Favourit ceases operations in wake of IPO failure

ralian online operator Favourit Global has ceased operations, accepting no new customers and no bets, deposits or casino play from existing ones.

Favourit has voided any bets placed on or after 10 June, with the amounts staked returned to players’ accounts.

The development follows its failed initial public offering on the Australian Securities Exchange (ASX) by new owners Celsius Coal, blocked by the Australian Securities and Investment Commission.

Favourit launched a public offer through a reverse takeover of ASX listed Celsius Coal in March, with the aim of raising up to AUD$6m.

At the time, the operator indicated that the funds raised would be utilised for marketing and customer acquisition.

Celsius Coal, a firm previously focused on the mining industry, announced a deal to acquire Favourit in October 2015.

Representatives of ASX said in a statement: “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.

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