Favourit - In Administration

Nicola

Closed Account
Joined
Jan 22, 2013
Location
Malta
Just a quick heads up, their web site (favourit.com) is still working but received this e-mail this morning:

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Not seen a EveryMatrix site go into administration before :oops:
 

Deeplay

New World Order
webmeister
CAG
mm1
Joined
Aug 27, 2008
Location
The biG Eu
What does that mean?

It means they out of business effectively. Soon as a company goes into administration the writing is usually on the wall. Unless it was some kind of Pre Pack deal to allow them to keep trading
but such things are harder to come by these days for UK Companies any how. Not sure how it is abroad.
 

Tirilej

Still a Lady
CAG
MM
Joined
Apr 18, 2009
Location
Sweden
It means they out of business effectively. Soon as a company goes into administration the writing is usually on the wall. Unless it was some kind of Pre Pack deal to allow them to keep trading
but such things are harder to come by these days for UK Companies any how. Not sure how it is abroad.

I know when Nexx Edge closed their players was just moved to Jetbull and nothing was mentioned about them anywhere.
Small casinos that try but it's not that easy. Having Every Matrix behind them is both a good and a bad thing I suppose.
 

dunover

Unofficial T&C's Editor
Staff member
webmeister
PABnonaccred
PABnononaccred
CAG
mm3
Joined
May 22, 2012
Location
the bus shelter, opposite GCHQ Benhall
What does that mean?

The tried to collect money from the casinos to pay their affiliates and the casinos told them "You're self excluded at another of our properties..."

Seriously, administration means the company is not trading at a profit and cannot meet the demands of creditors. Therefore following due process they announce this and outside administrators take over the day to day running and see what they can salvage, or if the company can be restructured so it can continue trading. Basically means like Purple Lounge the owners have either been useless or skimmed off money to make it insolvent knowing that if they are a limited company they'll never pay it back.
I don't doubt the people behind it will be back again soon with a different company name....:rolleyes:
 

Tirilej

Still a Lady
CAG
MM
Joined
Apr 18, 2009
Location
Sweden
The tried to collect money from the casinos to pay their affiliates and the casinos told them "You're self excluded at another of our properties..."

Seriously, administration means the company is not trading at a profit and cannot meet the demands of creditors. Therefore following due process they announce this and outside administrators take over the day to day running and see what they can salvage, or if the company can be restructured so it can continue trading. Basically means like Purple Lounge the owners have either been useless or skimmed off money to make it insolvent knowing that if they are a limited company they'll never pay it back.
I don't doubt the people behind it will be back again soon with a different company name....:rolleyes:

True. To run a company you need to shut down a little earlier when you see things go bad...or can it have been a DoA winner???:eek::D
 

spintee

Ueber Meister
webby
mm2
Joined
Mar 21, 2012
Location
Northants
In all honestly I not heard of the site, But take it from me Nicola that alot more to follow on the EM platform, There as bent as my middle leg after a few beers,

I personally think that EM got to big for there boots and now paying the price, Sites closing and others are leaving, Its a shame really as they was good
 

jetset

RIP Brian
Joined
Feb 22, 2001
Location
Earth
Couple of young-ish Aussies in Melbourne called Josh and Toby Simmons founded the enterprise and raised several million dollars in investor funding in 2013 and later. They focused on using social media channels to promote and grow the mainly sports betting business although as has been noted they took on an EveryMatrix package and fairly recently contracted affy management with Income Access.

As recently as March this year the company announced that it had launched a public offer through a reverse takeover of ASX listed Celsius Coal to raise up to $6 million, aiming to "build a leading, differentiated business in the global online gambling industry."

This is the notification up on their main website this morning:

Important Notice

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.

Any bets that are currently unsettled or that have been placed on or after 10th June 2016 will be void and the stake returned to your account. Any bonuses that are not yet complete will be forfeited and treated as per the Terms and Conditions of the bonus.

If you have any real money balance in your account we request that you log in to your account immediately and request a withdrawal so that your account balance can be returned to you as soon as possible.

The Favourit website will be temporarily available for these withdrawals to occur.

Customers with real money betting accounts that are unable to withdrawal will have their account and balance transferred to Jetbull, another operator in the EveryMatrix group, from which you will be able to access your balance. This process will be undertaken by EveryMatrix over the following week and customers will be contacted with further information at their registered email address with details on how to access their accounts at Jetbull.
 

jetset

RIP Brian
Joined
Feb 22, 2001
Location
Earth
FAVOURIT CLOSED FOLLOWING AUSSIE STOCK EXCHANGE CONCERNS (Update)

Celsius Coal IPO on hold due to concerns regarding legality of Favourit Global operations in some jurisdictions.

The abrupt closure of Australian online gambling company Favourit Global last week has been explained as being a result of a failed Australian Stock Exchange listing by the new owners Celsius Coal.

Aussie media outlets have reported that the Australian Securities and Investment Commission blocked the listing on grounds 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, and will not conditionally approve Favourit Global reinstatement until the condition is satisfied”.

InfoPowa readers will recall that earlier this year Favourit disclosed that it had agreed to be taken over by Celsius Coal Ltd, a Perth-based company that wished to convert its core business from coal mining and exploration to online gambling through Favourit, and would file an Australian IPO in order to raise A$6 million in additional funding for the new venture.
 
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