In October, the company decided to start its exit strategy in Norway, Switzerland and Hungary. As per the reports, the company has decided to stop operations in these countries to undertake the regulatory reviews of the iGaming framework in Europe.
From the 1 October 2014, the customers from these three countries have not been able to bet or deposit funds on the casino website. They were given a month’s time after the shutdown to withdraw their pending funds.
In continuation with its exit from more European countries, in January 2015, the company has shut its operations in four more countries including Russia, Romania, Finland and Portugal. The company has made this decision due to the changing legal regulations in the UK and European legislation.
A spokesperson from Ladbrokes mentioned that the company constantly reviews their presence in the business markets as per the legal advice and regulations of different countries. This is a continuous process and the company is withdrawing its operations from markets that are not materialising in terms of legal issues.
The withdrawal is a follow-up of a regulatory operational review that occurred last year. The famous bookmaker company also shut its operations in Canadian markets in the month of September.
The four withdrawals in the countries in January 2015 are at a time when these markets are reviewing their own regulatory frameworks regarding online gambling in the respective countries.
Portugal and Romania are ready to set up new regulations this year regarding the online gambling industry. The situation in Russia is still cloudy since many regulators have issued warnings to the operators that have been known to breach regulations of the country.
These withdrawals have come only a short time before the new licensing in the UK. As per the new regulations, any operator who wishes to take bets from their clients need to obtain a new licence from the regulatory body of the nation.
This new condition has also stated that all the operators need to disclose their financial information regarding international markets that generate more than 3% of their total revenues.
On speaking to Ladbrokes regarding their decision to re-enter any one of the four markets in the future, the company has given an indecisive answer. This is certainly going to impact the customer base in European countries for Ladbrokes.