RedKings announced last week that it is closing two of its products amid growing competition in the online gambling field and regulatory pressure
The operator said in a statement published Thursday on its official website that it has decided to shut its online poker and betting operations. RedKings’ casino product will remain operational, it also became clear.
RedKings has been a fixture in the online gambling space for more than 13 years with its online poker operation. RedKings Poker has most recently operated as a skin on MPN. In a Thursday statement, the operator said that its poker players will be able to play poker and finish their existing RedKings bonuses until April 28, 2019. New bonuses will no longer be issued and promotions have already stopped for the month.
According to the Thursday statement, RedKings has arranged with Betsafe to take over its RedKings Promotions in order for players of the soon-to-be-shuttered operation to be able to continue playing on MPN and enjoy said promotions.
As for its sports betting product, RedKings advised its customers to get all bets settled by April 24, 2019.
As mentioned above, the UK-licensed operator’s online casino business will continue operating as usual.
Third Operator to Close Shop
RedKings has become the latest UK-facing online gambling operator to close fully or partially its business. While it did not provide information what had prompted its decision to shut down its sports betting and poker products, the current environment must have played an instrumental role.
The UK has recently introduced a hike in its remote gambling duty, which has certainly come as a big blow to underperforming businesses. Operators licensed by the UK Gambling Commission are now required to pay a 21% tax on their annual revenue from local customers, up from the previous 15% rate.
In addition to the increased tax, the UK gambling regulator has been on a witch hunt for erring operators for quite some time now and has punished such operators with heavy fines and scolding.
BetBright shut down its B2C business last month just a day after its much larger rival 888 Holdings purchased its technological platform for £15 million. BetBright drew gamblers’ ire with its move to void all bets due to be settled after March 5, which, among other things, affected wagers placed on this year’s Cheltenham Festival.
Late in March, 188BET broke the news that it was closing shop in the “very competitive” UK and Irish gambling markets. Similarly to BetBright, the online gambling operator said that it would not honor bets due to be settled after June 30.
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