Is the UKGC becoming too heavy-handed? ComeOn speaks out on the unfavourable UK market conditions as the reason for their exit, as JackpotJoy pull two brands and EveryMatrix receives an immediate licence suspension.
Does the recent decision by online gambling operator ComeOn to exit the regulated British market in favour of greener pastures seems to point to a lack of trust in the UK Gambling Commission and indicate that the market is becoming oversaturated.
Leaving a regulated market is not a decision that an operator comes to lightly yet ComeOn Chief Executive Lahcene Merzoug announced that they group would shortly be refocusing their ComeOn.com, Mobilebet.com and Getlucky.com brands in markets where they see more profitability and room for growth.
✓But Why Move Now?
Merzoug lays the decision to quit while they’re ahead at the recent erratic policy enforcement by the UKGC, stating:
“UK is a very mature and highly competitive market and the financial risks are big. We have never had a non-compliance breach, but we’ve seen competitors being fined big numbers and that creates uncertainty.”
For an operator who has been working without any contraventions of the regulatory system in the UK since 2014, it speaks volume of the level of concern these fines and warnings are creating. In this case, it would seem the UKGC’s decision to choose the stick over the carrot is creating negative blowback in unforeseen ways.
He further noted the UK had never been a large (financial) market for ComeOn and its brands. One could surmise that lower revenue, substantial fees and the threat of unwarranted fines made remaining in the UK a gamble they weren’t willing to take.
✓Has The UK Lost Its Lustre?
What is more telling is that ComeOn’s announcement came hot on the heels of a similar decision by the JackpotJoy Group to pull their very popular Vera&John and Intercasino brands from the UK citing a need to refocus these brands on the rest of Europe as the reason for the bold move.
It is possible that as casino operators glean the potential in other markets where the regulations, fees and competition levels are more favourable the UK could begin to see more brand defect.
As Merzoug noted:
“The UK license has lost its symbolic value. Before you almost had to have one to be looked upon as a credible company. Today we hold licenses in many European countries”
It will be interesting to see where this iGaming exodus of the British market ends if the UKGC continues to hand out fines for unclear regulations and cancel licences without due notice as in the current suspension of EveryMatrix which impacts all their partner brands including Fantasino, PlayFrank, WestCasino.com, Dragonara Online, Jetbull and MrWin.com!
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