Social betting operator BetBull to close down
UK-licensed firm pledges to honour open bets, although those completed after 24 June will be voided and stakes refunded
BetBull, the sports betting startup underpinned by social and free-to-play mechanics, has announced it is to shut down after five years.
In an email to customers and a message on BetBull’s website, all operations will end on 3 July 2022, although no reason was given for the decision to pack up shop.
Customers are able to place bets up until midnight on 24 June, after which the only activity able to be conducted on the site will be withdrawals.
The company said open bets on events completed on or before midnight on 24 June will remain active and will be settled as usual.
However, all open bets completed after then will be voided and stakes returned to players; a decision which is likely to vex those customers holding onto ante-post slips.
The Smart Betting Club (SBC) posted a message on Twitter to inform customers that BetBull offers ‘Medium’ funds protection and said this “indicates there are measures in place to make sure customers get their money back”.
In a LinkedIn post, BetBull marketing director Paul Archer wrote: “This week BetBull will cease trading; it has been a great journey – seeing the brand take its first bet to its last.
“Thanks to everyone for their efforts in the past years and a special thanks to those I worked most closely .”
https://twitter.com/betbull/status/1538929878556459010
BetBell was founded in 2015 by Sadok Kohen and launched two years later with the backing of the former CEO of bwin Norbert Teufelberger, an ex-CEO of 888 and several other investors.
The tagline ‘Never bet alone’ referenced its social aspects as the firm looked to buck the hitherto trend of social betting startup failures.
In June 2020, BetBull acquired fellow social betting startup Wager, while two years earlier US casino operator Wynn Resorts purchased a 22.5% stake in BetBull in a strategic partnership to launch sports betting stateside.
In late 2020, Wynn Resorts invested $80m in a joint venture with BetBull, resulting in the social bookmaker being absorbed into Wynn Interactive.
Wynn Resorts took a 71% stake in the new business and BetBull investors held the other 29%.
The Smart Betting Club was sent a Twitter DM by someone, who allowed it to be shared publicly but anonymously on the platform, in which the person said BetBull is “still a profitable business” and that the news was a “huge shock to the staff”.
It’s not absolutely clear if this individual is an employee of BetBull, yet he or she said the decision came from “blinded American owners who think there is no market/growth in the UK”.
The latest set of accounts filed with Companies House covering the period to the end of 2020 shows the company generated turnover of £6.6m and an operating profit of just over £432,000
More recently, BetBull hired Stephen Power, also known as Racing Blogger, as well as ex-footballers Ray Parlour and Darren Bent to front BetBull-branded social media content.
And last year, BetBull ran an above-the-line marketing campaign featuring former Manchester United legend and French actor Eric Cantona.
BetBull, which is licensed by the UK Gambling Commission and registered in Malta, is the latest operator to fold following the high-profile shutdowns of BetBright and Addison Global’s MoPlay brand.