LeoVegas (a Swedish mobile gaming company and provider of internet casino and sports betting services) is withdrawing its Royal Panda brand from the UK market, because of unsatisfactory results.
Royal Panda Pulled Out of the UK by January 31
LeoVegas, which was given a gambling license in Spain last summer, has made a decision to pull out the Royal Panda online casino brand from the UK market. The decision was made at the end of Q3, 2019 when it became obvious that Royal Panda had been performing poorly. The removal of Royal Panda will become effective on Friday 31, January 2020.
Royal Panda was acquired by Leo Vegas for €60m only 2 years ago in October 2017. The company added an additional €60m in earn-out payments.
According to a statement released at the time by Gustaf Hagman, CEO, and co-founder of LeoVegas, the deal between the two brands was supposed to ensure their continued growth and strengthen their position in the UK.
Yet, two years later, things seem to have gone exactly in the opposite direction.
“We regret to inform you that Royal Panda will no longer be operating in the UK from 31 January 2020. We’ve had a great time entertaining you over the years and wish to thank you very much for choosing to play with us,” says a note on Royal Panda’s website.
The company’s withdrawal will happen in the following three stages:
- New players from the UK will not be allowed to sign up from 10 am GMT, Jan 8, onwards.
- UK players will not be able to make a deposit or sports bets from 9 am GMT, Jan 20, onwards.
- UK players will not be able to access their gambling accounts, place casino bets, and play at Royal Panda from 9 am GMT, Jan 31, onwards.
UK Users Should Withdraw Deposits Before the Service Stops Working
“Once again, we’d like to thank you for playing with Royal Panda, remind you that you should withdraw your cash as soon as possible, and wish you every success in the future,” reads another statement of the company informing the players that they need to withdraw their funds before the service stop working.
As previously mentioned, all activities covered under the UK licence will stop being active on January 31.
LeoVegas has announced that it will release funds using the payment methods on record for the Royal Panda users who fail to withdraw their cash before the deadline.
Furthermore, the brand will get in touch via email with the other players for updating them on alternative methods to receive their money if this cannot be done through the payment methods on record.
If the company is unable to get in touch with a user in the next one year starting January 31, it will donate their deposits to the approved by the United Kingdom Gambling Commission gambling charity called BeGambleAware.