Malta-based online gambling operator Max Entertainment this week announced that it has decided, albeit “with a heavy heart”, to leave the UK gambling market citing Brexit concerns and shift in corporate focus to other well-regulated markets.
In June 2019, MaxEnt had its UK license revoked by the country’s Gambling Commission. The UK watchdog said back then that its decision was prompted by concerns “relating to the operator’s finances and information supplied to the Commission.”
MaxEnt promptly moved to appeal the revocation of its license, saying that it hoped for a “positive outcome.” Yet, the company stated back in June that it was “carefully considering” its position in the UK gambling market.
MaxEnt manages four online gaming and betting brands, including its flagship Slotty Casino as well as GoSlotty, Vulkanbet, and GGBet.
In a statement from this week, the operator said that it is withdrawing from the UK market as of this month “due to strategic business reasons.” MaxEnt went on to say that UK citizens are no longer able to open new accounts with its brands, while existing customers will be able to access their accounts “for a short period for the purposes of withdrawing funds only.”
After that period, players that still have funds with MaxEnt will be able to retrieve them by contacting the company’s customer service and proving that they are the account holders.
Focusing on European Markets
As mentioned earlier, MaxEnt is steering away from the UK due to what now looks to be an imminent Brexit after the Conservative Party secured a majority in the UK general election last month.
MaxEnt said in its statement that “the looming threat of Brexit has been a source of concern” for the company and now that the UK’s exit from the European market “is assured, we feel that we are better focusing on other well-regulated European markets.”
MaxEnt’s UK departure signals that the company is also dropping its appeal of the Gambling Commission’s decision to revoke its license.
Even though the gambling operator is leaving the UK market, it said in its statement that it is not “ruling out the possibility of returning to the UK in the future, after Brexit has happened and the market is settled.”
For now, MaxEnt revealed, its plans involve focusing on “promising developments in other markets” as more and more European countries are moving to the “local-licensing model”, thus presenting many opportunities that the company would find it hard to grasp “if the UK also needed attention.”
MaxEnt expects to obtain a Swedish license this month. The company is also eyeing expansion in the Dutch online gambling market when it gets opened. Its expansion plans further include launching its GoSlotty no-registration casino in Germany and Finland later this month.
Source: Brexit leads Max Entertainment to UK withdrawal, CasinoBeats
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