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It seems unimaginable in that context, yet many people hand it all over to these illegal sites. Same day payouts will usually mean the process starts as soon as you request it, and you will not have to wait several business days for the request to be initiated. Do you think this is by accident? There is no magic number. Deposit protection is included as part of the 2005 gambling act, however, it does not currently force companies to protect funds in case they go bust. At present there are three levels, no protection (funds held in separate accounts but part of the business), medium (insurance or similar to cover customer funds) and high (customer money held in an account that is a separate legal entity to the business).
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