Isle of Man-based online gambling technology company Playtech is set to withdraw its Titanbet brand from the gambling regulated market of Spain as of September 14th.
Several days ago, the online betting affiliate Legalbet revealed that the Spain-facing web portal of Titanbet had informed its users that it would stop offering its services to local customers as of September 14th. The brand, which is one of the oldest bookmakers operating on the territory of the country, will no longer allow Spanish customers to register with its website. Furthermore, no more new deposits from existing customers will be accepted as of September 2nd, 2020.
In the period from September 2nd to 14th, Titanet’s customers will be able to continue using their gambling accounts as normal, although they will not be permitted to make money deposits.
Titanbet’s website has recommended that its users withdraw the money they have in their accounts by September 14th. Still, the customers who fail to pull out their account balances by the aforementioned date would still be able to access their funds by getting in contact with the customer service department of the bookmaker. Legalbet also recommended users of Titanbet’s Spanish-facing website withdraw their funds as soon as possible.
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For the time being, Playtech’s bookmaker brand has not provided any details about the reasons that prompted its decision to leave the regulated online gambling sector of Spain.
According to the online betting affiliate Legalbet’s reports, it seems that Titanbet has made the decision only recently, as the Spanish operating licence of the gambling firm was renewed in February 2020 for another 5-year period. Besides, the site was among the oldest gambling domains to be registered at the time Spain officially launched its regulated gambling sector about ten years ago.
Recently, the Spanish Government started the consideration of new stricter limits on online gambling advertising and sponsorship agreements in the country, despite licensed online gambling companies opposed the proposed new policy. In July, the Spanish Ministry of Consumer Affairs suspended gambling operators from signing sponsorship agreements with La Liga Clubs. The stricter measures regarding sponsorship deals and gambling advertising have been part of the Government’s efforts to tackle the constantly increasing problem gambling rates among young people between 14 and 21 years of age.
As currently planned, the new rules are expected to be brought into effect in October 2020. It still remains unclear whether other gambling companies would follow suit and would exit the regulated Spanish gambling market before the new rules come into effect.
Despite the recently announced exodus of Titanbet, the online gambling technology giant Playtech, which currently owns the bookmaker, has not fully given up on the Spanish gambling sector, as it recently unveiled a deal to provide its live roulette product to Flutter Entertainment’s Betfair brand in the country.
- Author
Olivia Cole
