The giants of the gambling game in the United Kingdom Ladbrokes also decided to leave the Canadian gambling market without giving any valid reason. By doing this, they also followed the example set by the online gambling companies like the Betfred, the Canadian payment processor Skrill and Matchbook.
They announced their decision for the first time on Tuesday and emailed it to all the Canadian members of Ladbroke. In their announcement they told that they are going to close their operations in Canada from the 1st of October, and all the players should withdraw the funds that are outstanding in their casino. This procedure of withdrawing the fund was given a grace period of 30 days starting from the 1st October. Some specific details mentioned there states that all the bonus funds and the winning amount will be forfeited if the wining amount was still held as the wagering amount in the Canadian account.
Apart from the statement that they are into the process of reviewing their capabilities to offer facilities and various features to their members of different countries, the officials of the Ladbrokes maintained silence. The licensing regime for UK gambling commission was also launched on the 1st October. What a coincidence!
The regulation in the UK is very strict in this matter and it states that all the operators who apply for the UK License need to disclose all the information on the revenue generated by their international operations which is more than 3% of the total revenue. So the UK licensing application could probably be the reason for the sudden exit of the major Gambling player Ladbrokes because both the incidents took place on the same date.
Although, Ladbrokes was not a very big gambling operator in Canadian market, but there were still some charges on their online operations by the Government these are evident from all the documents available. The quiet growth might have been the result of the lack of movement of the company.
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The new legislations in the Canadian market can also be another factor that contributed in their exit apart from the fact mentioned above. It might have also been the proposed additions of the anti-money laundering rules and regulations applicable for the monopolies locally and incidentally Ladbrokes was one of them. This legislation implied that the companies would be subject to additional scrutiny and additional taxation.
Recently the Canadian government has passed a legislation in which the lottery service providers of the country were allowed to offer wager for single game. Coincidentally, the companies like Betfred, MatchBook and Ladbroke who exited the Canadian market were in the similar kind of business.
We don’t know for sure about the exact reasons behind their exit because they are yet to make a comment on that. By that time we can perceive that the motive behind the sudden exit might be secret and they might want to hide it from getting public. The details will be covered here when the mystery is unfolded. But for now, the Canadian customer of the Ladbrokes will have to withdraw their outstanding fund as soon as possible and search for a new operator for online gaming.
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