What Happened To MustardBet? Brand Closed And Have Ceased Taking Bets
MustardBet has ceased trading and will take no further bets from the 14th October 2019. Any customers with accounts can access the site for 28 days, the company will still settle ante-post bets during this period.
If you have a card on file with them any money in an account will be refunded within 72 hours, or you can login to request a withdrawal. After 28 days you will then need to contact customer services to request any funds still in your account or winnings from bets that did not settle before the website closure period.
It is highly recommended you withdraw all funds at your earliest opportunity.
Why Have MustardBet Closed Down?
The UK Gambling market is heavily competitive and MustardBet are the latest in a long line of operators to close or that have exited the UK this year. These include ComeOn, BetBright, MintBet and EveryMatrix; to name just a few.
The precise reasons for closure or exit vary but are in part due to increased challenges in the UK following an increase in the point of consumption tax, new verification rules, more stringent responsible gambling requirements, new advertising rules, large industry fines and the affect of Brexit.
With MustardBet specifically it is unknown exactly why they have shut down. They have not been around very long, since 2017, and it is likely they have failed to secure enough of a footing in what is the most competitive gambling market in the world.
This was likely exaggerated by their policy of providing very low odds margins, this was their selling point, but also obviously hampered their ability to make sufficient profits to continue.
Only last week the UKGC reminded brands of their expectations and responsibilities when they do close down. Visit our article on this if you would like to see what MustardBet are expected to do in terms of how they communicate with you and honour existing bets.
Is This Just The Start?
Quite possibly, the number of brands closing down this year is unprecedented, but predictable to some degree given many think the market has become swollen with new brands in the last 5 years. The increased competition combined with the challenges outlined in the last section have created a perfect storm that is forcing smaller companies out of business.
At the same time companies who are based abroad and where the UK represents a smaller portion of their businesses are also choosing to exit the UK to reduce the costs associated with compliance.
This is all being further compounded by the very big betting companies merging in recent years to create colossal bookies worth billions. These mega-sites are able to squeeze smaller brands more than ever.
Many experts expect the gambling market in the UK to continue to crunch for the near future, which could be made worse depending on the Brexit result. The landscape is at risk of becoming like other markets, such as energy and banking, where a few giant companies monopolise and dominate reducing the choice and value for punters. Only time will tell, but it is likely to get worse before it gets better.
