Online mobile gaming firm ComeOn is exiting the United Kingdom to focus on “more favourable” markets, according to a press statement sent to Business Malta. The announcement comes 59 days before UK Prime Minister Boris Johnson’s hard Brexit deadline.
After abandoning the UK market, ComeOn will still hold licences in Malta, Sweden, Denmark and Schleswig-Holstein — Germany’s northernmost state —, as well as a sports betting licence in Poland.
Tagging the UK market as a “very mature” and “highly-competitive” one, ComeOn CEO Lahcene Merzoug says the industry is shaken by “financial risks” and “uncertainty”. Additionally, Mr Merzoug says the “UK-licence has lost its symbolic value”, which used to be a must-have for a firm to be considered as “credible”.
“Today we hold licences in many European countries and given that the United Kingdom has never been a big market for us, it is a wise move to put our focus elsewhere”, the CEO adds.
Although Mr Merzoug does not make mention of the lurking Brexit around the corner, uncertainty has spiked in many industries as pundits seem unable to put their fingers on what would happen to the United Kingdom post-Brexit.
ComeOn’s online gaming portfolio via mobile, tablet and computer includes brands primarily in casino and sports betting.