The decision, announced on Monday, followed the completion of due diligence and developments related to the German licence program that may impact BTTY, Veltyco said.

Isle of Man-based Veltyco said in February that it had agreed to buy Ruleo for €6.5m ($7.6m) in cash and shares in a deal that would have given the company expanded reach in Europe.

BTTY has a gambling licence in the German State of Schleswig-Holstein and an official bookmaker licence in Austria. It has been developed as an app for iPhone and Android smartphones.

Veltyco operates its own brands and focuses on marketing for partners in the gaming industry.