Social betting business BetBull to cease operations in July
UK-licensed social betting start-up BetBull will close down on 3 July 2022.
BetBull was founded five years ago and caught the attention of US casino giant Wynn Resorts, which invested $80m in a joint venture with BetBull back in 2020.
This saw the start-up join the ranks of digital arm Wynn Interactive, as Wynn took a 71% stake in the JV. The remaining 29% was split between BetBull investors.
Wynn bought BetBull at a time when investors were eager to see publicly traded gambling companies take hold of their own product journey by buying proprietary tech.
However, market dynamics have changed substantially since then and the JV turned out to be short-lived.
The Wynn Interactive website says: “At BetBull you Never Bet Alone in the UK with our innovative platform that allows players to enjoy the shared experience of being part of the winning team.
“BetBull appeals to experienced punters and the new generation of bettors through social sports betting technology that combines free-to-play game mechanics with a mobile and social-first design.”
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
BetBull confirmed the closure on Twitter. It did not provide a specific reason for the closure but did post a list of FAQs to confused customers.
The platform will stop taking bets from 24 June, and has already stopped accepting deposits.
Withdrawal functionality will be live until 3 July. Open bets on events that are set to complete before 26 June will be settled in full.
However, open bets that are due to complete after the 26 June date will be voided with the original stake returned to the customer. This will be disappointing for users with ante post positions on the platform.
BetBull marketing director Paul Archer said on LinkedIn: “This week BetBull will cease trading; it has been a great journey – seeing the brand take it first bet to its last.
“I had the pleasure of working with some amazing and talented people – many of which are now seeking their next opportunity; if you have open roles in CS, RG/AML, Ops, Marketing or others within gaming then these great people are now available.
“Thanks to everyone for their efforts in the past years and a special thanks to those I worked most closely,” he added.
BetBull, which was registered in Malta, aimed to combine sports betting with a social network. It allowed users to follow tipsters, match their bets and join group bets with friends.
It was popular among bettors in the UK market, where it recruited brand ambassadors including social media personality the Racing Blogger, AKA Stephen Power, and former footballers such as Eric Cantona, Ray Parlour and Darren Bent.
This is a really good point on BetBull. Adverts with Cantona, being heavily promoted by the Racing Blogger at Ascot and all whilst knowing they (and presumably the GC) knew they were shutting up shop very soon. https://t.co/urOPpw0Oz0
— Smart Betting Club (@SBCinfo) June 23, 2022