Betsson Group closes 8 UK-facing brands and focuses on single brand Rizk

After gradually reducing its presence in the UK market since 2018, the new gambling regulations in the country contributed to push Betsson Group away. Eight UK brands of the group are already not accepting any more bets or deposits and deposits are being repaid. The company expects to increase efficiency with a more focused strategy in a promoting single brand: Rizk.

Betsson Group closes 8 UK-facing brands and focuses on single brand Rizk image

Betsson Group closes 8 UK-facing brands and focuses on single brand Rizk

 

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A few weeks ago, we have covered in our news article the new gambling regulations approved in the UK and its effect in the local market and in the online poker industry as a whole (you can find more information and read the full article here). It seems that some of its results are already starting to become clear.  It was already being not very profitable and rather costly and now finally, under the weight of the new restrictions in the country, the company decided that staying would become unsustainable and would rather move away and profit at other markets. Effective immediately, the Betsson Group closes eight UK-facing brands and is moving all its active licenses to Rizk. This is all part of the company's new strategy to focus on a one brand, rather than keeping multiple ones.

Three of Betsson's four UKGC licenses have been fully withdrawn, that includes: Betsafe UK, CasinoEuro, RaceBets, Jackpot24/7 and SuperCasino, that are no longer accepting bets and deposits. Betsson said in its corporate filing: "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". It also added: "This initiative will increase efficiency and have a positive impact on the contribution from its UK business" and that "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.".

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