Other exchanges closing accounts

Assuming Sm is the name ending in arkets, do I vaguely remember they have their own proprietary traders playing in the markets? If so, this might explain why they take umbrage at winning accounts, where a pure peer-to-peer exchange would not.

Of course, there might be other reasons for exchanges to close accounts, such as unsatisfactory responses to KYC or money laundering questions.

Smarkets handed six-figure fine by Gambling Commission
11 August 2022

An online gambling operator will pay a financial penalty of £630,000 after an investigation by the Gambling Commission revealed a series of anti-money laundering and social responsibility failings.

Smarkets (Malta) Limited will pay the six-figure sum for the failings, which saw customers being allowed to gamble without adequate source of funds checks being carried out and failing to identify and interact with customers at risk of experiencing harm.

The operator has also received a formal warning and will undergo an audit to ensure it is effectively implementing its anti-money laundering and social responsibility policies, procedures and controls.

Examples of the failings by Smarkets include one customer being allowed to deposit £395,000 in a four-month period, without the appropriate source of funds checks being carried out by Smarkets. Another example is of an individual transferring significant levels of funds between bank accounts without scrutiny or source of funds checks occurring.

Sarah Gardner, Commission Deputy CEO, said: “This case was identified through compliance checks and once again highlights how we will take action against gambling operators who fail their customers.

“Our investigation into Smarkets unearthed a variety of failures where customers were put at risk of gambling harm.

“It was obvious that poor systems and processes were in place which contributed to these breaches, driven by the company's failure to effectively implement its policies and controls.”

The £630,000 Smarkets fine is the latest in a string of enforcement cases led by the Commission this year. Earlier this month online operator LeoVegas was fined £1.32million for social responsibility and anti-money laundering failings.

(your post is there in general betting)

https://community.betfair.com/general_betting/go/thread/view/94082/31775221/smarkets-closing-accounts

The forum has got

delayed action imo

Customers should be aware that:
transmissions described as "live" in the forum may actually be delayed;
the extent of any such delay may vary, because we don't give a sh1te

So no discussion allowed on this forum then chaps?

You can try to discuss whatever you like sparrow - I was just pointing out that it's very difficult to conduct a conversation or a discussion because the forum is utter sh1te at updating - and BF don't seem the least bit interested in fixing it.

Mr ed. Daq or match if ure not in running

Definitely not KYC related, but the fine couldve scared them into monitoring accounts more closely....and they have clamped down on winners.
Surely if they advertise as an exchange and are licensed as one they need to operate like one.
Idk
I do know that the markets react differently to different people. For example a winning account that places bets on the golf with see all the odds disappear after one bet while a losing account will see the amount matched immediately reappear.
They are either controling most of the markets themselves or sharing customer data with the individuals/companies that provide the odds.

They are either controling most of the markets themselves

and paddy isn't ....

horse earlier at chester i was following..3f out in 4th 2-3L down..12 to back 600 to lay...seemed fair.

presumably peanuts.  which makes £108 popping up at the start of a race looking for 1 tick under me all the more suspicious.

I had my account closed. I wasn't surprised.

For example a winning account that places bets on the golf with see all the odds disappear after one bet

You can use that to your advantage, if you have an account of course.  I did and I'd be behind them in the queue

such a giveaway.  these maggots are here to provide a platform for punters to come together and they take commission.  they're all balldeep in their own fookin markets, how is that even legal ??

When one door closes another door opens .... unless it's a coffin.

hulk if they were making big profits I'd agree, but they lost money in 2018, 2019 and 2020 according to their accounts.  And now they have Affordability Checks to contend with.

difficult to ban someone for winning without kinda saying it's you they're winning from

could always move the market away from them with a series of bogus bets.  wonder if paddys ever thought of that ...

Personally I think if they'd been making profits they wouldn't have done it.

fairly sure Edward Wray and Andrew Black weren't sitting there waiting for certain accounts to put a bet up and then sticking £108 in front of it.

im surprised they are stiil going. likewise matchbook, who had a big advertising oush a while ago and use tom stanley, jane mangan as cheerleaders. but their hearet doesnt seem in it.

i suspect they know its days are numbard. pity. it just seems there are not enough people interested in p2p.

*numbered. ffs. platered again.

I hope betfair doesn't close me when I make millions

Someone who rarely posts starts a thread which criticises a rival company.

We see a steady flow of these.

Go figure.