Five years ago, BetBull came onto the Sports betting scene by offering a unique gambling experience. This experience would combine a free-to-play game mechanics with a mobile-first social platform. While the idea was unique and caught the eye of many companies, BetBull is Shutting Down after 5 years.
The company’s claim to fame was their unique sports betting software and platform that allows users to share their bets. During its inception,
According to a statement on their website and social media accounts, they said “BetBull will soon cease all gambling activity”. At the moment, customers will be able to continue placing bets until June 24. 2022. However, they have until 03/07/2022 to withdraw their funds using the normal procedure. After that date, BetBull Customer Support team will have to process the withdrawals manually.
In addition, if customers have any open bet after that date, these wagers will become void. Of course, the stake will be given back to their respective customer. While some bettors may be skeptical about their current open bet, there is no reason for BetBull to withhold any funds.
Social Betting Operator BetBull Shuts Down after 5 years
The idea of a social media betting platform came about in 2015 by serial entrepreneur, Sadok Kohen. His goal was to create a new era of social betting experience. In the beginning, it had several believes including Wynn Resort which bought a 22.5% minority stake in 2018.
Afterwards, Wynn Interactive was able to assimilate a 71% stake in BetBull, with investors holding the rest of the shares. However, last year Wynn was considering selling off its interactive businesses. According to Bookie PPH insiders, Wynn Resorts began questioning whether the digital betting segment is for everyone.
Rumors in the gambling industry is that they will be selling off their online sports betting arms. Especially since they only have a small market share in the U.S. market.
In a Twitter statement, BetBull said that the decision to shut down was a difficult decision to make. Furthermore, BetBull marketing director Paul Archer said “Thanks to everyone for their efforts in the past years”.
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