Betbull Drops Betting Exchange Business

24 February 2009

By the end of February, Betbull Holding S.E. will have officially exited the betting exchange business at a projected loss of 60,000 euros.

The company announced on Monday its withdrawal, which it said was necessary in order to streamline business and focus on its core retail betting markets in Germany and Spain.

“We no longer see exchange betting as part of our core business,” said Simon Bold, director of Betbull Holding, in a company statement. “We strongly believe in the durability of the retail model and see great potential for growth in the European markets.”

Mr. Bold said that the company will give attention to Germany -- where he said Betbull has achieved sustained growth and healthy margins -- as well as Madrid, which Betbull gained access to last October.

The company said shutting down will cost a consolidated loss of 60,000 euros and will cause no movement in its liquid funds due to the release of a security collateral.

Betbull said its online sportsbook will still be accessible to retail clients through the Primebet Web site.