Entain, Betsson and LeoVegas Set Sights on Dutch iGaming License
A trio of major gambling operators have announced that they have stopped operating in the Netherlands in the hope of obtaining a Dutch iGaming license.
The regulated Dutch market opened today (Friday 1 October), and the new regulations state that operators caught offering their services without a license will face fines. As a result, Entain (LON: ENT), Betsson (STO: BETS-B), and LeoVegas (LEO.ST) all announced the cessation of operations on the final day of September.
Entain has said that it plans to apply for a Dutch license and will be submitting its application by the end of this year. The company’s withdrawal from the market yesterday is estimated to reduce its earnings before interest, taxes, depreciation, and amortization by around €5 million per month.
Betsson said that it has withdrawn simply in order to comply with the new regulations.
Compliance with laws, rules, and ethical standards in the countries in which we operate is a foundation for Betsson. We have a strong belief in the Dutch market, and we have a clear ambition to operate under the new Dutch regulatory framework in the future, making us able to yet again offer Dutch customers an outstanding and sustainable customer experience.
Meanwhile, LeoVegas revealed that in recent quarterly results, the Dutch market accounted for a low-to-mid share of its revenue. Both LeoVegas and Betsson believe that withdrawing from the market will affect their earnings before interest, taxes, depreciation, and amortization by around €2.4 million per month.
In order to apply for a Dutch license, operators must comply with a cooling-off period in which they do not provide services within the country. In a statement, Entain said that it has been complying with this since 2019, but Betsson or LeoVegas provided no similar details.