Kindred Withdraws 32Red from Italy’s Online Gambling Market
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Kindred Group is withdrawing its 32Red brand from Italy's online gambling market. The company acquired 32 Red in 2017 for £175.6 million. 32 red's Italian customers are encouraged to withdraw their funds from the brand's .it website by November 29. Kindred is set to publish its financial results for the third quarter of the year later this week.
Kindred has closed its Italian 32Red website. Betsson announced it would withdraw eight of its UK-facing brands and focus on growing the Rizk operation in that market. Italy is one of the most lucrative regulated gambling markets in Europe. Last year, a ban on gambling advertising and sponsorship deals between local sports clubs and gambling companies was implemented. A temporary tax on sports betting turnover and pandemic-induced economic turbulences made the market less attractive.
