Mobile gambling app store startup Betcade is closing down all business operations and will cease operating at the end of the month.
The exact reasons behind the decision were not made clear. David Chang, founder and chief executive of Betcade, put out a statement saying the company’s aim was to create a better mobile user experience for the gambling industry and hoped to see the sector adopt a ‘mobile-first’ focus this year.
“Unfortunately,” he continued, “Betcade will not be able to directly contribute to this shift as we are in the process of closing business operations.
“Start-ups seek to positively influence the industry which they are in however this comes with considerable risk as a business.”
The news came as a surprise to industry observers, Betcade has been developing partnerships with igaming operators for the past 18 months with a view to being the first provider of real money gambling products on Google’s Android mobile platform.
Betcade had gained approval from the UK Financial Conduct Authority in October 2016 and launched Betcade Pay in December, describing it as the igaming industry’s first general purpose payment method.
The group said that further to evaluating its options, “it was determined that the best course of action for the company was to close the business in an orderly manner and look after our people the best we can”.
Chang thanked all those in the gambling and payment industry who “believed in our vision and partnered with us to help provide a better gambling mobile experience for everyone as we sought to bring a revolutionary product market”.