Yolo Group founder Tim Heath has announced the business will shutter its Sportsbet and Bitcasino sites and transition to a singular Yolo.com brand as part of a shift to regulated markets.
In a blog posted today, 23 September, the Australian said it was “clear” the “regulated landscape is the future of gaming” and that the company would move away from its grey operations.
Yolo Group previously had a presence in markets including Brazil and Japan with its crypto-first operations.
Bitcasino launched in 2014, with Sportsbet following two years later. A third brand, Slots.io, made its debut in 2019.
Heath said Sportsbet and Bitcasino had been the “foundation” of Yolo Group’s success, but that regulators in locally licensed markets were now requiring operators to transition away from grey jurisdictions.
He wrote: “Crypto is no longer niche. Regulators and financial institutions are finally recognising the transformative role it plays. Players everywhere expect speed, accessibility and inclusion as standard. What was once radical is now becoming mainstream.
“Furthermore, it has become abundantly clear that domestic regulators that are offering licences are not keen on other group operations continuing to operate in pre-regulated markets.
“In other words, you cannot be white and grey; you have to pick a side. This means a crossroads has been reached and a decision must be made. Do we go left or do we go right?
“Throughout our history at Yolo, we have always tried to do the right thing, which usually doesn’t mean the easier route – but in this case, the choice, albeit difficult, was relatively clear for us.
“It’s therefore our responsibility to bring the crypto casino experience to regulated domestic markets, working within sensible frameworks and combining speed and freedom with safety and oversight.”
Heath confirmed that moving forward Yolo Group would have a “single, unified and tier-one licensed brand” in the shape of Yolo.com.
Bombay Casino, the group’s land-based casino in Estonian capital of Tallinn, will soon launch a digital arm.
The site, according to Heath, will retain crypto payment capabilities as well as connect “land-based excellence with digital innovation”.
The current Yolo.com site takes users through to the Bombay Casino platform.
Reports from local Estonian outlet Postimees have claimed that up to 280 Yolo Group staff are at risk of redundancy due to the shift.
Yolo Group is in the final stages of being awarded two B2B licences in the newly regulated UAE market, while expansion is set come in Canada, Sweden and Finland.
Heath launched Yolo Group (the Coingaming Group) in 2014 and was replaced as CEO in 2020 by Maarja Pärt.
Pärt stepped down in late 2023 as part of a group restructuring which created Yolo Entertainment (B2C), Yolo Platform (B2B) and Yolo Investments.
Former Gaming Innovation Group head Matthew D’Emanuele was then drafted in to head up B2C operations.
Heath concluded: “I couldn’t be prouder of how far we’ve come, and I couldn’t be more excited about where we’re going.
“I want to sincerely thank everyone who has been part of Sportsbet.io and Bitcasino.io – it’s been a crazy ride to the moon. I am, however, very much looking forward to Yolo’s next chapter.”
The post Yolo Group to shutter Sportsbet and Bitcasino in regulatory transition first appeared on EGR Intel.
Founder Tim Heath reveals operator will target “tier-one regulated markets” via singular Yolo.com platform, as he suggests regulated jurisdictions are the “future of gaming”
The post Yolo Group to shutter Sportsbet and Bitcasino in regulatory transition first appeared on EGR Intel.