LeoVegas shuts down Royal Panda brand in UK
Casino and sports betting operator acquired for €60m in 2017 will quit the UK on 31 January
LeoVegas has pulled its Royal Panda brand out of the UK online gambling market after continued poor performance.
The UK site will shut down for good on 31 January and players will be unable to make deposits or place sports bets from 20 January.
New customers will be barred from opening accounts with the casino operator from 8 January, while a notice on the Royal Panda website has urged users to withdraw funds as soon as possible.
Sports bets made over the course of the next two weeks that either take place or settle after 31 January will be void and stakes returned.
Guidance on outstanding ante-post bets struck before 8 January remains unclear, though. A notice on the site reads: “If you have already placed a bet for such an event, we will be in touch with you shortly to explain what will happen to your stake and any potential winnings.”
After 31 January, LeoVegas will attempt to release remaining customer funds to the payment option on record or contact users via email to arrange alternative payment methods.
If funds are unable to be returned to players within 12 months, they will be donated to GambleAware.
https://twitter.com/royalpandacom/status/1214864484013137920?s=20
Philip Doftvik, director of investor relations and corporate finance at LeoVegas, told EGR: “It is correct that Royal Panda is leaving the UK market. We are focusing on the LeoVegas and other Rocket X-managed brands for the UK market going forward. Those brands are performing better in the UK market and therefore we want to invest in them rather in Royal Panda.”
As part of the operator’s Q3 2019 report, LeoVegas CEO Gustaf Hagman highlighted Royal Panda’s UK struggles. He said: “The UK is profitable at Group level but remains challenging, where Royal Panda in particular had poorer performance.”
LeoVegas acquired Royal Panda for €60m in October 2017.