Spreadex: Where Sports Betting And Casino Gaming Meet – English Championship football club Sunderland may be rethinking its relationship with Spreadex, the sports betting and financial business. The company was fined £1.36 million (US$1.6 million) by the UK Gambling Commission (UKGC) for several mistakes.
Sports betting and financial trading company Spreadex is advertising its name on taxis in the UK. The company is the latest to receive a significant financial penalty from the UKGC. (Image: Taxi Advertisement)
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UK gaming regulators have fined companies for anti-money laundering (AML) and social failings. This is the latest in a series of ongoing fines UKGC has imposed against gaming companies, including the record $21 million fine it recently handed out to Entain.
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UKGC has repeatedly stated that it will increase efforts to ensure operators comply with regulations. Since the beginning of the year, it has paid more than $28 million in fines.
Spreadex became Sunderland’s shirt sponsor in July. Long before that, starting last June, UKGC started looking into the company. What was found was a series of omissions that violated the guidelines of the regulator.
The company does not have a mechanism to accurately warn when gamblers spend too much money in too short a time. In addition, it is not correct to monitor the account to determine if there are signs of problem gambling.
One example the UKGC gave was a user who saved £1.7 million (US$2 million) and lost a quarter of it in less than a month. If Spreadex follows the UKGC’s recommended guidelines, it will put a limit on the account. Instead, it only contacts clients to inquire about activity and does not track additional protocols.
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On another occasion, Spreadex configured user accounts to notify the company if the deposit amount exceeded £25K (US$29,520). The individual later increased the amount to £100k (US$118,130). Then, Spreadex relied solely on open source data to determine if the gains were legitimate.
Another individual continues to deposit after the flag is raised. Spreadex requires users to provide additional verification of financial solvency, but only accepts amended bank statements. Despite the constant level of uncertainty, no one at the company is pushing for more clarity.
In addition, there are several examples of AML-related errors, as companies have been lax in maintaining their AML procedures. As a result, UKGC accused them of breaching several regulatory laws.
After the UKGC notified Spreadex of the breach, it immediately took corrective action, according to the UKGC. It likes the regulator, which authorizes the payment of “socially responsible” organizations.
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This is in line with the UKGC framework for regulatory compliance. In some cases, atonement for infringement results in “payment in lieu of any financial penalty that [UKGC] may impose for breach of license conditions.” It’s still a fine, though, it’s a form of punishment that moderators have to pay.
The UKGC has threatened to take a tougher approach to enforcement. The agency’s chief executive, Andrew Rhodes, has warned that repeated breaches are a sign that operators are not taking regulators seriously.
Leanne Oxley, UKGC’s Director of Enforcement and Intelligence, also said this. In announcing the Spreadex fine, he said it was “disappointing” that regulators continued to see different operators breaking the same rules. Spread betting on sports is a fun, fast-paced alternative to traditional fixed-odds sports betting. Follow these links to take you directly to the topic of your interest:
The ‘spread’ is basically a prediction of what will happen in a particular market for a given sporting event, expressed as a SELL-BUY range. For example, the ‘spread’ for Total Goals in a football match could be 2.8 – 3.0.
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This means that if you think the market or the final result will be above said range, you will buy. If you think it will end up lower than the mentioned range, then you will SELL.
With sports spread betting, the more correct you are, the more multiples you can win. But get it wrong and you can lose more than one of your bets.
Your stake is the amount you decide to bet, per point movement, so a £10 bet on Total Goals can win or lose £10 per goal. It is important to choose your bets to match the different Arbitrage markets, which will be explained in more detail later.
For a brief explanation of sports arbitration, check out our ‘how to’ educational video below. Also, read about our writing guide.
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If you are new to sports spread betting, you may be wondering what are the benefits of fixed odds traditional betting.
With fixed odds, you can be right or wrong. But with sports spread betting, the more ‘right’ you bet, the more money you should win. In this sense, it rewards your skill, knowledge, and judgment.
If you can think about it, chances are you bet on it. Not only the classics, such as Football Corners or Batsman Runs in cricket – and long-term rates for every major and minor sporting event – but also more esoteric offerings such as The Man under par in golf or how many points or trump cards a player has in tennis. can score.
Spread betting gives you the chance to win against your favorite opponent by selling on the spread – this is the same as betting on a betting exchange. For example, if you don’t like the leading horse to bet on a specific race, you can easily sell on our Racing Stats spread. More about this is explained here.
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Yes, you can place in-play bets with fixed odds, but spread betting is a source of in-play betting. The method of buying or selling means that it is a very flexible way to bet on live events allowing you to partially or completely close your position during the match or event, or even change your mind and completely bet another way!
Spread betting can allow you to take a long-term view of a meeting or horse racing event or an entire sports tournament. For example, horse racing spread betting allows you to bet on things like Winning Distance (how far the horse wins for each race in the full, aggregate meeting or festival) or cricket spread betting allows you to bet on the predicted number of player’s runs during. the entire Test Series or during the entire competition such as the World Cup.
You can even use spread betting to dive into individual opponents in a race or match. For example, you can place a Player Performance bet on a football or cricket match, or with the spread of horse racing you can place a bet on how well a horse will perform against another, another horse or a bet on the performance of a named jockey. full meeting or festival.
The main difference between spread betting and fixed odds betting is that you can lose more than your initial bet. So you should remember this:
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Some arbitrage markets can be more ‘volatile’ than others – this means the potential end result or ‘offset’ can be large in some markets and smaller in others. For example, Total Minutes scored in a soccer match is much more volatile than Total Goals in a soccer match.
Take the example above, if the Total Goal Difference in a soccer match is 2.8 – 3 and you buy at 3, your worst case scenario will be a 0-0 draw where you will lose 3 times your stake. However, the number of Minutes to Score difference can be 140 – 150 so if you buy at 150 the worst case scenario is a 0-0 draw here which means you will lose 150 times your stake.
Using the example above, you can figure out how much you should bet in each market to risk with your cash. So buying £20 for Total Goals in 3 will risk £60 ((0 – 3) x £10) while for Total Minutes you have to significantly reduce your bet Put your bet down 40 cents to risk £60 ((0 – 150 ) x £0.40).
Try our interactive widget below for an example of how sports spread betting works for a theoretical £10 bet on various football markets.
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The widget shows in more detail how the volatility of the arbitrage market can vary. As described above, the range of results for Goal Minutes difference bets in football is much larger than Total Goals bets. Therefore, it is important to choose a stake level that you are comfortable with different markets.
Try using widgets for different football markets to see how potential profit and loss can vary. This will help you practice open sports betting and give you an idea of how the market works before you try it for real.
You’d think this afternoon’s big Premier League game would be a start-to-finish game,
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