Sun Bets, the online bookmarker set up by Rupert Murdoch is to cease trading after just two years.
A message on the firm’s website on Thursday told customers: “Tabcorp UK Ltd has ceased providing gaming services on behalf of Sun Bets. Please withdraw any funds you may hold with us immediately”.
Tabcorp’s chief executive 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 learnings from the Sun Bets start-up process and operations which will inform our approach across our portfolio.
“I would like to acknowledge the Sun Bets team for their efforts in building the business from start-up phase. We continue to have a strong relationship with News Corporation.”