Betsson consolidates its UK business to focus on Rizk Casino

iGaming operator Betsson has announced today that they will be consolidating their UK business moving forward. Back in 2018 the operator closed their UK office and the new restructuring of the group, will see them only focus on one brand, that being Rizk casino, moving forward.

The Group has to date operated with nine brands, on three different platforms, and under four licences in the UK market.Ā  As part of its strategy,Ā BetssonĀ hasĀ decided to further consolidate its UK business to focus on growing one single brand (Rizk).

ThisĀ initiative willĀ increase efficiencyĀ and have aĀ positive impact on the contribution from itsĀ UK business.Ā It willĀ alsoĀ enableĀ resourcesĀ to be reallocatedĀ for profitable growth in other markets.Ā The other eight brands will beĀ retainedĀ in the Groupā€™s portfolio for use in other marketsĀ and thereforeĀ there will beĀ noĀ need forĀ write-downĀ ofĀ goodwillĀ orĀ trademark.

Betssonā€™sĀ market shareĀ in the UKĀ is relatively smallĀ with revenues currently representing approximately 3% ofĀ theĀ Groupā€™sĀ revenue.Ā TheĀ UK regulatory framework has undergone significant changes in the past few years,Ā requiringĀ extensive investments both in technology, regulatory compliance as well as marketing, which is not sustainable with the Groupā€™s currentĀ UKĀ setup.

ThreeĀ of theĀ Groupā€™sĀ fourĀ licencesĀ will therefore be handed back to the UK Gambling Commission (UKGC) with immediate effect.Ā One of theseĀ licencesĀ wasĀ under review with the UKGC.

The eightĀ UK-facingĀ brandsĀ under theĀ returnedĀ licencesĀ will be closed with effect from today with no further depositsĀ orĀ betsĀ accepted.Ā The customers of these brands will beĀ contactedĀ accordingly, allĀ depositsĀ will beĀ repaid,Ā andĀ allĀ outstanding bets will beĀ paid out asĀ winning bets.