Asianconnect88 cuts ties with Betfair after anonymous funds flowed on to the platform

Tuesday 9 July 2019 09:49 CET | News

Asianconnect88, an online gambling agent, has closed its business with a website connected to Betfair after anonymous funds were discovered flowing on to the platform.

The gambling agency offers users access to Betfair through accounts created on 9wickets, a Betfair clone site. Sites such as 9wickets are describing themselves as being “Powered by Betfair” as they have Betfair’s API connected to their websites, allowing them to replicate the exchange’s gambling odds and liquidity pool. Betfair applies a 2% commission on all winning bets that come through these partner sites.

Betfair is part of Flutter Entertainment, which was previously Paddy Power Betfair. Under an agreement with UK-listed Flutter, the clones are required to route at least 50% of their business through to the Betfair exchange.

The Financial Times conducted an investigation and found that Asianconnect88 was funnelling money on to the Betfair exchange without checks on identity or the source of funds. As a result of FT’s investigative work, the online gambling agent said on July, 5, 2019, in an email sent to customers, that it would no longer broker accounts with 9wickets and that all relevant accounts would be suspended from July 6, 2019.

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Keywords: gambling, Asianconnect88, online gambling, betting, identity checks, Betfair
Countries: World