Competitive marketplace is blamed as 188Bet cease trading in Britain and Ireland

Another bookmaker is to disappear from the punting landscape after it was announced former Chester Cup sponsor 188Bet have ceased trading in Britain and Ireland.

Following hot on the heels of BetBright's sale to 888 Holdings, the website of 188Bet.co.uk was, in effect, closed down on Tuesday morning except for a page informing customers the business, officially known as Annatar Limited, has with immediate effect stopped taking bets in the United Kingdom, Ireland, the Channel Islands and Gibraltar.

Explaining the move, which does not apply to 188Bet's operations in other territories, the company stated simply: "This is a commercial decision in a very competitive marketplace."

The statement also made clear Annatar is solvent and able to meet all financial obligations, with customer funds ring-fenced and safe.

Silvestre de Sousa: sponsored by 188BetCredit: Edward Whitaker

The majority of punters with live ante-post bets will have their wagers honoured. All pending single bets for events occurring up to the end of June 30 will stand, and the components of multiple bets that conclude before the end of June 30 will be honoured. Those placed for events that take place after that time will be voided with stakes returned.

Anyone with funds in a 188Bet account must withdraw money by August 30. A closure announcement on the 188Bet website added: "If you have any funds in your 188Bet account, please log in and withdraw your outstanding balance as soon as possible."

The company is mainly focused on the Asian market, where they are one of the larger players.

An analyst for Dublin-based stockbrokers Goodbody said: "In total we believe that 188Bet and BetBright only accounted for a small proportion of the UK online market, less than three per cent.

"However, their respective exits from the market highlights the competitive nature of the market and the difficulty for sub-scale operators to have a long-term future.

"Given sector headwinds [competition; regulation and taxation] further UK brand consolidation is likely, particularly in online gaming."

A Gambling Commission spokesperson said: "We are making inquiries with 188Bet into this matter, but we do not talk about ongoing cases. We advise all customers who are affected to carefully read the operator’s website."

The 188Bet name had become increasingly familiar due to sponsorship of some high-profile races in addition to the Chester Cup, notably the Solario Stakes, September Stakes and Market Rasen's Summer Plate. The company had also previously signed up as an Authorised Betting Partner during the sport's stand-off with bookmakers.

In a further link to racing, 188Bet have been the sponsor of champion Flat jockey Silvestre de Sousa, who produced a regular blog for the bookmakers throughout last season.

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