The move comes as Luxbet, an online betting division of the Australian gaming company Tabcorp, is closing its business. Unikrn, a big name in esports and esports betting, will be losing its licensing in that jurisdiction as a result.
According to Unikrn, it will be returning to Australia eventually but did not offer a timeline. The site also said that “no other region will be impacted.”
No more Unikrn in Australia
Due to Unikrn’s betting operations running through Luxbet, the company will have to stop its real-money operation Down Under. The closure of Luxbet is a result of a strategic review of the business, showing that the operations no longer align with the long-term interests of the parent company.
Luxbet, an endeavor that started in 2008, unfortunately wasn’t yielding the right results. This has been shown by the latest reported earnings before interest and taxes, which amounted to a loss of $13 million.
Unikrn indicated this was an expected move in its blog:
As part of our restructuring, we’re splitting with our long-time partners at Luxbet in order to facilitate a long-term growth with an improved product. We have known about this transition for some time and have been preparing.
We will continue to operate with the same Isle of Man license, and will be returning to Australia … with an infrastructure better-suited to roll out our ambitious future projects.
UK not affected, Malta license allows Europe expansion
The split with and closure of Luxbet does not affect Unikrn’s operations in the UK. According to the site, users “will see no changes” in that jurisdiction.
Unikrn also recently started rolling out real-money wagering across Europe. Not only has the company obtained a Malta license, but has also made strategic moves by partnering with leading French betting operator RBP.
Unikrn touched on the plans for its product in Europe:
Moving into a region that accounts for about 10% of the world’s population is a complicated ordeal, but fortunately one for which we came prepared. With that roll-out, we’re committed to bringing skill-based betting, improved spectator betting, including live and 24 hour options and other expansions throughout the new year.
Unikrn prepared for the future
While having to pull out of Australia isn’t great news for Unikrn, there has been plenty to celebrate of late. The Seattle-based company has been very active in the last couple of years. It’s built a reputable go-to hub in the esports industry.
- With the recent initail coin offering, for example, the company raised $31 million, giving it plenty of funds for future development.
- The recent partnership with BetGenius additionally shows its drive for excellence in esports. The two set off to launch an immersive betting platform featuring data analytics, content, pre-match and live betting markets. The project should further strengthen Unikrn’s leading position in the industry.
- Unikrn upgraded its media partnership with Playwire.
- MGM Resorts International and Unikrn are partnering for esports tournaments that will be held at MGM Grand’s LEVEL UP.
Despite the short-term setback, things are looking up for the esports betting specialist.