Veltyco Group has completed its due diligence on Ruleo Alpenland and has decided not to proceed with the acquisition of the German bookmaker.

The marketing company, which is focused on generating marketing leads for the activities of various partners in the gaming industry, said its decision had been swayed by recent developments regarding the German licence programme that could have an impact on the Ruleo business.

Veltyco had announced on February 1 it was running the rule over Ruleo, which operates the BTTY-branded sportsbook in Germany and Austria. Ruleo was valued at €6.5mln under the terms of the proposed acquisition.