for early access to the latest igaming videos!
and get the latest igaming news first!
In what might be its last attempt at legal re-entry into the Dutch gambling market, Betsson has announced that it’s forfeiting its planned $31.4 million acquisition of Holland Gaming Technology and will instead focus its resources on other opportunities.
The deal to purchase Netherlands-licensed operator Holland Gaming and games studio Holland Power Gaming was first made public in February 2024, but couldn’t be completed until the Netherlands Gambling Authority (KSA) approved it.
However, the KSA failed to issue a decision by the agreed deadline, so Betsson has elected to withdraw its bid. The gambling giants will receive the purchase price, minus the break fee, which amounts to $30.4 million.
“The unwinding of the acquisition will not have any notable effect on the Group’s consolidated income statement,” the company stated.
Another Failed Entry into the Dutch Market
Betsson has faced another setback in its efforts to re-enter the Dutch gambling scene. Following its exit from the grey market in 2021, the company aimed to secure a license under new regulations. Unfortunately, after a lengthy and costly approval process, Betsson withdrew its application in July 2023 due to significant delays.
With the acquisition of Holland Gaming Technology, Betsson sought a more efficient path back into the regulated Dutch market. By purchasing an already-licensed operator, Betsson hoped to bypass the usual delays associated with obtaining a new license. Holland Gaming holds a B2C license and operates several online casino platforms, while Holland Power Gaming develops content exclusively for its partner.
Despite the potential advantages of this acquisition, the deal could not proceed due to the KSA’s failure to issue a decision by the set deadline. The company had financed the deal using existing liquid assets, aligning with its strategy to expand in regulated markets. It will now focus on seeking new opportunities elsewhere.
Betsson has already faced two major rulings in the Netherlands this year. It was ordered to pay €119,634 ($135,379) earlier this year, a court in Noord-Nederland determined that Betsson had offered online gambling services without the necessary license. As a result, the company was ordered to repay €119,634 ($135,379) to a player, along with statutory interest.
In a separate case from March, Betsson was ordered to refund over €500,000 to a customer who had lost money while gambling on unlicensed websites. This ruling stemmed from events dating back to 2014, a time when online gambling was not yet legal in the Netherlands.
With both financial penalties and a rocky path to re-entry, the company might not have a future in the Netherlands.
Source: Next.io
