Ladbrokes exits Canadian market

canadaLadbrokes has announced the withdrawal of its igaming and sports betting operations from the Canadian market .

The operator issued a statement to Canadian players on Tuesday asking them to withdraw all funds from their accounts. Ladbrokes would no longer accept wagers or deposits from players and bank accounts registered in Canada. Canadian players have been given thirty days to withdraw and close account with Ladbrokes.

Ladbrokes stated that the decision had been undertaken after a review of Canadian igaming regulations.

Canadian gambling regulators have restricted online betting services to registered provincial lottery corporations. Although current gambling laws allow for some foreign operators to target Canadian customers without being federally persecuted. Ladbrokes management decided that the region was no longer viable for its operations.

2014 has seen sports betting operators MatchBook.com and Betfred also exit the Canadian Market.

As a condition for UK online gambling licensing, the UK Gambling Commission requires all applying operators to disclose revenue information with regards to international operations that generate more than 3% of overall revenues.

Ladbrokes senior management as yet,  have not made a public statement as to why they exited the Canadian igaming market

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