After launching in the EU member state some eight years ago, British online casino company 32Red will reportedly exit the Italian market at the end of the month.
The Kindred Group plc (KINDSDB:Stockholm) subsidiary will cease online operations in Italy from November 30, 2020, according to a statement on the website 32Red.it, which read…
“We are sorry to inform you that starting from November 30th 32Red will no longer be operational. It was a difficult choice to make. We hope, however, that these years spent together have been fantastic for you, as they have been for us.”
Funds withdrawal deadline:
According to a source, customers were advised by the operator to withdraw their funds by November 29 as the site would not be accessible to them after that date.
Kindred, which completed its £176.5 million ($218.3 million) takeover of Gibraltar-based 32Red in April 2017, will reportedly focus instead on promoting its Unibet.it brand in the European country’s market. The Swedish online gambling operator said Unibet would “guarantee 32Red.it players the warm welcome they deserve,” according to the source.
After revealing in November 2011 that it hoped to launch in the Italian market the following year, AIM-listed operator 32Red was awarded an Italian eGaming license in March 2012.
In 2011, Italy regulated its online gambling industry, opening its doors to foreign operators from December 2012.
In a statement at the time, former Ladbrokes executive and founder and former Chief Executive Officer for 32Red, Edward Ware, said…
“The continued growth in revenues, particularly in light of strong comparatives, is testament to the strong new player recruitment resulting from more investment in our main market, the UK. We aim to continue in this regard as well as taking our first measured steps in entering the Italian market.
“We look forward to launching 32Red.it during the second half of the year and welcome the recent decision by Italian authorities to commence the procedures to approve online slot games from December 2012 onwards,” added Ware.
Online gambling landscape:
Revenue climbed 25.4 percent year-on-year in September in Italy’s regulated online gambling market, with significant growth in the core iGaming and sports betting verticals aiding the ascent.
Although it has yet to publish its third-quarter revenue, Kindred has posted an 8 percent hike in H1 revenue in spite of COVID-19’s impact on operations. The company’s gross gaming revenue for the period was £484.8m.
Strengthens Belgium offering:
In related news, the Stockholm-listed gambling company recently announced the signing of an agreement that is to see it acquire Blankenberge Casino-Kursaal (Blancas) NV, which operates Casino Blankenberge in Belgium, from The Rank Group Plc for around $32.27 million.
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