Amid growing regulatory pressure and ahead of a looming review of current laws and regulations, Royal Panda has become the latest online gambling brand to pull the plug on its UK operations.
In an announcement that hit the wire Wednesday, the online casino’s parent company, LeoVegas Group, announced that it has decided to withdraw the Royal Panda brand from the UK market.
Royal Panda stopped accepting new players from the UK on Wednesday, January 8. LeoVegas said that existing customers will be able to make deposits or place sports bets until January 20. UK players and bettors will no longer be able to access their accounts with Royal Panda from January 31.
LeoVegas encouraged Royal Panda customers to withdraw any funds they have from their accounts as soon as possible. The company said that it would “proactively attempt” to release any remaining cash balances to the payment method on record.
If any funds cannot be released for some reason, the company will try to contact customers via email to make alternative arrangements. After a period of 12 months, any funds left will be donated to the GambleAware charity, it also became known.
Customers with a bonus balance will be able to use it until January 31. As for customers with unsettled bets, they will be contacted by the operator to be informed what will happen with those bets and any potential winnings.
News about the withdrawal of Royal Panda from the UK arrive not long after LeoVegas Group CEO Gustaf Hagman said in the company’s third quarter financial update that while the UK market was profitable at group level, it remained challenging, with Royal Panda showing poorer performance during the three months to September 30, 2019.
Affiliates Told to Remove Promotional Content
Royal Panda’s departure from the UK will also affect the brand’s affiliate partners. They were told on Wednesday they should ensure that they have stopped promoting the online casino and betting site in the UK by January 31.
Affiliates were also informed that they should remove all UK-targeted promotional content from their websites as well as any links to Royal Panda that target UK-based players and bettors by January 31.
LeoVegas purchased Royal Panda in October 2017. Strengthening the group’s position in the UK gambling market was one of the big benefits cited by LeoVegas’ management at the time. However, with growing regulatory pressure and more restrictions expected to be introduced in the coming years, operating in the UK has become too much of a trouble for many operators.
Late last week, Malta-based online gambling operator MaxEnt announced that it was leaving the UK to explore well-regulated European markets instead. The group, which runs the Slotty Casino, GoSlotty, Vulkanbet, and GGBet brands, had its UK license revoked by the UK Gambling Commission in the summer of 2019.
MaxEnt appealed the regulator’s decision, but “the looming threat of Brexit” prompted the company to reconsider its presence in the UK. The operator said in a statement that was released last week that now as UK’s exit from the EU “is assured, we feel that we are better focusing on other well-regulated European markets.”
Source: LeoVegas pulls Royal Panda brand from UK
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