ComeOn has decided to exit the UK market and focus on “more favourable” jurisdictions.
The operator received its UK license in 2014 but will end its five-year association due to the market’s competitive pressures.
ComeOn was acquired by Cherry AB in 2017, which was itself acquired by EE Intressenter earlier this year.
Following its merger, Cherry applied to be delisted from the Nasdaq Stockholm in April. This change in ownership at the highest level of the parent organisation may well now be influencing ComeOn’s overall strategy.
Lahcene Merzoug, ComeOn CEO, said: "UK is a very mature and highly competitive market and the financial risks are big.
"We have never had a non-compliance breach but we’ve seen competitors being fined big numbers and that creates uncertainty.
"At the same time, the UK license has lost its symbolic value. Before you almost had to have one to be looked upon as a credible company.
"Today we hold licenses in many European countries and, given the UK has never been a big market for us, it’s a wise move to put our focus elsewhere."
ComeOn had a stand at the London Affiliate Conference in February, where it was represented by Brand Ambassador Ray Parlour.
The former Arsenal footballer was brought in to help engage ComeOn’s target audience in the UK.