UK Gambling Commission penalty imminent for Stride Gaming

Stride Gaming, the UK-based online gambling company, is bracing for a hefty fine from the UK Gambling Commission (UKGC). The fine is expected to be around GBP 4 million. The reason for the fine is still not clear. The Commission has basically found faults with Stride’s functioning after a review of Stride’s activities.

The company expects the issue to be resolved by year’s end.

Stride’s trading update details estimated full-year results to end August 2018 as in line with expectations, with revenue of around GBP 85 million, up GBP 3 million on the preceding year.

EBITDA is estimated at GBP 16 million, or GBP 4 million lower than the preceding year.

Management commented on a resilient performance despite the challenges of GBP 4 million in tax increases and the implementation of stricter responsible gambling measures.

Final full-year results will be announced on November 21, 2018.

Eitan Boyd, CEO of Stride Gaming, said: “I am pleased to report that the group has traded well during the second half of the year despite a number of headwinds impacting the UK online gaming market.”

“Our focus remains on delivering further market share growth in the UK, driven by continued product innovation and increasing player loyalty. This is underpinned by the strength of our proprietary technology as well as our proven business analytics capabilities.”

“We have an excellent technology platform as well as a highly experienced team driving the group forward, and as a result, we look forward to the future with confidence.”

Source: reviewed-casinos