Betsson AB has significantly reduced its UK market presence after announcing that all active brands and licences will be transferred to its Rizk (Rizk.com) domain, effective immediately.
The decision shows Betsson AB following through with its group-wide transformation directives. The operator has continued to reduce its UK exposure since 2018 – terminating the NetPlay TV subsidiary and closing down its London offices.
Despite the UK representing just 3% of corporate revenues, Betsson maintained a costly and convoluted presence in the market, operating nine active brands on three different technology platforms and four separate UKGC licences.
“This initiative will increase efficiency and have a positive impact on the contribution from its UK business,” Betsson detailed in its corporate filing.
“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.”
In the statement, Betsson also underlined that recent UK regulatory changes which require extensive investments in technology and compliance had made the market unsustainable with the firm’s long-term growth objectives.
Moving forward, Betsson will service the UK market through its Rizk.com domain, an asset acquired through its buyout of Gaming Innovation Group B2C assets.
As a result, Betsson confirmed that it has fully withdrawn three of its four UKGC licences with immediate effect – withdrawn Betsson sites include Betsafe UK, CasinoEuro, RaceBets, Jackpot24/7 and SuperCasino.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. “