Posted on: June 21, 2022, 10:26h.
Last updated on: June 21, 2022, 10:46h.
As lucrative as the sports betting market can be, it isn’t for everyone. Online sportsbook and iGaming operator BetBull has decided that, after a five-year run, it’s time to throw in the towel.
BetBull, an online “social” betting site, has announced it will be closing down its operations as of July 3. It entered the scene with a unique concept at the time, a social betting platform that allowed users to share their winnings.
The company’s management did not give any details about the closure of its sportsbook. However, a message on its website confirms that it has begun to remove some users’ accounts.
Bull Can’t Run with the Dogs
BetBull launched in 2017, a product of Sadok Kohen. It is a proprietary-built, mobile-first sportsbook that he developed, according to company information. The former bwin head of innovation designed it to challenge the established brands in the UK and other regulated European countries.
The platform, as of June 20, is no longer accepting new registrations or deposits. Existing users can place bets with funds in their accounts, but not for long. Beginning June 24 and running until the platform closes on July 3, the only activity available will be withdrawals.
BetBull will soon cease all gambling activity, however customers will be able to log into their accounts until 03/07/2022 to withdraw their funds as normal. The BetBull Customer Support team will process any manual withdrawals after that date. Customers can contact BetBull Customer Support via email Support@BetBull.com,” reads a notice on the BetBull website.
BetBull has a license in the UK and its headquarters in London. It also operates a tech-engineering hub in Kyiv, Ukraine.
The sudden departure will leave many wondering what happened. BetBull recently began new marketing efforts in the UK, which would seem to indicate that this may have been an unplanned exit.
Because the company didn’t offer more details, it’s unclear if the new restrictions coming to UK gambling played a role in the decision. The government is close to releasing its sweeping changes in the next few days, with the industry expecting a strict and constrictive approach on the part of legislators and the UK Gambling Commission.
Wynn Resorts Gets BetBull Cranking
BetBull was able to form a joint venture with Wynn Resorts in 2018 to help it try to advance. Thanks to the repeal of the Professional and Amateur Sports Protection Act (PASPA) in 2018, Wynn was ready for legal sports betting in the US. As a result, it was looking to make deals anywhere that would give it an edge.
The two launched Wynn Interactive, which Kohen headed as president and chief operating officer, two years later. Wynn then increased its BetBull holdings to 71% at the close of 2020, absorbing the company.
This was as Wynn Interactive began injecting more resources into its plans to launch in nine US states. However, late last year, rumors began circulating that Wynn was considering getting rid of Wynn Interactive. The company later denied the rumors.