Esports Entertainment Group’s SportNation online casino and sports betting brand is to terminate UK operations at the end of this month as an ongoing company-wide strategic review progresses.
In making the decision, EEG said that the firm had undertaken “careful consideration,” however, due to a “a variety of reasons,” which included the economics of operating a small igaming business in the UK market, a ruling to halt operations was made.
The company acquired SportNation, alongside that of sister brand RedZoneSports, in July 2020 when the acquisition of parent company Argyll Entertainment was confirmed.
At the time of the transaction the purchase was hailed as a “tremendous milestone for us” as well as representing “an important component of our growth strategy”.
Upon confirming the impending closure, players are notified that withdrawals can still be made, however, a warning is issued that due to “an increased number of requests, your withdrawal may take longer than usual to process”.
It is with regret to announce that after careful deliberation, SportNation will cease trading as a UK sportsbook and online casino from the end of November 2022.
For more information, please see our FAQ page…
— SportNation.Bet (@sportnation_bet) November 15, 2022
Any unused free bets, bonus funds or rewards points must be redeemed before November 30, 2022, with all wagers that are due to settle after that date to be voided and stakes returned.
After this date, access to accounts will slowly be afforded to request a balance withdrawal until the final date of closure on December 7, following which EEG will “attempt to process refunds of any balances still remaining which are over £1”.
Last month, amid the reporting of the group’s fourth quarter financial results for the three months ending June 30, 2022, EEG elaborated on a strategic review that it said was focused on “overall efficiency to help improve its short-term performance while setting it a path for long-term success”.
In addition to entering into a letter of intent to offload its Spanish igaming business to focus on core markets, other initiatives to be implemented included de-emphasizing parts of the business which were deemed unsupportive of long-term plans.
Further moves highlighted included a reduction of workforce, removal of duplicative functions and implementing a more ROI-focused approach to marketing spend.