Sports Betting Platform BetBull Shutting Down on July 3
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BetBull will end its business run on July 3. Registrations expect to cease Friday. Wynn Resorts-backed mobile-first sportsbook will take withdrawals until then. After that, they will be no more.
“BetBull has made the difficult decision to cease operations, effective 03/07/2022. Please find the FAQ section in the link for more information,” the company said in an announcement.
Naturally, The Questions Will Begin
The most obvious question is, what happened? Sadok Kohen, the company’s founder, had BetBull on the fast track to success with Wynn as a significant backer.
Wynn looked to be all in by the end of 2020 as their shareholding increased to 71%.
While some debate that COVID-19 slowed business, the real reason might be reasonable old regulations. That is correct. It appears Britain is about to enact some sweeping new rules that could have crimped BetBull’s ability to conduct business, etc.
Some customers have already lamented that they cannot withdraw funds as the option is currently unavailable. It is a practice that is relatively common. What will happen to the employees, etc.?
BetBull had been running advertisements up until last weekend. The company may have known the end was coming.
Return On Investment - It Simply Was Not There
While exact amounts are currently unknown, BetBull allegedly could not compete with the “big dogs” of the industry. When margins get squashed down to 2-5% typically, and looming regulations are coming, it appears the writing was on the wall.
Some sportsbooks can absorb more standards and rules. BetBull just was not one of them. The abrupt departure shows that no matter how high profile a venture is, it does not mean it can thrive even in what appears to be such a lucrative industry.
There were contracts and affiliations with many socially “high-profile” people in the industry. The concerns mounted as some of those affiliates had some questionable ties. After that, there is nothing to be confirmed but speculation.
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