Money held in Betfair accounts

[NorthView]

Not Gruss-related, but anyway...

If the Government/BoE here (UK) decided the only way to reduce its debt burden was through a similar measure against UK bank accounts to that announced in Cyprus, would this affect our money in Betfair?

In other words, in that scenario are our Betfair accounts any safer than holding money in a UK bank account?

[doris_day]

I suspect that the Betfair board are currently discussing plans to tax all their customers with a one-off 10% tax just because........" well, why not, we've got away with commission, data, usage, PC1, PC2 and anyway, we've fucked up so much in other areas we need it to boost our profits somehow ? "

[anarchy]

good question....definitely a worry, IMO.....Money is only safe in your hands....banks offer no interest, yet we now risk confiscation. From now on, I'll just keep a bare minimum in the bank, buy gold and have as little to do with these psychopaths as possible.

I now question whether our money is safe from Betfair's paws! Look at Intrade....the BS "your money is ringfenced" line.....from what I've read, customers haven't been able to access their money since the company turned the lights out....someone correct me if I'm wrong.

[gavind]

I now question whether our money is safe from Betfair's paws!

Correct, I think it's just a step safer if we have the money in our bank already.

[NorthView]

I think it's just a step safer if we have the money in our bank already.

If there was a BoE one-off "tax" on bank balances, we would want our money elsewhere at the time.

The question is, is Betfair a suitable haven for cash?