Ladbrokes to pull out of Canada

Ladbrokes to pull out of Canada

Thursday, September 25, 2014 Totally Gaming

UK bookmaker Ladbrokes has announced it is to withdraw from the Canadian market after considering regulatory matters in relation to operating in the country.

Ladbrokes emailed players in Canada to inform them that the bookmaker will no longer accept bets or deposits from accounts registered in the country from October 1. The bookmaker advised players that they should then withdraw their funds within 30 days.

“Ladbrokes regularly reviews the markets it operates in with regard to changing regulatory and legal frameworks,” Ladbrokes’ corporate affairs director, Ciaran O’Brien, told TotallyGaming.com.

“We stated we would be withdrawing from a number of markets during the second half of 2014 and Canada is one of these markets.”

Ladbrokes said that it only took about £200,000 (€257,000/$326,000) in revenues from Canada – less than 0.5% of its total sales.

“We continually review the markets we operate in based on legal advice and Canada is not a material contributor,” the company said.

“The vast majority of our business is UK and Ireland, with a focus on Australia, Spain and Belgium for the future.”

Canadian gambling regulators impose certain restrictions on foreign operators, with provincial, domestic operators benefiting as a result.

However, additionally, as part of the UK Gambling Commission’s new regulations, which will be introduced on October 1, UK operators must provide a legal justification for accepting customers for markets where they do not hold a specific national licence.

Sports betting operators MatchBook.com and Betfred have also pulled out of the Canadian market this year.

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