PokerStars, subsidiary of Flutter Entertainment, has told its players and media partners that it intends terminating its services in the country of Georgia by March.
The Georgian government intends making drastic changes to its online gambling industry, significantly altering business conditions for groups operating in the country.
PokerStars contacted players and told them to withdraw balances in their accounts by the end of the month. The group said that it would honor bonuses and tournament ticket repayments for players who need to close their accounts.
The Prime Minister of Georgia, Irakli Garibashvili approved proposed legislation which will see online gambling services taxed by up to 70%. Also, the minimum age to play online will be changed to 25.
The government claims that hundreds of millions of dollars have been “exported out of the country” and spent by citizens at online gambling sites.
PokerStars Georgia Players Have Until March 1st
Players who hold accounts at PokerStars’ Georgian site have until March 1st to withdraw their funds or else they risk losing their money.
Flutter, however, will continue running its Adjarabet.com site and the group confirmed that it will “continue to offer its full range of products in Georgia.”
It is expected that more gambling companies will withdraw from the Georgian market as regulations become stricter.