The Bulgarian gambling operator BetMarket declared bankruptcy
At the end of 2022, a new gambling operator appeared in Bulgaria. We are talking about Betmarket, which received a license from the National Revenue Agency. They launched their website offering sports betting, casino games and online bingo. The operator set out with high hopes and wanted to compete with the other companies on the market. However, alas, this did not happen and they soon declared bankruptcy.
Why did they shut down Betmarket’s betting site?
There are many versions of Betmarket’s bankruptcy in Bulgaria. The main thesis is that the site collapsed because of deteriorating relationships with partners. The company had launched an affiliate program in which it offered commissions for referred players. In practice, many people started advertising the online platform on their sites, but their earnings were not paid.
This forced affiliates to place messages on their sites that they did not recommend Betmarket, which largely influenced the company to cease operations. Contracts with so-called affiliates were terminated, and many people did not receive their money. Along these lines, there was even talk of legal action, although none has been taken by webmasters to date.
There is another version, in which a player is said to have won a colossal sum, which became the reason for Betmarket’s bankruptcy. These are unconfirmed reports, but they are floating around the virtual space and no wonder there is a great deal of truth in them. At this stage, Betmarket is no longer in business, which they have notified their players of in advance and paid out the funds won.
The terminated affiliate contracts with the affiliates not only undermined the prestige of the operator, but also turned away a large number of its customers. However, there are numerous affiliates who invested large sums to bring traffic to the online gambling company’s platform. Alas, this money remained wasted after Betmarket failed to pay the commissions due to problems.
Read more about the owners of Betmarket online
BetMarket Online was owned by the company Sit-33 Ltd, whose office was located in Sofia. They operated with a legally issued license from the NRA and had proper documents to offer and organize online gambling. Interestingly, the company has gaming halls in several Bulgarian cities, including Sofia, Stara Zagora, Veliko Tarnovo, Burgas and Dobrich. They continue to offer gambling games to their customers to date.
Unfortunately for the owner of Betmarket, the online business did not go well and now there is no longer a site where bets are offered. Many people are now wondering what the future of Betmarket will be and if they will reappear on the internet, but this is unlikely to happen given the circumstances. For better or worse, the online platform is stuck in the past, as we have learned.
Will Betmarket reappear?
Betmarket have informed their customers that they are ceasing operations and are unlikely to reappear on the scene. At first, the affiliate program was suspended, and a month later, the site was no longer working and displayed that it was parting ways with its users. We have no information if all debts have been repaid, but it certainly surprised most gambling enthusiasts in the country.
In the beginning Betmarket got off to a steady start, offering bonuses and promotions as well as many games. It was not expected that they would soon give up their operation and close their doors, although there were all sorts of rumours about the inability to pay either affiliates or players. Thus the moment came when bankruptcy had to be declared to get them out of the situation.
There is no talk these days of a re-emergence of Betmarket. Where the company will head to is a matter of time to find out, and until then everyone is hoping that the betting site will cover its debts. What will happen in practice, however, remains to be seen.
Betmarket’s bankruptcy is no accident. Behind it are many inaccuracies and problems that the operator has with both partners and players. In order to find a way out of the stalemate, financial resources are needed, which the company obviously does not have at the current moment. Therefore, we leave the site behind and hope there will be no similar incidents in the future time.
This news may have disappointed many people who were eagerly waiting for Betmarket. Indeed, many registrations were predicted at the beginning, but they didn’t materialise anyway. However, you should be wise with gambling as it carries the risk of addiction and monetary losses.