Betsson Pulls Nearly All Brands Out of the UK Market
European gambling company Betsson have announced their intention to move all but one of their brands out of the UK market. They have decided to surrender three out of the four UK licenses that they have, which means a total of eight brands will close down for British customers.
This will leave them with just one presence in the UK, which is Rizk. It seems interesting that they are leaving just one here, but that is what they have decided to do for now.
The company is based in Sweden, and while they have become a name that UK players know of, they never really reached the heights that they had hoped for when they first arrived many years ago.
Of the eight brands to leave the UK, three are sportsbooks and these are Betsafe, RaceBets and Betsson. Customers of those brands will now have to find somewhere else to place their sports bets.
Of the sites that have gone, the one likely to leave the biggest impact behind is RaceBets, which was a site specifically designed for horse racing gamblers. They offered betting on racing in the UK, but also covered many international meetings that some other bookmakers did not, and it is a blow for the UK horse racing community that they have decided to stop serving the UK.
Risk is the only brand left and while they do offer both sports betting and casino gaming, they are certainly more known for their casino offering, which is probably the main reason why they are remaining open.
Are These Brands Closing Completely?
The bigger picture from this news is that the brands are not closing down for good everywhere. Betsson as a full company hold a total of 11 other licenses around the world, and these brands are going to continue trading in these countries, so they are not stopping taking bets altogether.
It has been reported that any bets which are open at the time of closing will be paid out as a winner, so if you have placed any bets on the sites before their closure, look out for the funds from these being paid to you. Any money in your account will be returned to you via the payment method you have been using and when this is completed, your account will be closed.
The simple reason for the move is that Betsson no longer want to trade in the UK betting market. Based on their most recent figures, just 3% of the income that the Betsson group had as a whole came from the UK market, so in that sense it is no surprise to see them move on and focus their efforts elsewhere.
With so many regulations in the UK market and a strange economic situation in the country, Betsson will probably feel that the money they are spending in the UK to keep open could be spent better elsewhere to promote themselves in other countries.
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