Betbull Holding SE announces it's withdrawal from the Exchange Betting Business
Betbull Holding SE announces it's withdrawal from the Exchange Betting
Business
Betbull Holding SE has taken the decision to cease trading on it's exchange betting platforms www.betbull.com and www.betbull.de with effect from 28th February 2009. However, online sportsbook facilities will continue to be offered to retail clients via the www.primebet.com website. The decision has been taken in order to further streamline the company and concentrate on the core markets of retail betting, both in Germany where there is already a mature business and the fast developing Spanish market.
Betbull is working with it's platform provider, Global Betting Exchange, to ensure a smooth exit and minimize inconvenience to customers. Payment provision for accounts with credit balances will be maintained and alternative account facilities will be available to clients via Betdaq, operating on the same exchange platform.
The projected estimated impact (unaudited figures) of closing www.betbull.com is a group consolidated loss of Euro 60,000 and no movement in liquid funds due to the release of a security collateral.
Commenting on the announcement today Simon Bold, director of Betbull Holding SE said 'We no longer see exchange betting as part of our core business, we therefore prefer to focus our attention on the retail sector, where we are achieving sustained growth and healthy margins in Germany and beginning to roll out units in Madrid under the w1nners licence awarded last September. We strongly believe in the durability of the retail model and see great potential for growth in the European markets. Online sportsbook will still be available to our retail clients via the existing Primebet website'
Betbull Holding SE has taken the decision to cease trading on it's exchange betting platforms www.betbull.com and www.betbull.de with effect from 28th February 2009. However, online sportsbook facilities will continue to be offered to retail clients via the www.primebet.com website. The decision has been taken in order to further streamline the company and concentrate on the core markets of retail betting, both in Germany where there is already a mature business and the fast developing Spanish market.
Betbull is working with it's platform provider, Global Betting Exchange, to ensure a smooth exit and minimize inconvenience to customers. Payment provision for accounts with credit balances will be maintained and alternative account facilities will be available to clients via Betdaq, operating on the same exchange platform.
The projected estimated impact (unaudited figures) of closing www.betbull.com is a group consolidated loss of Euro 60,000 and no movement in liquid funds due to the release of a security collateral.
Commenting on the announcement today Simon Bold, director of Betbull Holding SE said 'We no longer see exchange betting as part of our core business, we therefore prefer to focus our attention on the retail sector, where we are achieving sustained growth and healthy margins in Germany and beginning to roll out units in Madrid under the w1nners licence awarded last September. We strongly believe in the durability of the retail model and see great potential for growth in the European markets. Online sportsbook will still be available to our retail clients via the existing Primebet website'