Cantor to close Spreadfair

Dear Cantor Spreadfair Customer,

Cantor Index Limited has taken the decision to close Spreadfair, its online betting exchange, to focus on its financial spread betting and CFD business. This email is notice that effective from 4 pm, 1st December 2008, Cantor Spreadfair will cease to accept new customers and will take no further opening wagers.

You will have the option to close any open bets (other than those relating to house prices) at a mid-market price. Cantor Index Limited will waive the commission charge of any winning bets closed. This offer is open to you until the close of business on Friday 5th December. If you do not wish to close your bets, they will remain open until their expiry or until you wish to close them, whichever is earlier. To close position you should contact the desk on 020 7894 7500 during normal business hours from Monday to Friday and Cantor Index Limited will make you a price. Prices quoted will have a normal bid-offer attached to them and any winning bets will be subject to the usual commission charges.

House price bets will remain open until expiry. Should you wish to close your house price bets you should contact 020 7894 7500, and we will endeavour to find a closing price for you by matching your request to close with other clients’ requests to close, as would have occurred on the exchange. Any winning bets will be closed free of commission if closed on or before 5th December.

Any funds that you have on deposit with us remain totally secure and any funds not required to support open bets will be refunded to you immediately. If you have any questions, please contact our customer services team on 08000 111 441.

We are sorry for any inconvenience that this will cause and would like to take this opportunity to thank you all for your past business and support over the years.

If you have any queries about this announcement please contact customer services.

Yours faithfully,

Customer services 08000 111 441

Andrew Garrood

Managing Director

Thoughts: No hoax here. I’ve received this e-mail and it was confirmed by Cantor staff – ‘Cantor Index Limited has taken the decision to close Spreadfair, its online betting exchange, to focus on its financial spread betting and CFD business.’ Spreadfair combined exchange betting and spread betting where punters pitted against each other and the site operated in a specialised niche of its own. It was quite popular with political gamblers. However, the final shutdown didn’t come as a surprise, the site wasn’t keeping up with technology developments and kept on going down which must have further worsened player liquidity. Cantor finally must have given up to as the business was a drain of money.

Tags: cantor, Cantor Index

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