Betsson pulls 8 popular online casinos from the UK
October 27, 2020
The current COVID-19 pandemic has caused many changes in the casino industry including the need for land-based casinos to shut their doors around the world.
For the online gambling industry, the decrease in land-based gambling has led to an increase in online gambling.
With the rapid increase of online casino players, gaming authorities and government officials have opted to tighten their grip on the industry and enforce stricter regulations. The prime focus is to increase player safety but the stricter regulations have led to many online casinos pulling out of popular markets.
In a recent press release, Betsson pulled eight of their nine brands from the UK market to reduce cost and focus solely on Rizk Casino.
Ready to Rizk it all
This October, the Stockholm-listed Nordic online gambling operator, Betsson AB announced it will reduce its current UK market presence. Up until now, they have had nine brands running on three different platforms under four licenses.
With the cutbacks in place, they will lose all casino brands except Rizk Casino which was acquired from Gaming Innovation Group earlier in 2020.
The eight UK-facing brands that are now closed, include:
All these brands are no longer accepting deposits or bets from UK players. Those who still have funds or winnings in their accounts have been assured these funds will be paid out.
Three of the four licenses owned by Betsson will be handed back to the UK Gambling Commission. The dormant UK brands will be kept and used in other markets, removing the hassle of trademark write-downs.
According to Betsson, the UK market only accounts for 3% of the group revenue and with the increasingly strict oversight of gambling operations, it has become an avenue that is not sustainable. This is due to extensive investments constantly having to be made in technology, regulatory compliance and marketing.
Continued growth and new strategies
The company teased new strategies in the UK market to maintain its position and continue growing. Betsson’s new UK strategy will “increase efficiency and have a positive impact on the contribution of its UK business. It will also enable resources to be reallocated for profitable growth in other markets.”
More will be revealed on the new UK strategy during the release of Betsson’s Q3 financial report card by the current CEO, Pontus Lindwall.
If any of your favourite UK casinos are no longer available, why not try one of our recommended sites instead?
