchbook spokesperson said the announcement marked the culmination of “many months of hard work and investment” across the business.
“It is down to the commitment and hard work of the owners, the board and the staff that we have been able to get to this stage, which is especially impressive given the challenges that all businesses in our industry face at this time,” the spokesperson explained.
“We are all very excited about the opportunities which lie ahead for Matchbook in the UK and elsewhere,” he added.
The operator’s UK licence was temporarily suspended by the commission in February to allow Matchbook to implement a number of independently audited licence conditions in the wake of a comprehensive UKGC review.
Matchbook was fined £740,000 following the investigation after regulators revealed the suspension was due to failings in its social responsibility and anti-money laundering practices over a two-year period.
In order to lift the suspension, Matchbook was obligated to conduct a general review of compliance practices to ensure it met UKGC standards.
The operator engaged specialist compliance consultancy Alvarez & Marsal in July 2019 to audit and implement the required new procedures.
“The licence condition imposed by the regulatory panel required this work to be completed and independently audited before the suspension could be lifted,” Matchbook explained.
“We have worked closely with independent auditors and the UKGC to ensure that everyone fully understood the business and the intricacies of the work undertaken.
“Matchbook is pleased that this matter has now reached a conclusion and we look forward to having a positive and strong relationship with the Commission.”