Australia’s Favourit Ceases Operations
Australian online betting operator, Favourit, is closing down its operations after the new owner Celsius Coal failed to raise funds. The company will no longer be accepting deposits or wagers from customers after the failed Australian Securities Exchange (ASX) IPO.
In April, Favourit announced that it would be taken over by mining company Celsius Coal Ltd who would raise circa A$6 million by floating listing on the ASX. However, this weekend it was announced that Perth businessmen and the main investors in the company, Tony Sage and Rank Matic, had been blocked off the company’s upcoming ASX listing by the Australian Securities and Investment Commission.
A statement released by an ASX representative read: “ASX has advised that they are not satisfied that Favourit Global is able to lawfully conduct its operations in all jurisdictions in which it proposes to carry its business.”
“ASX will not conditionally approve Favourit Global reinstatement until the condition is satisfied.”
Sources have explained that Celsius is looking to move its core business from exploration and mining to online betting; however, at this time it has failed to satisfy ASX regulatory standards and its listing has therefore been temporarily blocked.
Favourit operates a sports betting product which is enhanced with a range of social features. It recently expanded its selection of products with the launch of an online casino and at the time that it announced the deal with Celsius, it said the funds would be used to help the company expand further within the Australian online gambling market.
Following the ruling, Favourit has closed its operations with a notice on its website reading: “Please be advised that as of 10th June, 2016, Favourit has ceased to trade and will no longer accept bets, deposits or casino play from its customers or accept any new customers.”
March 27, 2017