LeoVegas has made the decision to pull Royal Panda out of the UK market by January 31st, 2020. Generally, LeoVegas has recently seen expansion, getting its Spanish gambling license just last summer. However, it has now taken the bold decision to pull one of its brands, Royal Panda, out of the UK. Apparently, they made this decision at the end of Q3 2019 because of its poor performance in that market. And so this means, UK players will no longer be able to use the Royal Panda site as of 9 AM on January 31st 2020.
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To sum up, LeoVegas bought Royal Panda just 2 years ago, in October 2017, for £51 Million (€60 Million). On top of this, it cost an additional £51 Million in earn-out payments. At first, the CEO of LeoVegas, Gustaf Hagman, believed that this deal would strengthen both parties, and they would both grow within the UK. However, it seems the opposite was true.
In essence, Royal Panda put out an official statement on its website, thanking players. However, they have made it clear that it will not be a sudden withdrawal and will happen over three stages. Firstly, UK players will not be able to open an account after 10 AM on January 8th. Secondly, UK account holders won’t be able to make any more deposits after January 20th. And finally, UK customers won’t be able to get into their accounts as of 9 AM on January 31st.
An additional statement on the site advised UK casino players to withdraw funds before the site becomes unavailable. Also, LeoVegas stated that if any player doesn’t withdraw in time, they’ll release the money to them via the payment record attached to the account. Plus, they assured players that if they couldn’t refund via the recorded method, they would contact members via email. What’s more is that they’ll donate any remaining funds to the Responsible Gambling site, BeGambleAware.