Online Casinos, Gambling, Poker and Sports Betting Magazine

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Gambling site Pikum Closes Down

10/2/2009
Online gambling social site, Pikum, has closed down today after running out of money even though an investment of $5.92m from First Round Capital and Virgin USA was made when Pikum opened its doors.

There has been no official comment from Pikum owner, Sean Glass a 29-year old entrepreneur, but as you can see the new image upload to the Pikum.com homepage explains it all.

Active gamblers on the site have until the 13th of February to withdraw any funds from their accounts – anything not withdrawn will be posted to the registered address of the account holder.

Sources say Pikum lost a lot of their money whilst applying for the correct gambling licenses in Alderney, and spent thousands on marketing campaigns that gained zero results. “Mega Football TV” was launched on YouTube presented by Charlotte Jackson of Setanta Sports. 14 videos were uploaded yet never broke 1,000 views.

Pikum offered fun and real money accounts, being based in London expenses where high and going up in direct competition to gambling giants such as 888 and PartyGaming, Pikum stood little chance of survival.

It’s reported that Pikum were looking for more funding but Virgin USA are changing their focus and denied any more money.

After the failure, Glass is due to head back to the US in May.
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