A popular online gambling operator, ComeOn has just announced that it will be shutting down its operations in the online gambling market in the UK.
Who is the gambling firm ComeOn?
The gambling operator first came onto the UK gambling market in 2014, operating three brands from its flagship operation: Get Lucky, Mobile Bet and ComeOn, which included online casinos and live roulettes, all licences of which were issued by the UK Gambling Commission.
Why is ComeOn closing down in the UK?
The CEO of ComeOn, which is a Malta-based online casino company, said that the intended to remove their three UK-facing brands in order to focus on markets that were more favourable elsewhere.
Stricter regulations in the gambling sector
One of the reasons that has been attributed to the move has been the implementation of tougher regulations in the gambling sector.
For example, there are higher stakes now for gambling operators who do not comply with regulations (such as large fines) and this can mean the financial risks are too big for some gambling operators in order to be able to continue to operate. Earlier this year, the gambling watchdog gave a £5.9 million penalty to Ladbrokes Coral over its failure to adequately protect problem gamblers on its site.
The UK Gambling Commission has also been adding to the number of regulations that gambling operators need to abide by, so that they can continue to legally operate in the UK.
This has included the introduction of the Gamstop program that needs to be integrated into all UK online gambling firms or else lose their licence.
It has also included launching a consultation that may end up leading to a ban on gambling on credit cards.
What will happen to ComeOn customers?
The company has said it will no longer accept UK-based players or betters from September 23rd 2019 and by September 27th 2019, it would no longer allow deposits from existing UK customers and would close their accounts from this date.
ComeOn plays will need to withdraw their funds by September 29th. If they do not, they are required to contact the customer support team at ComeOn to transfer the remaining funds to their personal bank accounts.