Online gambling giant Bet365 announced it suspended its services and exited the Hungarian online gaming market on November 20. This decision comes as a result of new regulations imposed by the Hungarian government to regulate online betting and gaming. Despite being one of the biggest brands in the market, Bet365 has chosen to withdraw from Hungary, leaving its Hungarian users with limited access to their accounts.
It is believed that the new Hungarian government rules on gambling regulation played a significant role in Bet365’s decision to exit the market. The Hungarian government has implemented regulations that make it increasingly difficult for foreign companies to operate in the country without a Hungarian license. This includes being obligated to have a Hungarian license to provide online gambling and betting services.
These new rules have undoubtedly created challenges for Bet365 and other foreign operators in Hungary. The requirements for obtaining a Hungarian license can be time-consuming and costly, which may have influenced Bet365’s decision to suspend its services in the country.
Bet365 has implemented a carefully planned withdrawal process for its Hungarian users. The company notified its customers earlier this month about the decision to suspend its services, with all bets made on or before November 17 being settled as usual. Users will still be able to access their accounts until December 4, which is also the deadline for initiating payments from their accounts. However, after this date, customers will no longer be able to access their accounts without the company’s assistance.
To ensure a smooth transition, Bet365 has already stopped users from creating new accounts with a Hungarian address starting November 17. Furthermore, users were no longer able to place bets from November 20 onwards. The company’s exit from the Hungarian market will be finalized on December 4, when all gambling accounts associated with a Hungarian address will be terminated.
Despite the significant impact of Bet365’s decision to exit Hungary, the company has not provided any specific details regarding the reasons behind its withdrawal. In the message sent to users, Bet365 simply stated, “Following a review of our operations, we regret to inform you that we will suspend our services to residents of your country effective November 20, 2023.” This lack of clarification has left many customers and industry observers speculating about the true motives behind Bet365’s departure.
The withdrawal of Bet365 from the Hungarian market will undoubtedly have a significant impact on its customers. This sudden exit left many Hungarian players searching for alternative online gambling platforms. While there are still other operators available in the market, Bet365’s departure may lead to a decrease in competition, potentially resulting in a less diverse and varied online gaming experience for Hungarian players.
Bet365’s withdrawal from Hungary raises questions about the future of online gambling in the country. With stricter regulations and requirements for foreign operators, it remains to be seen how many other companies will follow in Bet365’s footsteps. The Hungarian government’s aim to regulate the online gambling industry may inadvertently result in reduced options for Hungarian players.
However, it is also possible that this move by Bet365 could prompt the Hungarian government to reconsider and potentially revise their regulations to encourage foreign operators to remain in the country. It is in the government’s interest to strike a balance between regulation and attracting reputable online gambling companies that can contribute to the local economy.
