FunFair withdraws UK licence application

Blockchain casino platform FunFair has withdrawn its application for a UK operating licence, according to a company update.

Following feedback from the UK Gambling Commission and the advice of legal consultants, FunFair withdrew its bid for a UK remote licence, and instead will focus on obtaining a licence in Gibraltar and Malta.

Funfair cited the competitive nature of the UK market and the risks posed by Brexit as the major reasons behind the withdrawal.

A statement on the FunFair website read: “The UK domestic market is very competitive and becoming increasingly tightly regulated, and in the short term at least, is not a jurisdiction that the business is interested in supplying into.

“Additionally, the risks posed by a disorderly Brexit are such that we believe it would be better to avoid triggering a licensing requirement in Great Britain, and to expedite our expansion into new development hubs around the world.”

FunFair has opened a new office in Dublin as a result, opting to relocate part of its development team to work on the gambling software that powers the casino platform.

Discussing the move, FunFair said: “This opportunity will allow us to tap into a quality jobs pool of some of the best developers around in one of the most innovative tech centres in Europe.

“We will be based in the Grand Canal Docks area, often referred to as Silicon Docks, and be neighbours to the likes of Facebook, Google and other innovative tech companies.”

Senior members of FunFair’s tech team selected Dublin ahead of other locations including Amsterdam, Paris and Berlin.