The company, which launched in September and completed an Initial Public Offering on the Viennese Stock Exchange in October, announced a consolidated net loss of 3.5 million Euros.
“A substantial segment of bettors are not ready to fully migrate to a betting exchange. Although they understand the advantages, the superior odds and the opportunity to trade, they shy away from learning to use the standard user interfaces. We believe however, that within the next 18 to 24 months a level of maturity comparable to the UK may be reached,” said Simon Bold, Betbull\’s COO.
Customer activity was below company expectations with correspondingly low numbers of active customers (700), customer accounts cash balance (29,000 Euro) and gross commission (2,300 Euro).
For the future, Betbull will focus on partnering with bookmakers on the German market, integrating the exchange betting offering into the current bookmakers offerings. In a second step, Betbull will expand the co-operative model to European online bookmakers.
Betbull was started as a joint venture of betandwin.com and Fun Technologies, formerly CES Software.
Shares in the firm were down 9.21% today. Betandwin fell 5.38% on the news.