BetBull has announced that it will officially close its online social betting platform after five years in business. It notified the public via a website announcement as well as a personal email to customers saying that the platform will no longer be operational from Sunday 3rd July.
According to the FAQs section on BetBull’s website, customers are able to log into their accounts until the closing date, 3rd July, to withdraw funds. Following this date, customer support agents will withdraw funds and return them to clients manually.
The company stopped accepting deposits on 20th June and will stop accepting bets from midnight on 24th June.
Between 24th June and 3rd July, the only facility available to the public is that of withdrawals.
However, open bets on events that will take place before 26th June will be considered active and will be settled normally.
BetBull’s gamble on ‘social’ betting and free-to-play features appear to have fallen short of company expectations. No specific reason was provided for the decision, however commentators say there have been serious challenges to break ground in the sports betting market.
In addition, many companies have started to introduce F2P and pick’em games, which translate into direct competition for BetBull.
First set up in 2015 by Sadok Kohen, BetBull received hefty 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.
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He has held senior positions in a range of renowned iGaming companies, including Evolution Gaming, Tain, NYX, and SG Digital