Favourit ceases operations following failed ASX IPO

Australian-based online betting operator Favourit has ceased its operations, and is no longer accepting wagers or deposits from customers following its failed Australian Securities Exchange IPO, SBC News reports.

“Please be advised that as of 10th June 2016, Favourit has ceased to trade and will no longer accept bets, deposits or casino play from its customers or accept any new customers,” said a notice on Favourit’s website.

Last month, Favourit Global launched a public offer through a reverse takeover of ASX listed Celsius Coal, to raise A$6 million (US$4.5 million).

At the time, the company said funds raised through the ASX would be utilized for marketing and customer acquisition.

According to local media, Celsius Coal, a company which had been seeking to change its main line of business from mining/exploration to online betting services, had failed to meet ASX regulatory standards, thus having its listing temporarily blocked.

“ASX has advised that they are not satisfied that Favourit Global is able to lawfully conduct its operations in all jurisdictions in which it proposes to carry its business,” said the ASX in a statement.

“ASX will not conditionally approve Favourit Global reinstatement until the condition is satisfied”.