Win Cash Live enters administration after failing to attract new investment

win-cash-live-administrationUK-licensed online gambling operator Win Cash Live has frozen customer accounts after entering administration.

In a notice posted to its site on Friday, Win Cash Live’s parent company Lean Forward Ltd informed customers that it had appointed two insolvency attorneys from Quantuma LLP to manage its affairs as the company undertook “a review of the current financial position.”

The betting site, which founder Ashley Faull launched one year ago, said “all gambling and sportsbook accounts have been frozen” until the joint administrators untangle the company’s tangled financial situation.

Faull told eGaming Review that the “difficult decision” to enter administration was taken following an unsuccessful search for new investors that began in March. Faull also failed to find an outright buyer for the company despite an “accelerated sales process.”

Faull didn’t specify how long the administration process might take and offered no reassurances as to the fate of customer deposits. Faull said he still hoped to find a buyer for Win Cash Live “for the benefit of all its creditors including customers.”

Win Cash Live teamed with Scottish broadcaster STV on an interactive betting service that aired on STV’s Glasgow and Edinburgh channels for a couple hours per day in the wee hours of the morning. Viewers could interact live with the show via landline phone, mobile and online channels, including a livestream during non-broadcasting hours.

In addition to betting markets, the service also offered live casino-style games like Spin Cash Live and Win Cash Dice. The service began life as a female-focused offering before shifting to a more traditionally male-focused betting operation.

In February, Win Cash Live announced that it had hired Arena Media to handle its “seven-figure” media account. Faull told eGR that the business had signed up 30k first-time depositing customers, nearly half of which had signed up in the last two months.