Czech lottery and betting operator Sazka Group has scrapped plans to list its shares on the London exchange, citing the “volatile market environment.”

On Thursday, the Press Association reported that Sazka had put its UK floatation plans “on hold for the time being due to a number of uncertainties,” according to a company statement. The company said it could revive its UK plans “once market conditions have improved” and “greater clarity” was shone on these unspecified uncertainties.

Last year, Sazka hired a number of high-profile brokerages to prep its UK initial public offering, reportedly spurred by the company’s intention of competing for the UK National Lottery license currently held by Camelot when it expires in 2023.

Sazka is jointly owned by two international investment groups, Karel Komarek’s KKCG and Jiri Smejc’s Emma Capital. Forbes magazine recently ranked Komarek as the third-richest Czech with an estimated net worth of CZK67b (US$3b).