The new gambling regulations coming into force casinos to exit UKGC Regulated iGaming market. Tune in to find out more. (Image from Emily Wang on Unsplash)
As the regulations in the UK iGaming market tighten, two online casino operators have already announced that their platforms, LVBet and Energy casinos, will no longer accept new UK online casino player sign-ups.
Sadly, this means we will be removing them from the bonus lists here on our UK online casinos page. Thankfully, both companies will retain their MGA licensing so players from out the UK remain unaffected.
Both operators circulated emails to those connected to their online casino and sports betting platforms. In those emails, the operators stated that their reason for not renewing the UKGC licencing they currently have in place is due to changing conditions in the regulated market.
This could become a common theme in the UK-regulated market as changes in Anti-money laundering procedures, social responsibility and responsible gambling rules have increased costs to operate.
Furthermore, Brexit may have also affected taxation for casinos registered overseas, although I cannot 100% confirm this, it is highly likely.
Other issues affecting online casinos are the rules applied to slot machines that are likely decreasing profits. Slots are an online casino’s bread and butter. Some reports show that 70% of all revenue in the UK market is via online slots. With spins now over 2 seconds and Autoplay banned as well as other restrictions, this may have also persuaded both casinos to exit.
On top of all this, there is the threat of fines for non-compliance. As we have seen in the UKGC online news columns, these fines are substantial. The risk for some operators is likely too high. Missing just one customer can result in 6- to 7-figure fines.
On top of this, the UKGC also increased gambling license fees and application costs.
Are the casinos still open? Yes. Energy Win Casino, Energy Bet and LVBet are all still open for business for existing customers. However, these platforms will no longer accept new members from the UK. Below I have outlined all the information you need to know if you are a member of any of these online gambling platforms.
LVBet Exits UKGC Regulated iGaming Exit Dissected
LVBET operates under the Fairload Limited operator. On further inspection, the company operates under account number 46794 via UKGC licences. It also has an MGA licence and is still open for business for other jurisdictions covered by the MGA. For more information, see the LVBet casino review.
Here’s the UKGC licencing information:
- Casino: Active until 21 February 2023
- General Betting – Real Events: Active until 21 February 2023
- General Betting – Virtual Events: Active until 21 February 2023
Presumably, the casino and sports betting accounts on LVBet Casino, for existing UK members will continue to function until the licence expires. As for players from overseas, the Malta Gaming Authority (MGA) licence remains intact, and the platform will continue to serve Canada, South Africa, New Zealand, India and Ireland’s iGaming and sports betting markets. Currencies accepted are CAD, EUR, GBP, INR, NZD, and USD.
The LVBET email stated: “We would just like to inform you that following current market changes within the UK, we have taken a business decision to cease our operations within the United Kingdom – As of 13/09/2022, customers from the United Kingdom will be unable to register an account on LV BET.
Energy Casino Exits UKGC Regulated iGaming Market Dissected
Likewise, Energy Casino made a similar statement in an email circulated to those connected to its online casino platform. Energy Bet and Energy Casino run under the ‘Probe Investments Limited’ company name. The firm currently has a valid UKGC licence operating under account number 39325 via UKGC licences.
Here’s the UKGC licencing information:
- Casino: Active until 1 November 2022
- Gambling Software: Active until 28 June 2023
- General Betting – Real Events: Active until 28 June 2023
- General Betting – Virtual Events: Active until 2 May 2023
As for the casino’s Malta Gambling Authority Licence, this will remain in place. The casino still accepts new sign-ups from players in Canada, Ireland, South Africa, New Zealand, and India. For more information, you can find the Energy Casino review here giving you our take on what the platform has to offer. The currencies the casino supports are EUR, CAD, GBP, USD, NZD, and INR.
The Energy Casino email stated: We would like to inform you that as per a business decision following the current market changes in the UK, EnergyCasino and EnergyBet will cease their operations in the United Kingdom. Please be advised that as of 13/09/2022, customers from the United Kingdom will be unable to register on EnergyCasino and EnergyBet.
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