SBC News Voice of the Sports Betting Industry
Australian online betting operator Favourit (favourit.com) has ceased its operations, no longer accepting wagers or deposits from customers following its failed Australian Securities Exchange (ASX) IPO by new owners Celsius Coal (Celsius).
This weekend Australian business news sources reported that Perth businessman Ranko Matic, investor in mining company Celsius, had been blocked off the company’s planned ASX listing by Australia’s Securities & Investment Commission.
Updating the market in April, Favourit disclosed that it had agreed to be taken over by Celsius Coal Ltd who would seek to raise circa AUS $6 million (£3.3 million) by floating listing on the ASX.
At the time, Favourit governance stated that the funds would be used to help the company expand its services and marketing within the saturated Australian online gambling sector.
Business news sources report that Celsius Coal a company seeking to change its main-line of business from mining/exploration to online betting services, has failed to meet ASX regulatory standards, thus its listing has been temporarily blocked.
Issuing a statement ASX representatives detailed “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”.
Following the news of its suspension, Favourit has placed the following player notice on its website – http://www.favourit.com/en/content/important-notice
