Bookmaker Ladbrokes has confirmed it is to withdraw from the regulated Canadian market due to concerns surrounding a regulatory clampdown on gambling in the North American country.
In an email to Canadian customers, the UK-based operator said it is no longer accepting bets or deposits from accounts registered in the country and advised players to withdraw all funds within 30 days.
According to the Financial Times newspaper, Ladbrokes played down the exit and said that it only took approximately £200,000 (€256,422/$325,973) in revenue from Canada, which represents less than 0.5% of total revenue.
Ladbrokes said: “We continually review the markets we operate in based on legal advice and Canada is not a material contributor.
“The vast majority of our business is UK and Ireland, with a focus on Australia, Spain and Belgium for the future.”
The withdrawal comes shortly before the introduction of new licensing conditions in the UK.
Under the new regulations, which come into effect on October 1, operators wishing to take bets from customers in the UK must obtain a new licence from the national regulatory body.
The new conditions also state that operators must disclose financial information about international markets that generate more than 3% of total revenue.
Earlier this year, rival bookmaker William Hill pulled out of 50 so-called ‘grey markets’ in preparation for the new licensing structure in the UK.
Meanwhile, Ladbrokes has moved to strengthen its presence in the UK market by extending its long-standing title sponsorship of the St Ledger horseracing event at Doncaster Racecourse.
The two-year deal will begin immediately and run until the end of 2016.
Under the agreement, the event will continue to be known as the Ladbrokes St Ledger weekend.
Ladbrokes agreed the deal with the Arena Racing Company (ARC) , owner of Doncaster Racecourse.
Nick Rust, managing director of Ladbrokes’ retail division, said: “We want to continue to build the profile of the Ladbrokes St Leger and our successful partnership with ARC.
“We see this sponsorship renewal as part of a potential template for the way in which betting operators and commercial organisations within British racing can work together for the long-term.”
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