People had high hopes for Bodugi but the Gambling Commission’s suspension of its licence highlights the perils of starting up.
News of Bodugi's licence suspension in late February generated a surprising amount of interest for what on the surface seemed to be just another case of a social-style start-up going out of business. There are a few reasons for this. Firstly, the withdrawal of a licence suggests some sort of scandal. Secondly, a lot of people had fairly high hopes for Bodugi. People liked it and liked its founders Dave Nevison and Michael Wilson.
There might still be a scandal waiting to emerge or a bankruptcy in the offing but the best-informed sources claim it is neither. Unfortunately a definitive answer was not forthcoming from the Gambling Commission or the company.
The Commission has stated that the licence was withdrawn due to the concerns of customers, who were not able to withdraw their balances. Bodugi sources suggest this is all part of the normal order of things because the company is closing down its B2C operation to concentrate on an easier life as a supplier.
However, this is not the end of the story....