UK-based Ladbrokes has decided to leave the Canadian market.
As of Oct. 1, no Canadian players will be able to register, deposit, or use any Labdrokes-related products. Players will have 30 days to withdraw funds from their accounts.
Ladbrokes issued the following statement to the Financial Times:
“We continually review the markets based on legal advice and Canada is not a material contributor. The vast majority of our business is UK and Ireland, with a focus on Australia, Spain, and Belgium for the future.”
While Canada only contributes £200,000 ($327,000), or 0.5%, of its total revenue, the recent legislative changes in Canada and the UK have been cited as a reason for the exit.
The UK Gabling (Licensing and Advertising) Act 2014 is set to become in place Nov. 1, which will effect all UK-based operating gambling sites in countries in a legal grey area.
Other countries affected include Switzerland, Norway and Hungary.