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Online gambling operator ComeOn has decided to close its operations in the UK amid growing regulatory pressure in Europe’s largest regulated market.
The company has been operating in the UK since 2014, using its Gambling Commission licence to offer brands such as ComeOn.com, MobileBet.com and GetLucky.com. However, in an email to its UK gambling customers, the company explained that will stop accepting new UK-based players and bettors from September 23 and players will have to withdraw their funds from their accounts until September 29.
ComeOn now plans to switch its attention ComeOn to the other markets where the company holds licenses by the gambling regulators. It includes Malta, Sweden, the German state of Schleswig-Holstein, and Poland, where it operates a sports betting website. Most recently, the company also obtained a license from the Danish Gambling Authority that would enable it to enter another regulated Scandinavian market.
“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,” explained ComeOn’s Chief Executive Lahcene Merzoug.
“At the same time the UK licence has lost it’s symbolic value. Before you almost had to have one to be looked upon as a credible company. Today we hold licenses in many European countries and given that the UK has never been a big market for us, it’s a wise move to put our focus elsewhere,” added Merzoug.
The announcement comes after online bingo and casino operator JPJ Group last month also confirmed plans to withdraw both its Vera&John and InterCasino brands from the UK market.
