Bet-at-home Exits UK Market Following License Revocation

A European wagering firm, Bet-at-home, has ceased its UK business. This action comes after the UK Gambling Commission revoked their permit in July 2022.

The Gambling Commission expressed worries about Bet-at-home’s adherence to the 2005 Gambling Act, especially regarding social responsibility and money laundering prevention measures.

Although the company initially suspended new sign-ups and betting operations, existing clients could still access accounts and retrieve funds.

Bet-at-home has now verified that they will not challenge the license annulment and are withdrawing from the UK market. The company’s webpage notified users that placing wagers or making deposits is no longer possible. They urged users to extract any remaining funds by September 30, 2022.

The online wagering platform experienced a challenging commencement to 2022, as their income was significantly reduced by over 50% during the initial quarter. Their betting activities generated a mere €14 million (equivalent to approximately $15 million), representing a substantial decline from the €30 million earned in the corresponding period of the preceding year.

This underwhelming financial performance resulted in a considerable decrease in earnings. Specifically, they declared a deficit of €2.7 million for the first quarter of 2022, a stark contrast to the €4.4 million profit they had achieved in the first quarter of 2021.

The firm attributes this downturn primarily to regulatory obstacles encountered in Germany and the Netherlands.