The Vienna-based gaming firm, Bet-at-home, has opted to cease its UK operations following the revocation of its license by the UK Gambling Commission. This action was taken in July 2022 due to apprehensions regarding Bet-at-home’s adherence to the Gambling Act of 2005, specifically in areas such as responsible gaming and measures against financial crimes.
Although the company initially halted new sign-ups and suspended wagering and deposit functionalities, existing patrons could still access their accounts and retrieve funds. Nevertheless, Bet-at-home has now affirmed it will not challenge the license annulment and will be withdrawing from the UK market entirely.
In an announcement on its platform, the company notified its users that account creation, wagering, gaming, and deposits were no longer available. Patrons with outstanding balances were given until September 30, 2022 (10:00 AM UK time) to withdraw their monies.
The online gambling platform experienced a challenging commencement to 2022. Financial results for the initial quarter revealed a substantial decrease in income, generating a mere €14 million (equivalent to $15 million) in contrast to €30 million the preceding year – representing a decline exceeding 50%! The organization transitioned from a favorable €4.4 million gain in the first quarter of 2021 to a €2.7 million deficit during the corresponding period in 2022.
They attribute their slump primarily to the stringent regulatory frameworks in Germany and the Netherlands.
