BetBull shuts down, asks players to close their accounts

by Ralph Trayfalgar Updated:

Malta-based betting firm BetBull has announced the official closure of their operations, and has asked its players to withdraw all money from their casino accounts. 

On June 24, 2022, BetBull blocked customers from making any online casino payments to their accounts, and the firm will refund any already-placed bets that are due to be settled after that date.

The betting firm made the general announcement on Twitter, which was accompanied by a lengthy FAQ set up on the BetBull website intended as a casino guide for players,  to close their accounts as well as address any remaining concerns as the company continues its closure process. 

BetBull, a gambling company that debuted in 2017, is one of several companies that have tried to use new media as a tool for making betting a social activity between friends, creating a marketing campaign to this end with the tagline "Never Bet Alone".

This marketing direction honed in on the BetBull platform's various social features, which allowed users to monitor the performance of and chat with other bettors on the gambling platform in real time. 

With an investment of $80 million, casino and gambling giant Wynn Resorts, located in the United States, became key owners in BetBull in November of 2020.

Some stories in the media have stated that the decision to close was reached due to regulatory headwinds rather than any financial concerns. Analysts also believe this to be the case, considering that BetBull had reported a strong operating profit in its most recent publicly-filed accounts. 

In fact, marketing operations continued on up until the announcement with no indication of the platform closing down. Stephen Power, better known as the Racing Blogger, continued to promote BetBull around Royal Ascot. Meanwhile, soccer ambassadors Darren Bent and Ray Parlour shared their views on the UEFA Champions League final, which was played between Real Madrid and Liverpool.

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