Online gambling software developer Odobo is shutting down after five years of operation due to its apparent inability to scale the business.
On Friday, Odobo posted a message on its website’s home page titled “Odobo is closing.” The message stated that the company had taken the “very difficult decision” to cease all transactions as of May 31, while its two Gibraltar-based offices will shut their doors on June 10.
The company, which specialized in producing HTML5 casino games, launched in 2011 with a self-described mission to “disrupt and improve the way games are produced, distributed, marketed and enjoyed in regulated gaming.”
Odobo says it came to realize that “marketplaces like ours require wider scale to survive in an increasingly complex and fragmented regulatory landscape.” Unfortunately, Odobo determined that “the velocity with which the business was growing was outpaced by the costs associated with providing the services that Odobo offered.”
The company was believed to have been searching for a financial white knight to pull itself back from the brink earlier this year, but the search appears to have come up dry.
The UK Gambling Commission-licensed Odobo’s client list included a host of familiar names, including Bet365, Betfair, Gala Coral Group and Unibet. In January, the company celebrated adding online casino operator Mr Green to its list of ‘top-tier’ clients.
Odobo said its decision to shut down was “not taken lightly and we sincerely regret that it affects the partners and clients that have supported us.”