Betsson to Close Pretty Much All of Its UK Business – What That Means For You?

Betsson Group LogoBetsson, the Scandinavian betting group with a diverse array of bookmakers and sportsbooks under its umbrella, has announced that they are to close pretty much all of their UK sites with immediate effect.

It means that their own eponymous brand Betsson, as well as the likes of Betsafe and RaceBets, will no longer be available to UK based punters.

The firm has asked the UK Gambling Commission to withdraw three of their four licences, and that has also led to a closure of a number of their online casino sites as well.

Instead, Betsson will focus all of their energies into Rizk, a sports betting platform that they acquired from the Gaming Innovation Group earlier in 2020.

The group signalled its intent to move on from the UK market as early as 2018, when they shut down their London office and terminated their backing of the NetPlay TV platform.

And in a posting on the official Betsson website, they referenced the tightening regulatory conditions in the UK sector as the main factor behind their decision.

“The UK regulatory framework has undergone significant changes in the past few years, requiring extensive investments both in technology, regulatory compliance as well as marketing, which is not sustainable with the Group’s current UK setup,” a press release on the firm’s website revealed.

“This initiative will increase efficiency and have a positive impact on the contribution from its UK business,” the statement continued. “It will also enable resources to be reallocated for profitable growth in other markets. The other eight brands will be retained in the Group’s portfolio for use in other markets and therefore there will be no need for write down of goodwill or trademark.”

All told, their UK facing brands contributed just 3% to Betsson’s overall annual revenue, so you can hardly blame them for wanting to cut their ties within the market.

But the decision comes barely a week after the Scandinavian operator signed a deal with Sports Information Services (SIS), who would have been providing 24/7 live betting feed to Betsson’s brands as well as live streaming, commentary and data across horse racing and greyhound racing. It remains to be seen if these features will be provided via Rizk or not.

What Happens Now If You Have a Betsson Account?

Racebets Screenshot

If you have a Betsson, Betsafe or RaceBets account, there’s no need to panic.

The group has confirmed that they will be contacting their customers directly in the coming days with more information on how funds can be withdrawn from your account, and absolutely nothing will be lost because they remain financially solvent and trading internationally.

What’s more, Betsson surprisingly revealed that all ante-post and outstanding bets will be settled as winners – no matter what the position of the selection is. That is an outstanding goodwill gesture.

From today (October 22), the three brands mentioned above will all be closed to new customers, and so that means that even if you can log in to your account you should not place any new wagers or make a deposit with them.