Spreadfair applies brakes to low-rollers

Here are more victims of the credit crunch. Financial bookie Cantor Index is withdrawing credit facilities from users of its Spreadfair betting exchange, just a couple of months after doing the same to its high-rolling spread-betting punters.

The facilities will be abruptly pulled by the end of the month and co-managing director Andrew Garrood tells clients: “Please ensure that your Speadfair account contains sufficient funds to satisfy any unrealised losses in respect of all your open bets, and that any outstanding realised losses are paid in full.”

That’s not going down brilliantly with the Spreadfair punters I’ve spoken to – most of whom play for low stakes. When the bookie withdrew credit from its high-rollers, plenty of them simply defected to rival services.

Still, it seems that Cantor is motivated solely by altruism.

“Things are so volatile at the moment that we don’t want clients getting into debt,” explains a spokesman.

How reassuring.

Tags: betting exchange, Cantor Index

This entry was posted on Friday, February 15th, 2008 at 1:17 am and is filed under Broker News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.