Gibraltar-based online gambling software developers, Odobo, have announced the closure of their business after five years of operation in the industry. The company cited high costs which are outpacing their business growth as the reason for the decision.

The company, which was founded in 2011 by Ashley Lang, the former gaming director at Bet365 has been developing and increasing their number of partners since they launched. Their founding goal was to develop innovative approaches to the way games are produced and supplied to regulated online gambling markets.

Last year, the company was recognised for achieving this goal when its chief operating officer, Dennis Diaconescu was listed among the top 100 leaders of innovation in the online gambling industry. The company’s list of partners has also been expanding with major International operators such as Coral Casino and Bet365 listed among them. Mr Green became the tenth major operator to sign with Odobo earlier this year and this was followed most recently with provider of casino software platform Iforium.

However, despite its success, Odobo was looking for backers earlier in the year to get its financials back on track and there were reports that it was looking to sell its business. These did not come to pass and the company is now closing its doors.

A message on its website reads: “As our industry has evolved, it has become clear that marketplaces like ours require wider scale to survive in an increasingly complex and fragmented regulatory landscape.”

“We needed to recognise that the velocity with which the business was growing was outpaced by the costs associated with providing the services that Odobo offered. As a result, we have made the very difficult decision to close the business.”

Odobo will stop all transactions by May 31 and close its doors on June 10.