Issuing a corporate statement, David Chang the CEO & Founder of dedicated ‘real-money’ gaming/gambling app store Betcade has informed stakeholders and the media that his firm will cease operating by the end of January 2017.
Updating the market, Chang did not detail specifics as to why Betcade has chosen to stop its operations. Chang thanked all stakeholders associated with the Betcade project, further stating that he remained excited about the ‘future of the gambling industry’.
Launched in December 2015, Pasadena start-up Betcade aimed to become the go-to destination for ‘real-money’ apps for the gaming and betting sectors, where consumers may have faced download restrictions from native mobile system providers (Apple & Android).
By May 2016, Betcade had opened its app store seeking app submissions from industry operators. Furthermore, the start-up had opened a European hub with aim of boosting its profile to licensed operators and real-money games developers.
The news of Betcade’s closure will have surprised a number of industry observers, who had marked Betcade as one of the sector’s most unique start-ups.
Chang detailed in his statement: “Start-ups seek to positively influence the industry which they are in however this comes with considerable risk as a business. After evaluating our options, it was determined that the best course of action for the company was to close the business in an orderly manner and look after our people the best we can.”