Royal Panda being withdrawn from the UK market
LeoVegas has announced that their Royal Panda brand will be withdrawn from the UK market and no new customers will be accepted.
LeoVegas group acquired Royal Panda back in 2017 for the sum of €60m, but the brand has shown poor performance in the UK market compared to other rival brands.
“This gives us two great brands with global appeal, which makes the scalability in the continued growth strong while strengthening our position in the UK,” Gustaf Hagman, CEO and co-founder of LeoVegas, commented at the time.
The decision to withdraw the brand from the market follows a financial update issued by the group related to 2019’s third quarter, when Hagman said: “The UK is profitable at group level but remains challenging, where Royal Panda in particular had poorer performance during the quarter”
Withdraw your funds
Royal Panda customers will not be able to place any sports bets or deposit into their accounts after the 20th of January. They have until the 31st of January to withdraw any remaining funds from their account, or any balances will be refunded via the payment method on their record.
Those that have not done so by that date will be contacted for alternative arrangements for up to a period of 12months after which any remaining funds will be donated to the charity GambleAware.
Players who have not withdrawn their remaining balance before the end of January will have their funds released to them directly to the payment method on record. Royal Panda will contact all other players it is not able to send funds to in order to make alternative arrangements.
Royal Panda will continue to contact customers for a period of 12 months, after which any remaining player funds will be donated to the GambleAware charity.
“We’d like to thank you for playing with Royal Panda, remind you that you should withdraw your cash as soon as possible, and wish you every success in the future,” Royal Panda said in a message to customers.
“As part of the LeoVegas Group, we thoroughly recommend you check out LeoVegas.com, who provide a fantastic alternative for players seeking an entertaining casino experience.”
