Real Luck Group has announced that it has ceased all trading on Luckbox, the esports betting branch of their operation. With immediate effect, users will only be able to withdraw the funds currently in their accounts. It’s certainly recommended that users do this as soon as possible. Unfortunately, they’ll no longer be able to see any markets or place any bets at all.
While the announcement may come as a bit of a shock, it isn’t completely out of left field. Luckbox was dependent on funding that was then deemed “not viable”. This resulted in the immediate loss of their esports betting function.
What’s Next for Luckbox?
It seems those at Luckbox have been hard at work to mitigate the losses as much as they possibly can. The announcement confirmed that Real Luck Group will be looking to “restructure” its operations, hopefully leading to continued operations for other aspects of the company. The intention is to move towards more cost-effective options for its B2B platform. The transition will take some time but it’s still expected to be completed before the end of this year.
The official announcement also confirmed that these moves aim to minimize the impact on other subsidiary companies. Insolvency practitioners have been engaged in the Isle of Man to initiate the process to “wind up” operations for Real Time Game Services Ltd. It was stressed that this is the only subsidiary company that will be affected by the closure of Luckbox.
The exact path for Real Luck Group isn’t yet confirmed but there are plenty of ideas being put out there. Suggestions of a potential merger, acquisition or capital raise were all raised in the official statement. The future is still unclear and their statement has confirmed that no further announcements will be made until there are “material developments to report”. So for fans and users, it’s a case of sitting tight and waiting for the next steps.
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