New Sports Betting Operation Hits the Market

Football betting fans have reasons for joy as a new site that will cater to their needs hit the market this week under the name Bets of Mates.

The Leeds-based company focuses on groups of friends who gamble against each other in a league. It is authorized by the UK Gambling Commission and it was co-founded by a former City Trader with UBS John Hughes, a professional footballer Dave "TY" McGurk and business development manager Adam Haywood.

Hughes is also known by working alongside convicted "master fraudster" and rogue trader Kweku Adoboli who has been found guilty of what is termed "British History's biggest fraud" which cost UBS $2.3 Billion. The trial implicated Hughes who was allegedly aware of the fraudulent trades but failed to inform the management of them; however, as he was dismissed, he decided to begin work on the site.

Commenting on this, Hughes said: "Obviously, I've been without a job. I thought it [the website] was a good idea. My best mate is a professional footballer and he's invested in it."

In addition, asked to "pass comment on whether it's appropriate" for a man so closely linked to Britain's biggest ever fraud loss to be running a betting site", Hughes responded: "It's not as though it's the first gambling website, it's an appropriate use of my skills, hopefully."

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