Via Niall O’Connor of BettingMarket.com, BetBug frontpage:
Dear BetBug User,
It is with deep regret that BetBug has voluntarily chosen to stop publishing its peer-to-peer software and will stop populating the software’s wagering menu with events. The effect will be that users will no longer be able to use the software to find others with whom they can make personal and direct bets.
As always, to process a withdrawal or other financial transaction, please login to your account at www.payp2p.com click on “Pay Out Money” and select the withdrawal method of your choice. Alternatively you can login to your BetBug application, click on “My Wallet” and select “Withdraw”.
While we continue to believe that BetBug’s true peer-to-peer software does abide by all major Federal gaming laws in the United States, the current legal environment seriously deters our chances of success. We hope to be able to reintroduce the software to the public at a later date.
BetBug Management
#1. John O’Malia, the BetBug founder, is a U.S. citizen.
#2. It was a special kind of betting exchange (real-money prediction exchange). All the payment administration business was outsourced to an offshore “escrow bank”.
“Another one bites the dust”, as the band Queen sang. (YouTube links: Video clip + Live at Wembley in 1986.)
Will TradeSports-InTrade, too, pull out of the US market? What is the real motivation behind the TradeSports-InTrade splitting up?
