Betsson cuts UK presence to single brand

The Swedish operator will surrender three of its four British licences and consolidate its presence under the Rizk brand.

UK.- Betsson continues to reduce its UK presence after announcing the closure of three out of its four brands active in the market.

The Swedish operator has announced it will hand back three of its licences from the Gambling Commission, reducing its presence to the Rizk brand formerly operated by Gaming Innovation Group (GiG).

It will stop operating the Guts and Kaboo brands that it bought from GiG along with Rizk earlier this year, and will also pull out its Betsafe, Betsson, Casino Euro, Live Roulette, Racebets and Jackpot247 brands.

It has been reducing its British business over the past several years noting that changes in the market required extensive investment in technology and regulatory compliance which the company could not sustain in its current form.

It closed its London office in late 2018 and the market currently generates only 3 per cent of the group’s total revenue.

Betsson said the latest reduction would streamline its British operations to allow them to make a more positive contribution while allowing resources to be reallocated to more profitable markets.

The brands to be pulled have already stopped accepting deposits and bets. The company said all deposits and bets had been repaid.

One of the three licences it is giving up was under investigation by the Gambling Commission, Betsson said, but it did not reveal which.

Betsson reported record revenue for Q2 of this year with 40 per cent growth in its online casino business.