Gambling Commission revokes Bodugi UK operating licence7th April 2014 2:20 pm GMT
Social sports betting operator Bodugi has had its operating licence revoked by the UK Gambling Commission following an investigation into its activities.
The Commission has decided to revoke the licence under sections 117(1)(f) and 119(1) of the 2005 Gambling Act, having suspended the operator's licence earlier this year in February.
It explained that following the investigation it had found that Bodgui was unsuitable to carry out its licensed activities in a manner consistent with the regulator’s licensing objectives. It also noted that the operator had failed to cooperate with the Commission’s investigation, and had breached one or more conditions of its licence.
Bodugi’s licence was originally suspended in February after customers had alerted the Commission to the fact that they were unable to withdraw funds from their accounts. The regulator contacted the operator to order an investigation, though the company did not respond.
Reports suggest that the founders, Dave Nevison and Michael Wilson, have failed to communicate the fact that they are looking to sell the business to their investors, and have struggled to raise funds.
The company had originally looked set to succeed, signing deals with the likes of William Hill and Sportech, but failed to launch products for either site.
Bodugi had also partnered Sporting Solutions to launch its data solution for its white label product, and signed deals with Dafabet and Bet16, targeting the US and Asian markets. None of these products went live either.
Bodugi has gone into liquidation with insolvency practitioners RJC Financial Management appointed to oversee the process.