Sun Bets was launched in 2016 when the site attracted over 300,000 registered users in its operating time. However, Tabcorp decided to pull the plug after a disappointing year in 2017 when the venture was subject to a strategic review.

Tabcorps Managing Director and CEO, David Attenborough, said: “The performance of Sun Bets has been below expectations and we do not expect a material improvement over the next 18 months. As such, we have reached an agreement with News UK to exit the agreement.

“While we didn’t get it right, we have taken valuable learning’s from the Sun Bets start-up process and operations which will inform our approach across our portfolio.

“We continue to have a strong relationship with News Corporation.”

Tabcorp, is one of the largest publicly listed gaming companies in the world, who specialise in lotteries, wagering and keno.

Sun Bets confirmed that it would be shutting shop on Twitter, claiming it was “full-time” and that punters should withdraw their funds as soon as possible.

A spokesperson from News UK said: “The Sun is the number one newspaper and digital newsbrand in the UK and we have launched many successful brand extensions such as Sun Bingo and Dream Team. We are increasingly confident in the reach and power of the brand and will firmly remain in the betting and gaming business. We now look forward to executing our vision”.