Yunus said that Shakib informed the BCB of his decision in a letter on Thursday evening.

"Shakib has informed us shortly before [now] that he has terminated the contract with the company. He said that all social media posts pertaining to that sponsorship will be deleted," Yunus told ESPNcricinfo.

The existing laws of Bangladesh place stringent prohibitions on any gatherings or establishments that facilitate gambling. Allowing gambling businesses to function is in contravention to the law, as well as the country's constitution. Shakib's endorsement with the betting company was reportedly a violation of this law.

On Wednesday afternoon, Hassan said that that Shakib had to choose between playing for Bangladesh and keeping his endorsement with the company, giving the allrounder a day to make his decision. He said that the BCB recognised "Betwinner News as a surrogate company of the betting company Betwinner".

"The law is clear-cut about what companies are prohibited (by the BCB), and this company is related to betting," Hassan had said. "You can call Betwinner News as a news (company), but it is branded as a betting company. It is a part (of the betting company). We have said that it cannot be related (to a betting company).

"He (Shakib) has to decide if he wants to play for Bangladesh, or stay with betting. There's no scope of keeping that association. He has to come out of it completely. Let alone the captaincy, he won't be in the team. There's no discussion. We have taken a very clear decision. Anyone who has any affiliation with a betting company can't have a connection with the Bangladesh Cricket Board. We will not take him in the team unless we get a satisfactory answer from him."

Shakib backing out of the contentious deal puts him back in the running to take over the T20I captaincy. Shakib was originally thought to be Bangladesh's captain in the format for the upcoming Asia Cup, before he made the social media post. The situation with Shakib, and a number of injuries, delayed Bangladesh in naming their squad for the tournament. They are now likely to make the announcement on Saturday, well past the deadline.