We regret to inform you that, after one year and 3 months of activity, we are forced to bring Betish to an end.
We want to begin by assuring you that all customers will be able to withdraw 100% of their balance with no issues. This goes without saying. Customers’ money is exactly that – customers’ money, not ours, although we are all aware of numerous cases elsewhere in this industry where this has not been the case. You can withdraw money by emailing us at email@example.com
Betish was created with the goal of providing a solution to two systemic issues within the betting industry:
1. Successful bettors are not respected. In the vast majority of bookmakers, they are restricted or expelled for winning. They can also be charged exorbitant commissions, as is the case with Betfair Exchange. The Betish model does not require large operative costs and we thought we were able to offer a better deal to the customer, treating the winners like any other client.
2. Concern about problematic gambling is growing, and rightly so. At Betish, a €20 entry fee gets you units that you can use to place a multitude of bets and have a week's worth of fun. It is much, much more difficult to lose large amounts of money with our model (this argument was not taken into consideration in our discussions with gambling regulators in Spain, one of the most socially sensitive countries in the world).
We wanted to create the best and most attractive product for players. So much so that this ended up costing the house… as we all know, most of our tournaments were set up with an overlay, that is, losing money. But even with positive Expected Values, tournaments were not filling up.
Why did Betish fail? For several reasons:
1. The Betish model requires a level of prior experience – it is aimed at the savvy bettor rather than novices. However, in our target markets where the former is more common (Spain, the UK, etc.), we were restricted by licensing issues. In countries where we were able to operate (mainly in South America, Africa & Asia), the public were too accustomed to betting in the traditional way.
2. Poor ‘bank management’. We spent a great deal during our development phase, which also lasted far longer than planned. We succeeded in creating a good product, but we lacked funds for marketing. We gave away tens of thousands of Euros’ worth of prizes in our initial free tournaments, however to our surprise even that was not enough to bring people in. Quite simply, people did not believe the prizes were genuine. There are so many scams out there that people thought that we were just another false promise.
3. We did not work with investors or partners – sales are not our strong point.
We would have loved to organise the second edition of the Sports Betting World Championship, however our financial situation does not allow to take that risk. Fewer than 1000 players took part in the first edition, each paying €200 to enter and competing for a €500,000 prize. Unheard of. We hoped that the thousands of tipsters flooding social media would want to prove their worth by competing with others, even more so with EV+. Big mistake.
A huge thank you to all of our users, loyal to the very end, and we apologise from the bottom of our heart that we cannot continue organising tournaments.
We are convinced that the concept Betish set out to achieve does have its place in the betting industry, although we were not the ones able to make it viable. Maybe one day.
Head of Betish