Developer and provider of marketplace for HTML5 gaming content for the international regulated online gambling industry Odobo announced today that it is to shut down operations as of Tuesday, May 31. The company pointed to heavy costs as the main reason for the closure.
Odobo was founded back in 2011 with the aim to provide innovative approaches towards the way games are produced, supplied, and marketed in regulated markets. Founders have formerly explained that it was their main goal to pay special attention to and eliminate, if possible, the challenges related to costs and various barriers that may arise as part of the process of development and distribution of gambling content.
As stated on the company’s official website, higher than expected costs were the main reason for Odobo taking the decision to close the business. Given the extremely challenging and ever-changing regulatory environment, Odobo and similar businesses usually require wider scale of investment in order to be able to survive. Officials for the developer pointed out that the business’ growth was outpaced by costs related to the provision of the services and products it offered.
Providing HTML5 gaming content, Odobo has worked with a number of internationally recognized suppliers and operators. Most recently, the company signed an agreement with provider of casino software platform Iforium. Under the terms of their agreement, Odobo content was to go live with Iforium and was to become available to B2B customers of the Isle of Man software developer.
What is more, earlier this year, Odobo games went live with online casino brand Mr Green. The gaming website was to roll out games by the HTML5 provider in several waves. It is important to note that Mr Green became the tenth major Internet gambling operator to be offering Odobo games.
With offering innovative content being among the most important goals Odobo has pursued since established, the company was pleased to announce late last year that its Chief Operating Officer Dennis Diaconescu had entered the list of the top 100 leaders of innovation in the online gambling industry.
As announced, Odobo would stop any transactions as of May 31, 2016 and would then close its offices by June 10, 2016.
