Pinnacle exits Polish market prior to regulatory changes
Online sports betting operator Pinnacle has announced its withdrawal from the Polish sports betting market ahead of the country’s induction of its new gambling regime.
The bookmaker updated its customers on the market withdrawal stating that it wished to comply with new Polish gambling laws that will take effect in April. The company cited these regulatory changes as the reason behind the decision.
The restrictive framework has been criticised for favouring state-owned betting firms and makes it unmanageable for foreign industry operators.
Despite criticism from EU officials and industry stakeholders, the Polish government has made no movement to altar its unpopular online gambling framework, which currently taxes betting operators 12% of wagering turnover.
Despite the pressure from the European Commission the Polish government refused to align its gambling industry framework with European business policies. Instead, the government only added further online restrictions to casino and slot machines.
The amended Act was approved by parliament in December and signed by President Andrzej Duda on January 5 and was then sent on to the European Commission for approval with the mandatory standstill period ending on March 31.
Pinnacle is said to be exiting the market before the country imposes domain and payment blocking measures, which it has previously threatened to launch against all unauthorised operators at the beginning of July. As a result of the movement, Pinnacle will inactivate all Polish registered accounts with all remaining funds and balances returned to the customers.
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