LeoVegas has confirmed the operator is closing its Royal Panda brand in the UK market.
In 2017, LeoVegas acquired the Royal Panda brand – with the acquisition fully completing in November 2017 – for an initial fee of €60m ($66.7m).
However, the parent company has now announced Royal Panda will be leaving the UK.
LeoVegas will instead focus on other Rocket X-managed brands within the region, as well as the flagship LeoVegas brand.
The organisation did not hide the fact Royal Panda has been performing worse than rival brands in the UK.
A LeoVegas spokesperson told Gambling Insider: “It is correct that Royal Panda is leaving the UK market.
“We are focusing on the LeoVegas and other Rocket X-managed brands for the UK market going forward.
“Those brands are performing better in the UK market and therefore we want to invest in them rather than in Royal Panda.”
The spokesperson added that Royal Panda is an "important part" of LeoVegas' growth strategy and performs well outside the UK.