Betsson is to hand back three of its four British Gambling Commission licences as it reduces its presence in the market to a single brand.
The operator explained that having been continuously reducing its business in Great Britain in past years, including closing its office in the country in late 2018, it would now consolidate further by focus on growing the Rizk brand only.
The market currently contributes just 3% of group revenue, Betsson noted.
The downsizing, it said, would increase efficiency and ensure a positive contribution from the country going forward, as well as allowing resources to be reallocated to drive growth in other, more profitable markets.
The operator said that the British market had undergone significant changes in recent years, that required extensive investments in technology, regulatory compliance and marketing. This, however, was “not sustainable” under its current set-up, Betsson explained.
It will therefore withdraw the two other B2C brands – Guts and Kaboo – it acquired from Gaming Innovation Group (GiG) in a €33m (£29.9m/$39.1m) deal that was finalised in April this year.
In addition, its Betsafe, Betsson, Casino Euro, Live Roulette, Racebets and Jackpot247 brands will also be pulled. The brands will no longer accept deposits or bets, with all deposits repaid to customers, and outstanding bets repaid as winners.
The operator noted that one of the licences was under investigation by the Gambling Commission, but did not indicate which. Furthermore, none of the brands are listed as being subject to any sanctions on the regulator’s licensee register.