Ladbrokes Exits Canadian Market
United Kingdom gaming giants, Ladbrokes, are the latest online gambling operation to announce their withdrawal from the Canadian market following the likes of Matchbook, Betfred and payment processor Skrill, in similarly unexplained exits from Canada.
The first announcement of the departure was via an email sent to Ladbroke’s Canadian members on Tuesday. The email announced the closure of their Canadian operations effective on the 1st of October and urged players to withdraw any and all funds remaining in their casino accounts, of which they will have a 30 day grace period from the October 1st. “Any bonus funds and pending winnings still tied into wagering requirements in accounts from Canada will be forfeited” read a section of the email.
Ladbrokes have remained suspiciously silent on the sudden move only stating: “we regularly review our ability to offer gambling facilities in different countries throughout the world”, however their October 1 closure just happens to coincide with the launching of the new UK Gambling Commission licensing regime.
The withdrawal, which could be a contributory factor of the new UK Gambling Commission regulations set to come into effect on the 1st. They require that all applying operators for the UK License disclose any revenue information with regards to international operations that generate more than 3% of overall revenues.
A big player in the Canadian market Ladbrokes may not be, but there have been well documented skirmishes by the government on Ladbrokes online operations and it could be the company’s lack of movement allowed the company to grow, albeit it very quietly.
Yet another contributory factor to the sudden exit could be new legislations within the Canadian market, be it the proposed extensions of the anti-money laundering laws that only applied to the various provincial monopolies, with Ladbrokes being one of them meaning they would come under even further scrutiny as well as extra tax.
Also, the Canadian Government has recently approved legislation that would allow the country’s lotteries to offer single-game sports wagers that previous operators such as Ladbrokes, MatchBook.com and Betfred – who have also recently exited the market – currently offer.
Whatever the reasoning behind the impending exit, a topic that Ladbrokes has yet to offer comment on, one can only assume there is an ulterior motive behind the move. As quietly as it was done, there has to be a bigger strategy and we will cover it as it unfolds. At the moment, Ladbrokes customers in Canada will have to withdraw any funds and begin the search for a new online gaming operator.
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