Smaller bookies on the wane as Punters Pal joins recent closures
The contraction of the Australian wagering market continues to impact smaller online bookmakers, with Punters Pal the latest operator to shut down.
Punters Pal was founded by on-course bookmaker Shane Filipek and launched into the digital marketplace two years ago.
However, it confirmed on Monday it has ceased trading online and urged any account holders to withdraw money from their accounts ASAP.
Filipek has said he will continue to operate as an on-course bookmaker at Sydney racecourses.
A Punters Pal message encouraged account holders to transfer their business to Elitebet, which is owned and licensed by Daniel Paolini.
The same message appeared when Southern Cross Bet announced it had closed its online operation earlier this month.
Victorian-licensed Winbet and Betflux also closed recently as have NSW-licensed Rambet. Combet, the auction-based bookie set-up by Jake Howard, confirmed its closure in March.
A host of smaller online bookmakers emerged during the pandemic wagering boom over the past three years with white-label betting platforms lowering the barrier to entry.
Bren O’Brien
Turnover thresholds also meant many could operate without being subject to point of consumption taxes.
However, greater regulatory requirements, a tightening market plus the nationwide implementation of Betstop have made trading times difficult for smaller operators in the past six months.
There is expected to be greater consolidation, with several other plays to be acquired and/or shut down in the coming months.
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