Sporting Options was an English betting exchange, based in Sussex. The company was founded in 2000 by former City of London options traders Robert Byrne and Kevin Griffiths. Sporting Options went into administration on 15 November 2004 amid allegations of criminal wrongdoing. Industry leader Betfair stepped in with a rescue package. Sporting Options appeared to be matching bets worth up to 15% of those matched at Betfair. But it was alleged the turnover was being financed by the owners of Sporting Options using their own funds to create the liquidity. By late 2004, it was alleged Sporting... Options was in fact fraudulently financing its apparent liquidity by using funds from its own clients' account. On 15 November 2004 administrators were called in. By 8 December the administrators had determined that the company owed £3.6 million to its clients, but held only minimal funds in the clients' account. Soon after Sporting Options went into administration, Betfair announced a rescue package to compensate the 5,342 Sporting Options clients who had lost money. The clients affected were required to register as customers of Betfair to be eligible.
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