Monday May 30,2016 : ONLINE GAMBLING SOFTWARE MARKET FIRM CLOSING ITS DOORS
Odobo to cease operations end May as costs rise.
The Gibraltar-based online gambling software distributor Odobo, which offered independent developers a way to more widely market their products, has announced that it will cease operating at the end of this (May) month.
Citing an inability to keep pace with rising costs, the five-year-old company described the decision as difficult, noting that after operations cease on May 31 it will close its two Gibraltar offices on June 10.
Sources close to the company have revealed that Management was hoping for a "white knight" rescue which never materialised.
In its announcement, Odobo management commented: "…marketplaces like ours require wider scale to survive in an increasingly complex and fragmented regulatory landscape,” adding that "….the velocity with which the business was growing was outpaced by the costs associated with providing the services that Odobo offered.”