Crikey, LeoVegas bows out of Australia!Wednesday, Nov 1, 2017 12:57
A sad day for all Aussie fans of LeoVegas. The online gaming and betting company have announced that they will no longer be trading within Australia in any form thanks to new restrictive legislation brought in by the country recently. Earlier this month, the Australian Senate moved to pass the Interactive Gambling Amendment Bill, which includes legislation that bans all remote operators from offering online poker and in-play sports betting to punters in the country.
The Scandinavian betting giants ended their service down under on the 10th of September in compliance with this very piece of legislation. That means that all of their services online are no longer available to anybody within any of the states in Australia. This has surely upset many customers to whom LeoVegas was their preferred place to do all of their online gaming and sports betting. There are some other services staying operational in the country, namely ones that are based there so Australian players will most likely have to migrate over to them in order to keep placing online bets and playing online games such as slots.
Of course, this news does not only affect LeoVegas as they were not the only online gaming service working remotely within Australia. Other rather large online gaming and betting providers have also had to make a similar exit from the Australian market thanks to this rule change the most notable of which were PokerStars, 888, PartyPoker and 32Red. Some online gaming services may still resume operations but on a money-less basis as the legislation does not prohibit this sort of thing, however, it is unlikely that they will do so for long as it will no doubt prove unprofitable for them to continue operating their services without the same kind of income levels.
This news is also bad for affiliates within Australia, that is people or websites who have made a deal with the company to promote their products on their platforms in order to get a percentage of the revenue that the company takes in. In fact LeoVegas has gone so far as to warn all of its affiliates to immediately stop promoting their links in Australia, as it would breach the partnership terms, and affiliates will no longer receive revenue share from customers in the country. Here is hoping that all of the affiliates have properly headed the message and will do as LeoVegas suggests so that they do not get in the way of an already fragile exit from the market.
The company will definitely take a sizeable hit from this unfortunate circumstance but they are more than likely taking a positive angle on it. The setback will allow them to focus on their current markets and work on growing them before trying to further expand their international presence. Taking a look at LeoVegas' stock performance in the past while will tell a very positive story. They are working on becoming more of a betting powerhouse in Europe first and foremost and their recent entry into Germany will hasten that significantly. So yes, this is unfortunate and a setback in many ways for LeoVegas but the lion will roar again!
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