Bet365 suspends services and exits Hungary's online gaming market
Online gambling giant Bet365 left Hungary on November 20, according to local media reports. The company, one of the biggest brands in the market, informed its Hungarian users earlier this month about the decision, which is believed to be the result of new rules imposed by the government to regulate online betting and gaming.
The Great Britain-headquartered operator said all bets started on or before November 17 would be settled like usual, according to a report by 444.hu. Customers in the country will be able to access their accounts until December 4, also the deadline for initiating payments from their accounts. Users won't be able to do so without the company's help after that date.
Customers stopped being able to create a bet365 account from a Hungarian address starting November 17, and were no longer able to bet from November 20. Bet365's exit from the country will reach an end on December 4, the day in which the firm is set to terminate all gambling accounts attached to a Hungarian address.
It is believed new Hungarian government rules on gambling regulation might be the reason why Bet365 has decided to exit the market. Officials have prescribed rules that make it hard for foreign companies to remain in the country as a service provider, including making it obligatory to have a Hungarian license to operate.
For the time being, Bet365 has not provided any clarification on why it is exiting the country. "Following a review of our operations, we regret to inform you that we will suspend our services to residents of your country effective November 20, 2023," reads the message sent to users, offering no further details.
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