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Stake to exit the UK market amid UKGC investigation
Stake, the global online gambling operator, is set to exit the UK market next month as its UK platform, managed under a white-label agreement with TGP Europe Limited, will shut down, following an investigation by the UK Gambling Commission (UKGC) into a video featuring Stake’s branding alongside an adult entertainment actress near Nottingham Trent University.
TGP Europe, which runs Stake’s UK operations, confirmed that new registrations have been suspended and that all links to the main Stake website will be removed. The platform’s closure is set for March 11.
This move comes after TGP Europe was fined £316,250 by the UKGC in April 2023 when TGP Europe failed to meet anti-money laundering and social responsibility requirements. The UKGC has emphasized the need for an “orderly closure” to ensure customers can withdraw their funds smoothly.
Stake has stated that the decision to exit the UK market is part of the company’s strategy to move away from white-label agreements. The company now aims to secure local licenses and operate its platform directly, focusing on regulated markets like Italy and Brazil.
FAQs
Is gambling legal in the UK?
Gambling in the UK is legal and controlled by the UKGC.
What is the legal gambling age in the UK?
The legal gambling age in the UK is 18.
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