David Chang’s imaginative venture to start an app store devoted to mobile gambling products (see previous ┬áreports) appears to have hit the wall, with the entrepreneur announcing Thursday that all operations will cease at the end of this (January) month.

Reading between the lines, it appears as if Betcade has run into insurmountable obstacles; in a statement announcing the closure Chang said that his goal had been to deliver a superior mobile user experience but “…unfortunately Betcade will not be able to directly contribute to this shift as we are in the process of closing business operations.”

He added that start-ups like Betcade have to deal with significant business risks, implying that he had been unable to overcome this sort of problem.

The announcement surprised most industry observers, given Chang’s high profile and enthusiastic efforts to build his dedicated app store with business partnerships over the last eighteen months or more, and the traction the concept seemed to have developed.

Among Chang’s recent achievements on the project was his success in accreditation by the UK Financial Conduct Authority and the launch of BetPay just last month.