What Happened to Novibet? Brand Exits UK Market & Surrenders UK License
Often times brands that leave the UK market are those that are struggling or have been in trouble with the regulator, but with Novibet this was not the case.
This popular sportsbook and casino announced that it would be voluntarily exiting the UK market in Feb 2022, despite being in favour with the UKGC and despite being solvent, to focus on growth in the American market.
As of 21/02/2022 the company stopped accepting new customers or deposits and ceased UK operations, while customers were asked to withdraw any funds in their accounts as soon as possible.
There are no financial issues, and all customer money is safe in accordance with UKGC guidance, so no one needs to panic about accessing their funds.
The reaction from the betting community shows that Novibet will be missed, with many praising them for still running games with the highest RTP levels and offering titles from little known developers that are hard to find elsewhere in the UK.
Did Novibet Close Down?
No. Novigroup Limited, who run the brand, are in perfect health and still operational in other countries such as Ireland, Greece, Malta, and Italy, where they continue to hold licenses.
But the UK is a famously difficult environment for online gambling companies thanks to ever increasing regulation, so many companies have decided that it is not worth the effort and expense to trade here and have simply focussed their efforts elsewhere.
This is exactly what Novibet have done in surrendering their license. They served over 368,000 customers in the UK since being granted an operating license in 2014, so they weren’t exactly struggling, but with the American market opening up and massive growth expected over there, the company have decided they can get a better return on their marketing budget across the pond.
In business speak, Novibet put it like this:
“Novibet announces the reassessment of its growth targets, placing greater focus οn the brand’s expansion into the North and Central American regulated markets, in the upcoming period.”
They went on to explain that all departments were prepared for a smooth exit, so this is clearly something they have been quietly planning for a while.
They also emphasized their commitment to creating their own proprietary tech assets, and introducing innovative new betting features to their site which would bring further growth in markets where they were already established.
In a nutshell, they can spend their money more effectively and get better results in other countries.
Who Were Novibet?
Fond of sponsoring horse races and admired for their excellent website and appealing odds, Novibet had a lot of happy customers and treated them well with 24/7 customer service that was very responsive.
A Greek outfit in operation since 2010, and with a UK license since 2014 thanks to an Isle of Man office, they had plenty of time to establish themselves and created strong partnerships with many software providers, enabling them to boast one of the most interesting and diverse online casinos in the country, with titles from more than 60 developers big and small.
Their sports betting platform was provided by Gaming Synergies, which is not so common with UK bookmakers and this gave Novibet a fresh feel in what can be a samey landscape, with live betting being a particular highlight for them. In fact, Novibet call their platform proprietary, so Gaming Synergies could well be an extension of their own company – Novibet were certainly their first customer and remain their flagship brand.
They were recognised by the industry for their quality too, winning an EGR Best Operator and an EGR Marketing and Innovation award, as well as a SBC Best Mobile Operator award.
As an example of their consistently improving service, in November 2021 they added an excellent virtual sports product to their site, and also partnered with GBG, an identity verification service, to speed up their onboarding process and improve the customer experience.
All in all their withdrawal from the UK market is a shame for British punters, as Novibet are a good bookie and casino who deliver a quality product.
