LiveScore Group has confirmed the withdrawal of its LiveScore Bet brand from the Netherlands, with operations set to formally cease on November 29.
The decision follows a planned government tax increase, which is set to rise by almost a quarter from 30.5% to 37.8% of GGR. The relinquishment of LiveScore Bet’s license has been communicated to the regulator, Kansspelautoriteit (KSA).
LiveScore Bet said its primary concern is the impact on its people and customers. A process is now underway to inform all LiveScore Bet users, whilst account registration has been deactivated, meaning that there will be no new players joining the site. All impacted employees have been informed and are now subject to a confidential consultation process.
Sam Sadi, CEO of LiveScore Group, said: “On behalf of all LiveScore Malta directors, it is with regret that we have made the difficult decision to exit LiveScore Bet from the Netherlands. Unfortunately, the planned tax increase means that this market is no longer viable commercially.
“Since our launch in 2021, we have built a brilliant community of engaged customers, and we will greatly miss our relationship with them. We would like to thank our players, people, and partners during our time in operation.”
Sam Sadi
LiveScore Bet Netherlands will be implementing the following steps for active players to smooth the closure transition:
- The week commencing November 25, the players will no longer be able to deposit funds.
- Player account balances will still be able to be used to wager until November 29.
- On November 29 LiveScore Bet will discontinue the ability for players to participate in games of chance and wager.
- On November 29, LiveScore Bet will also refund all player account balances to the linked contra accounts.
- LiveScore Bet will allow players to contact customer support post November 29, to ask questions about their account, and the disbursement of funds in the event of any withdrawals that could not be refunded on November 29.
The Dutch tax hike was pushed through despite industry associations warning it would undermine the legal industry. Research from Atlas Partners also warned the move could force licensees out of the market, while land-based monopoly Holland Casino warned that current operations will run at a loss once the tax is implemented.
LiveScore Bet, one of the first 10 entrants to the Netherlands iGaming market in 2021, becomes now the second company from that first wave to pull out, following Flutter Entertainment’s Tombola. LiveScore Bet continues to operate in the UK and Irish and Nigerian markets.
Original article: https://www.yogonet.com/international/noticias/2024/11/15/85314-livescore-bet-to-exit-the-netherlands-sports-betting-market-by-month-39s-end
