Opening an online sportsbook and casino is as much a gamble as trying to get a big win playing roulette. The hope is that the venture into the gambling industry will be a success and for many that are the case. However, sometimes the gamble doesn’t pay off and on July 3, BetBull will be closing its site.
Just why this closure is taking place hasn’t yet been revealed. There is, of course, a fair degree of speculation as to why BetBull is in its final days as an online casino and sportsbook and this article will have a look at those.
The big shock for those gamblers who are members of the BetBull site came via a statement on the BetBull online sportsbook. It was not a long statement and they revealed that the “difficult decision” had been made to close on July 3.
When any site that has financial transactions taking place closes, there are obviously some concerns about what will happen to your money. The only time you want to lose money at an online casino is when luck is against you playing the slot games.
There seem to be no worries for BetBull site members of any losses being incurred by their closure. In addition to the brief statement made on their website, more information was distributed on their social media channels.
However, only followers who included ‘BetBull’ in their post were able to make a reply. No one was tagged though, so it seems they weren’t in the mood for long discussions with anxious gamblers.
BetBull won’t be accepting any new customer registrations from Friday, June 24. That means no more gamblers joining and being able to take advantage of the welcome offer that new customers can receive. This is an unfortunate situation for BetBull and their loyal fans, says a spokesperson of British Gambler and adds that fortunately there are many brand new casino sites that are available in the UK.
There have been procedures laid out by BetBull that show how withdrawals and the closure of player accounts can be achieved. That should quell any fears that bettors may have regarding their funds.
It was seven years ago that the BetBull sportsbook was launched. Funding for the site came from the iGaming entrepreneur Sadok Kohen. There are so many online gambling sites opening and it’s a highly competitive industry. Therefore, those entering the market need to try and come up with something a little bit different to attract custom.
The idea that BetBull came up with was to be a mobile-first sportsbook and casino. Their belief was that this would allow them to get a good share of the UK and European gambling market. Sadly, it seems the share they have just hasn’t been high enough.
It got off to a good start though with the UK Gambling Commission granting them a license. That was good news for the company and for the gamblers who joined the site. It meant there was a good degree of protection for customers.
BetBull opened a headquarters in London and support came from a tech and engineering hub. That was based in Ukraine, which is obviously having a very difficult time at present. Could that be one reason that the site is closing?
The ongoing expansion in the US gambling industry also interested BetBull. It wasn’t long after the game-changing US Supreme Court judge ruling in 2018 that Bet Bull forged a partnership with Wynn Resorts. Now it was just a case of waiting for US states to legalize gambling and over 30 have now done just that.
This partnership led to the creation of the Wynn Interactive Division. Kohen became its President and CEO. However, as has been the case between Caesars Entertainment and UK gambling company William Hill, the American side of the partnership seemed to have ideas of their own.
By the end of 2020 (a year before Caesars Entertainment purchased William Hill), Wynn Resorts owned 71 percent of the shares in BetBull. Wynn Resorts have failed to acquire a large share of the US gambling market. There’s been talk of them pulling out of the market. Could that have had an influence on the decision to close BetBull?
BetBull placed a great deal of emphasis on the social side of how people bet. #NeverBetAlone was the Twitter hashtag that they began to use. This approach might have worked for a while but in this highly competitive gambling industry, rival sites began to go down that same route.
Advertising your product is so important and BetBull hasn’t been lazy in that area. The past year has seen them employing Eric Cantona in a bid to attract new gamblers to the site. It seems that hasn’t worked and on July 3 the BetBull story will come to an end and gamblers will have to open new accounts elsewhere.