Betbull Pulls Out of Exchange Betting
February 25, 2009 (InfoPowa News) — Betbull Holding SE has announced its withdrawal from the exchange betting business in a press release carried by deraktionaer.de this week.
David De Marco, Group Finance Director, said: "Betbull Holding SE has taken the decision to cease trading on its 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 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.
De Marco goes on to inform shareholders and clients that the coimpany is working with 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 impact (unaudited figures) of closing Betbull.com is a group consolidated loss of €60,000 and no movement in liquid funds due to the release of a security collateral," said De Marco.
Simon Bold, a director of Betbull Holding SE, explained: "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 winners 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."