Betsson AB of Sweden announced it has reduced its presence in the UK market and transferred its active brands and licenses to its Rizk.com domain. Betsson officials said recent regulatory changes in the UK require large investments in technology and compliance have made the market incompatible with the firm’s long-term growth objectives. The company operated nine active brands on three different technology platforms and four separate UKGC licenses.
Betsson has been lowering its UK presence since 2018, when it ended the NetPlay TV subsidiary and closed its London offices. UK operations represented 3 percent of Betsson’s corporate revenue.
In a recent filling, Betsson stated, “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 added, “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. “
The UK market will be serviced through the Rizk.com domain, which Betsson acquired through its buyout of Gaming Innovation Group B2C assets. Meanwhile, officials said Betsson has fully withdrawn three of its four UKGC licenses, and bets no longer will be accepted at Betsafe UK, CasinoEuro, RaceBets, Jackpot24/7 and SuperCasino. Officials said UK customers of those brands will be contacted, deposits will be repaid and all outstanding bets will be paid out as winning bets.
