In an email to advertising partners on July 9th, Gentingbet confirmed that they will be closing down their online sportsbook and casino by the end of August.
The decision comes after an extremely difficult period covering the coronavirus outbreak which closed all of their land based casinos and other venues, costing the Genting Group dearly.
But how does closing down your online business make any sense when it is the only place your customers can still use your products?
It’s a strange move but the company no doubt have their reasons. As for the future of Genting online – well, it has actually already been decided.
What Happens to Customers Money?
The well known gambling brand are fully licensed and will follow the correct procedure when it comes to any money currently in customer’s accounts, as well as any bets currently placed.
Not to mention the fact that they own 33 high street casinos in the UK and have no plans to close them all, so they need to stay on good terms with the regulating body as well as with customers.
Bets will be accepted until August 16th, at which point it will not be possible to bet with Genting online anymore, although ante post bets will stand. The casino side of the website will close a week later, and no further deposits will be accepted.
The company themselves are in no danger of going under, so money is safe in accounts, and withdrawals are possible as normal even after the site stops taking bets and switches off the games.
That said, it makes sense to get your money out sooner rather than later as the website will eventually disappear; if you leave it too long your withdrawal might have to be processed manually which is a tedious undertaking.
Why is Genting Closing Their Online Operations?
Other people have asked the same thing, and it doesn’t make a great deal of sense on the surface of it.
Online gambling is a growing industry, and during the pandemic it experienced a major boost from the many people with time on their hands and furlough pay in their pockets.
Genting are a mainly land based operation though, so they have never put in the same sort of effort as online only brands when it comes to attracting and retaining online customers. They have never had to rely on it. That meant they were not well positioned to take advantage of the online gambling uptick.
Still, COVID aside online gambling is still a major growth market especially when compared to high street gambling which has been dropping off, so closing your online operation after not earning any other money for over a year doesn’t seem wise.
SkillOnNet – The Plot Thickens
However, when you learn that SkillOnNet – an online betting software solutions company – have purchased the rights to Genting’s online casino license in the UK, things start to make a little bit more sense.
The plan is for SkillOnNet to open a new online casino using the Genting name (GentingCasino) almost at the same time the old one closes down. The sportsbook, however, will not be resurrected.
Advertising partners have suggested foul play here, because as well as capitalising on the well known brand the software company can also capitalise on the work put in by advertisers over the years, effectively cutting out the existing advertising partners and saving themselves a pile of cash.
Of course, this is just the rumour in the wind, but it wouldn’t be the first time a company has tried something similar.