- Legal States
Fiona Simmons June 21, 2022 3 min read
Social Betting Platform BetBull Shuts Down after Five Years
Social-media and free-to-play driven sports betting company BetBull will have to fold its offer after the company announced it is shutting down following five years in business. The announcement was made via the website and in a personal email to customers, with BetBull suspending all operations as early as July 3, 2022.
BetBull Folds Offer after Five Years
No specific reason was provided behind the decision, although the challenges to breaking ground in the online sports betting market have been many. Not least, many companies have begun introducing F2P and pick’em games which have become direct competitors to BetBull.
Customers will be able to place bets until June 24, but after this date, no other operations, apart from withdrawals, will be allowed. Open bets will be settled and any bet that has not been settled after the shutdown date will simply be voided and the stakes returned to their customers.
While some customers are fidgety about their open selections, BetBull seems to have no reason to actually seek to withhold any funds. Commenting on this development, BetBull marketing director Paul Archer simply stated that the company will stop trading and that it has been a great journey.
“Thanks to everyone for their efforts in the past years and a special thanks to those I worked with most closely,” Archer said. The company described the present call as a difficult decision in a Twitter statement.
Never Bet Alone Just Doesn’t Cut It
BetBull was originally set up in 2015 by Sadok Kohen and received a lot of backing from a number of industry heavyweights. The company’s motto “Never Bet Alone” was meant to usher in a new era of social betting experiences, and it nearly succeeded.
Even some established companies, such as Wynn Resorts began questioning whether the digital betting segment is for everyone. This is important because Wynn Resorts bought a 22.5% stake in the company in June 2020.
Ultimately, Wynn was able to assimilate a 71% stake in BetBull, with investors holding on to the rest of the shares. BetBull holds a license from the UK Gambling Commission and has been actively pushing its brand through marketing campaigns. Previously, the company teamed up with Eric Cantona, a former Manchester United ace, with whom it tried to build up its proposition and appeal to more fans.
BetBull even went on the offensive in 2020 when it acquired a fellow social betting platform Wager, hoping that the consolidation would help.