World-leading online casino operator LeoVegas AB confirmed that its renowned brand, Royal Panda, will be no longer servicing players in the UK market. There was no official statement about the reasoning but apparently, the company couldn’t put up with the increasing regulatory demands that UKGC imposes the last years.
Last Tuesday, Royal Panda gave a heads up to its customers that the online casino will have ceased its operations by the end of the month. More specifically, Royal Panda has stopped accepting British players since January 8. As far as the existing players are concerned, they won’t be able to deposit or make any bets after January 20. The operator intends to terminate its presence in the UK by January 31 at 9am local time. Any bets linked with sports events later than this date will be refunded.
The brand urges its players to withdraw the whole sums they have in their balances because after January 31 the accounts will become inaccessible. The company promised that after that date they will attempt to return the funds of any player that failed to withdraw them by then. A time window of one year will be granted for this procedure. As of January 31, 2021, any money found unclaimed will be donated to GambleAware charity.
Unsurprisingly, Royal Panda encouraged its customers to continue playing at LeoVegas, the main website of LeoVegas AB Group. LeoVegas had acquired Royal Panda just 3 years ago with the total sum of the buyout to be estimated at approximately €120m. Royal Panda was promoted by the company as their leading “player” in the UK market and in terms of revenue the casino performed well in general. However, the findings of last year’s Q3 report weren’t as productive as LeoVegas AB expected.
Royal Panda is just one of the numerous, eminent online casino brands that pull out of the UK market due to the constantly rising costs of regulatory compliance. The news continues to be unattractive for any operator who wants to invest in the British market: talks about banning credit cards from online casinos and reducing maximum stakes and payouts to very small numbers are on the table.
Royal Panda may have “ditched” the UK but we are here to help you find your new “home”. Check our list of the best UK online casinos in 2020 and decide whether you will switch to LeoVegas or any other brand that has made it on our list.