The German operator has surrendered its Gambling Commission licence following its suspension.
UK.- Bet-at-home, part of Betclic Everest, has decided to permanently leave the British gambling market following the suspension of its licence by the Gambling Commission. It has formally surrendered its licence and suspended its affiliate programme, which was its only marketing channel in Britain.
Players have been unable to place bets since July 6 due to the Gambling Commission’s suspension, which the regulator announced pending a review of suspected social responsibility and anti-money laundering failings.
Bet-at-home said in a message on its website: “Unfortunately, we’ve decided to surrender our operating licence granted by the UK Gambling Commission and to exit the British market. Therefore it hasn’t been possible to bet, play or deposit with us as of 6 July, 16:20 UK time. Furthermore, new registrations are not allowed.”
Bet-at-home will allow players to withdraw funds directly until 10pm on September 30. After that, players will need to contact Bet-at-home to request their funds.
The German operator was already in difficulties due to the impact of Germany’s new gambling regulations. It reported a drop in revenue of 54 per cent for the first quarter.
In December, Bet-at-home announced it was laying off 65 employees under a restructuring plan after deciding to withdraw its online casino offering from Austria due to legal issues. The company said the plan aimed to “adjust the group’s structure to lower revenues”.
Meanwhile, the company’s owner, Betclic Everest, has merged with TV producer Banijay to form FL Entertainment with the intention of going public. Monte-Carlo SBM International (SBM) has transferred its 47.3 per cent stake in Betclic Everest to the new media and betting conglomerate.
FL Entertainment will merge with the Euronext Amsterdam-listed special purpose acquisition company (SPAC) Pegasus Entrepreneurial Acquisition Company Europe. The combined business will specialise in pan-European sports betting via Betclic and television via Banijay.
The new business would have combined revenue of €3.5bn and an EBITDA of €61m. The company forecasts revenue of €3.8bn and EBITDA of €645m by the close of 2022. Betclic is expected to be the key growth driver. FL Entertainment said it expects its European online betting and gaming offerings to be lucrative.