The Gambling Commission made the announcement today (12 February) with TGP Europe Limited (TGP), which operates Stake in the UK on a white-label basis, stating they will shut the site down.
The Gambling Commission has launched an investigation into a video distributed widely on social media that displayed Stake’s logo. The video featured an adult entertainment actress outside Nottingham Trent University.
After meeting with the Commission, TGP said it will immediately stop accepting new registrations to Stake’s UK platform and will remove any redirection links to the main Stake website. TGP will complete a full shutdown of the site by 11 March.
TGP has already faced regulatory scrutiny in the UK after being fined £316,250 (€379,430/$393,951) by the Gambling Commission in April 2023 for anti-money laundering (AML) and social responsibility failures.
“When an operator leaves the British gambling market we expect an orderly closure of its website to consumers in Great Britain and this includes providing consumers with clear information on how to obtain their funds,” the Gambling Commission statement read.
In a statement Stake said it had made a strategic decision in mutual agreement with TGP Europe to exit white-label agreements and focus on securing local licences through its in-house platform and operations.
It said this would build upon its growth in key regulated markets like Italy and Brazil.
What does this mean for Stake?
The news of Stake’s UK exit follows it receiving full authorisation to operate in the newly regulated Brazil market yesterday (11 February).
Brazil is the latest step in its LatAm expansion which also includes activity in Colombia and Peru.
It is making moves in Europe, too, by entering Italy in 2024 through its acquisition of Baldo Line and its Idealbet.it brand. Expansion into Denmark is also via its Mocinoplay acquisition.
Gambling Commission warns UK football clubs over sponsors
Stake has been the front-of-shirt sponsor of English Premier League football club Everton since the 2022-23 season.
The Commission says it will contact Everton, as well as two other clubs with unlicensed betting sponsors, to warn them of the risks of promotion of illegal sites.
It is seeking reassurance from the three clubs to ensure they have carried out significant due diligence on sponsors. Bettors in Great Britain should not be able to bet with those companies.
The GC will request clubs to show that these illegal sites have effective geo-blocking in place in the UK.
Additionally, the Commission warns club officers could face prosecution and conviction should it be proven they promote unlicensed gambling sites available to bettors in Great Britain.
Original article: https://igamingbusiness.com/legal-compliance/regulation/stake-uk-gambling-commission/
