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Kindred Group has confirmed that its flagship brand Unibet will withdraw its presence from the German market from July 1.
The Stockholm-listed operator has informed local authorities that it has opted to cancel Unibet’s sports betting and virtual slot license applications to participate in the Fourth Interstate Gambling Treaty regime ( GlüNeuRStv) in Germany.
“Our long-term strategic direction defines locally regulated markets as the primary driver of our growth,” Kindred said.
“However, license application procedures, licensing conditions and the regulatory environment must be transparent, sustainable and financially viable for a market to be competitive.”
Kindred said its decision was made following an assessment of market conditions which viewed GlüNeuRStv’s application procedures and restrictions on the products offered as “unsustainable and competitive with the unlicensed offering.” .
The decision sees Unibet become the highest-profile brand to emerge from the GlüNeuRStv regime, in which Kindred had observed a two-year waiting period to obtain a market license which was no longer considered a strategic priority.
In pulling out of Germany, Kindred said it prioritized goals of growing its North American presence and gaining “control of the product with the Kindred Sportsbook platform and the acquisition of Relax Gaming.” .
Kindred concluded, “We don’t see a basis for long-term shareholder value and customer experience at this time. However, we understand that this position may change in the future.
“As our operations in Germany are limited, the decision will have an insignificant financial impact for Kindred.”