888 to leave the Dutch market
In April 2021, the Netherlands legalized online gambling, all unlicensed operators must stop accepting new customers by October 1. This includes 888.
– president of 888, Lord Jon Mendelsohn
SAN DIEGO, CALIFORNIA, ESTADOS UNIDOS, October 28, 2021 /EINPresswire.com/ – In April 2021, the Netherlands legalized online gambling with the caveat that online casinos must be licensed. All unlicensed operators must stop accepting new customers by October 1 and opt out completely by November 1.
Non-compliant companies are exposed to fines of between 150,000 and 600,000 euros, or 4% of their annual turnover if it exceeds 15 million euros. Once withdrawn, they must undergo a six-month sanction period before they can apply for a license.
As the Netherlands forces 888 and others to step down briefly, the currently inactive casinos in the country are ready to go into business. So far, they have received 28 requests, 10 of which have already gone through the approval process.
The 888 hiatus is only temporary as they plan to return to the country by the end of 2022. Although they leave the Dutch market in the meantime, they arrive in Britain with their recent acquisition of William. Hill for $ 3.7 billion.
Caesar’s sale of William Hill’s European deals could have excellent upside potential for anyone investing in online gambling. While 888 has only focused on online casinos in the past, they have no plans to close any of the existing 1,400 UK retail stores obtained upon purchase.
888 Chairman Lord Jon Mendelsohn said: âWe believe the acquisition will create significant shareholder value, creating a company combined with leading sports betting technology, products and brands, games and poker, supported by leading management talent from both companies. ”
Although the Netherlands has taken a strict approach to betting in the past, it is fast becoming one of the largest online casino markets in Europe. Operators are moving fast to obtain licenses under the passage of the Remote Gaming Act. While some may have to wait until 2022 to re-enter the Dutch market, 888 and investors are ready to take the pulse of European online gambling.
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