The news that failed to shock the world, betting exchange WBX is closed.
Don't worry if you still have funds in there, you can still get them out, they've not gone bust. It's just that the business model wasn't working and they've decided to close.
Nice of them to do that rather than a BetButler and just shaft everyone, but what does WBX's closure mean to the world of betting exchanges?
I mean honestly, I don't know anyone that used WBX, it would've been a distant fourth choice at best. Personally I'd rather have taken a day off than use WBX if everyone else (Smarkets, BetFair, MatchBook & BetDaq) was down!
The message from WBX was that they weren't long term viable, and much of the blame they are placing on regulators and taxation (thanks again Gambling Commission for narrowing the market for us).
WBX will close its betting exchange (“The Exchange”) effective 17:00 (GMT) on 16/03/15. Although betting will be suspended, Members will still be able to log in to withdraw their funds and to see their balances and unsettled bets. WBXMail will also remain operational. All long-term markets will be settled in the normal way, when results are known. Our Member Services Team will continue to provide support and are available from Monday - Friday, 0900 - 1700 GMT.
A note from the CEO, Malcolm Gray:
To our loyal members, I have always taken a long view with WBX and believed that we’d become a genuine alternative to Betfair on the strengths of our great platform and commitment to putting every exchange player back in control. Unfortunately the business strategy is no longer viable due to the rising costs of regulatory compliance and levies in the United Kingdom, along with the increasingly prohibitive stance of various betting jurisdictions.
Though I am of course disappointed that WBX is closing, I am proud of my team and the fairness in which the exchange has operated for almost 10 years. Please rest assured that WBX will continue to service its Members and affiliates in the same spirit during the wind-down period.
Thank you for your support.
WBX Member Services
Of course those loyal members are now in need of a new betting exchange, and to them I'd recommend Smarkets. The base commission is the lowest at 2%, there's a £10 risk free sign up bonus bet, and they just had a great Cheltenham with no downtime which even BetFair couldn't match.