Rhino Bet has confirmed to customers it has made the “not easy decision” of closing down its operations in the UK.
Operations will cease on 26 March 2025 and any open or ante-post bets that remain unsettled by that date will be voided, while customers will be able to withdraw any remaining funds from their accounts up until the 26th.
Rhino was formed during the global pandemic, as it highlighted a significant focus on innovation and “superior customer service supported by a fair and transparent rewards scheme”.
Its decision to shutdown operation comes despite the operators making a significant marketing push in recent years.
Central to Rhino’s UK focus was growing their brand exposure through sponsorship, which included collaborations with Leyton Orient and Grade 1 winning jockey Henry Brooke, who was its horse racing ambassador for the 2023-24 jumps season.
The operator had also sought to diversify its offering through the introduction of a myriad of new games into its slot portfolio. As well as this, the firm embraced the bingo vertical as an avenue to attract new players.
Its closure underlines the challenges faced within the UK market, following the exit of Mansion Group from the UK market three years ago.
As the new era for regulation and increasing compliance begins in the UK, it appears to be becoming an increasingly unwelcoming jurisdiction for challenger brands seeking to build a footprint and gain exposure.
More recently, Novibet confirmed that it was leaving the UK and the firm’s CEO George Athanasopoulos, spoke about the challenges of the market in an interview with SBC Leaders.
He said: “Prior to our surrender of the licence, we had been growing at a typical, for Novibet, rate of more than doubling every year. And while our commercial success was delivering on plan, we noticed two very worrisome long-term threats: regulatory challenges and an accompanying black market growth.
“We took the very hard decision to focus our efforts and investments in more promising markets, but we haven’t completely written off the UK opportunity. We are monitoring changes, and if a more favourable set of conditions is shown to become the most likely scenario, we would consider reapplying for a licence.”