Mustardbet Ceases Trading and Settles All Open Bets as Winners
Mustardbet sportsbook has closed down and has ceased taking bets according to a message on the company’s website. Visitors to the online bookmaker now see a message explaining that customer’s balances will be returned to the card held on file by Mustardbet and will be refunded within 72 hours.
In a surprising move, Mustardbet said they would be settling open bets that have placed as winners. The only exception being when customers have placed multiple bets on the same event, in that case, their most profitable bet will be paid out, and the other selections will be settled as losers.
Mustardbet state that the website will remain online for 28 days to allow customers to access their balances and view their transaction history. The bookmaker also confirmed that LiveChat will still be active during this time, allowing the customer the chance to speak to a customer service representative. The website also states that if they are unable to return balances, they will contact customers by e-mail or telephone within 28 days to discuss alternative ways of refunding.
Launched in 2017, Mustardbet promised a radical change in online sportsbook attitudes. Stating that they would offer higher returns to players and wouldn’t close accounts of successful customers, the firm tried to appeal to hardcore punters.
In December 2017 the CEO of parent company Mustard Systems in an interview set out the vision of the company and how they were going to exploit a gap in the market. Speaking to reporter Brad Allen, Andrew Garood said many bookmakers regularly limit how much customers can bet on an event or restrict them to one bet in a market. He also added that rivals “habitually update their prices in an inconsistent and unclear manner”. Something he promised Mustardbet wouldn’t do.
To keep these promises and make it a viable proposition Garood said they would operate differently by generating their own prices using proprietary algorithms. He also revealed that the company had spent three years developing their own platform from scratch, a move that would allow them to offer “non-generic, aggressive pricing across a range of different sports and a totally different betting experience”.
Mustardbet’s decision to settle open bets as winners has received glowing praise online. One customer, Nick Golf wrote on his Twitter account;
That’s a superb way to handle unsettled bets if you have to close down. Some of the sharpest operators in the game behind this venture.– Nick Golf, Mustardbet customer.
Golf also went on to say that if Mustardbet “believe it’s time to draw stumps”, he believes it is now completely impossible to start a new bookmaking business in the UK. He ended the Tweet with the words, “A real shame”.
It is not known at this time if this approach was what caused the company to cease trading although Mustardbet’s parent company Mustard Systems will continue in the industry in a business to business capacity.