The founders of the social betting and gaming platform BetBull have announced the ‘difficult decision’ to close down their operations.
The British firm, who planned to be a disruptor in the sector by creating a community-led casino and sportsbook, haven’t revealed many more details, other than that July 3 will be their final day of trading.
A message published on the BetBull homepage confirms as much, and offers precious little other information other than pointing players to an FAQ section.
BetBull have made the difficult decision to cease operations, effective 03/07/2022.
Please find the FAQ section in the link below for more information.
— BetBull (@betbull) June 20, 2022
There, gamers are cautioned that no new account registrations will be allowed, and that existing customers are no longer able to make new deposits. They can, however, log in to their accounts until Sunday July 3 and withdraw any funds they have. After that date, withdrawals will be processed manually by the firm’s customer support team.
From June 24 to July 3, the only action available to BetBull players will be to make a withdrawal, with outstanding bets that will be completed before June 26 settled and paid out as normal. Outstanding bets due to be completed after June 26 will be voided, and stakes returned.
If you have any questions about your account or your open bets, you can contact BetBull’s customer support team at firstname.lastname@example.org.
Who Were BetBull?
The iGaming entrepreneur Sadok Kohen launched BetBull back in 2015, and rather than tackle the established gambling giants in the UK head on, he decided to take a different approach and put the social community at the heart of the platform.
He set up shop in London, building the BetBull HQ there and working alongside a tech and support team located in Kiev in the Ukraine.
Respected for their unique approach, BetBull were seen as an intriguing proposition by many in the industry, and so much so they were one of the first independent brands to hook up with a partner in the expanding North American market – Wynn Resorts jumping on board as early as 2018 to create a joint venture agreement with Kohen and his team.
By the end of 2020, Wynn were believed to own a stake as big as 71% in BetBull, however expansion plans seemed to hit the skids a year later when plans to float the company via a SPAC were cancelled.
However, BetBull were continuing to trade at pace in the UK, and a high profile TV advertising campaign starring former Manchester United legend Eric Cantona was launched in 2021.
But there were some doubts about the financial viability of the company, which emerged from their 2019 financial reporting and confirmed that BetBull held net assets of just £43,781.
It’s always sad when a gambling brand tries to do something different and ultimately fails, and it’s a shame that another UK licensed firm is leaving the market at a time of great upheaval for the sector.