BetButler customer database and debts sold for £1

Curacao-based company Momaco has completed the acquisition of BetButler’s customer database for £1 as part of a strategy to launch a British-facing B2C product in the coming months.

Financially stricken brokerage firm BetButler recently ceased trading ahead of a potential sale and Momaco spokesperson Mark Craig told eGaming Review this morning his firm had now completed the acquisition for the nominal fee.

Approximately 68,000 customers have been transferred to Momaco and the company has pledged to refund all customers owed money by BetButler in full, although Craig disputed the reported £500,000 figure alleged to be outstanding.

Craig said the figure was closer to £200,000, around £75,000 of which is comprised of bonuses that cannot be withdrawn, while a number of high-roller accounts were acquired by separate bookmakers.

Momaco now plans to launch a new British-facing B2C brand and has submitted a licence application to the Gambling Commission in order to operate bingo, casino and virtual sports betting products as well as the betting intermediary services BetButler previously operated.

Craig said he expected the process to complete within the “next few weeks” with the brand Momaco would operate under yet to be decided. The company has retained the option to use the BetButler brand, however, a decision to do so was said to be “unlikely”.

Trouble at BetButler was first reported in April after the Gambling Commission confirmed it was monitoring the operator after several customers complained after experiencing issues with its withdrawals process.

This escalated in June when the GB regulator said it was “considerably concerned” by ongoing problems at the operator, however it was not until after it had stopped trading that BetButler had its licence revoked.