After confirming that all active brands and licences will be moved to its Rizk (Rizk.com) domain, Betsson AB has dramatically decreased its UK market presence, effective immediately.
The decision shows Betsson AB following through with its recommendations for group-wide change. After 2018, the operator has proceeded to decrease its UK exposure-terminating the subsidiary of NetPlay TV and closing its London offices.
Betsson retained an expensive and convoluted presence in the industry, running nine active brands on three different technology networks and four separate UKGC licences, despite the UK comprising just 3 percent of corporate revenues.
In its corporate filing, Betsson detailed: “This initiative will increase efficiency and have a positive impact on the contribution from its UK business.
“It will also enable resources to be reallocated for profitable growth in other markets. The other eight brands will be retained in the Group’s portfolio for use in other markets and therefore there will be no need for write down of goodwill or trademark.”
Betsson also stressed in the statement that recent UK regulatory changes requiring extensive technological investments and compliance had rendered the market unsustainable with the long-term growth goals of the group.
In the future, Betsson will represent the UK market through its Rizk.com domain, an asset gained through its acquisition of B2C assets from the Gaming Innovation Company.
As a result, Betsson announced that three of its four UKGC licences were fully withdrawn with immediate effect, including Betsson’s Betsafe UK, CasinoEuro, RaceBets, Jackpot24/7 and SuperCasino.
“The eight UK-facing brands under the returned licences will be closed with effect from today with no further deposits or bets accepted,” it added. “The customers of these brands will be contacted accordingly, all deposits will be repaid, and all outstanding bets will be paid out as winning bets.
“The operator group expressed its hope that pursuing a one brand strategy will increase efficiency and have a positive impact on the contribution from its business in the region, as well as enabling resources to be reallocated for profitable growth in other markets.”