Amidst new and stricter gambling regulations, another online gambling operator has revealed its plans to shut shop in the UK.
Online gambling operator ComeOn has announced to wrap up its operations in the UK online gambling market.
Commenting on the recent move to move out of the UK market, the CEO of the Malta-based online casino and gambling company said that they would pull their three UK-facing brands to “focus on more favorable markets.”
ComeOn made its debut in the UK gambling market back in 204 and the company has been operating three brands under licenses issued by the UK Gambling Commission – flagship ComeOn operation, Mobile Bet, and Get Lucky.
Talking of the tightening regulatory situation in the UK, ComeOn’s CEO said: “The UK is a very mature and highly competitive market and the financial risks are big. We have never had a non-compliance breach, but we’ve seen competitors being fined big numbers and that creates uncertainty.”
UKGC has been strict on gambling compliance and has introduced a series of new measures. Domestic betting operators have been facing challenges and therefore looking to expand in regulated markets overseas.
Following the new regulation which limits the maximum stakes-placed on FOBTs (Fixed Odd Betting Terminals) to 2 GBP which was earlier 100 GBP, Ladbrokes has announced that they will close almost around 1000 stores in the UK.
Ladbrokes operates a fleet of 3475 stores all across the country and has said that this stake reduction is injurious to the company’s health.
Following suit, betting operator William Hill also announced to close about 700 shops putting 4,500 jobs at risk.