The German and Spanish facing betting company, Betbull Holding SE, has announced that it is withdrawing from the Betting Exchange Business.

In a press statement, Betbull Holding SE said that it had taken the decision to cease trading on it’s exchange betting platforms www.betbull.com and www.betbull.de with effect from 28th February 2009.

Betbull said that was working with it’s platform provider, Global Betting Exchange (Betdaq), to ensure a smooth exit from the market 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.

Betbull said that the projected estimated impact (unaudited figures) of closing www.betbull.com will be a group consolidated loss of Euro 60,000 and no movement in liquid funds due to the release of a security collateral. Commenting on the announcement, Simon Bold the director of Betbull Holding SE was quoted as saying;

“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 w1nners 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.”

In other betting exchange related news, results are just in from the Swedish company Betting Promotion, which styles itself a betting exchange market making concern. As the figures below reveal, the company reported a decline in both turnover and profitability compared with the previous year.

January – December
• Betting turnover: SEK 10,543 million (10,728)
• Net turnover after fees: SEK 58.5 million (71.7)
• Gross margin: 0.55% (0.67)
• Operating income: SEK 35.7 million (53.9)
• Operating margin: 61% (74)
• Net income: SEK 35.0 million (49.5)
• Profit per share: SEK 0.18