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February 14 - 29 year old, South African born entrepreneur, Sean Glass has admitted that his innovative Pikum online gambling site has not succeeded in surviving in the competitive internet wagering world. The social network inspired site, launched not too long ago, has failed to attract enough customers and will be shutting its doors, effective immediately.
Glass, who has lived in the United States for some time now, moved to the United Kingdom to get Pikum off the ground, where his main focus was obtaining the right gambling licenses from the Alderney Gambling Commission. The founder's idea was commence operations in the United Kingdom, while leaving technical facilities in South Africa.
Unfortunately, despite an initial investment sum of $5.9 million by First Round Capital and Virgin USA, a lot of which was spent on massive marketing campaigns, Pikum simply did not take off.
After being rejected for a second infusion of cash by Virgin USA, Glass had a padlock posted over the Pikum sign on the home page of the site, and players were advised that they had until Friday the 13th to withdraw their winnings. After that date, winnings would be mailed to players at their addresses.
Glass has now reportedly headed back to the United States, and it is believed that he will not be sitting around too long before his next idea takes hold. "I definitely have learnt a lot from the experience with Pikum that differed from our success in building Higher One (and its continued success)" he posted online, referring to his role as co-founder of the successful education-focused online financial services group.
"It is very disappointing," he added, "but I believe that the right thing to do when something doesn't work is to examine it closely, learn what one can, and focus on building from there."
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