Gambling operator GVC Holdings on Thursday completed its planned rebrand as Entain plc after shareholders of the company approved overwhelmingly the move at an extraordinary meeting on Wednesday.
The company first announced its plans to rebrand in mid-November. It said back then that the name change would reflect the “fundamental changes” that have taken place within the organization as well as the wider gambling industry.
Entain also unveiled a number of measures it intends to implement in order to strengthen its business and enhance its social responsibility practices. These measures will extend across all markets the company operates in and across all of its brands, including bwin, partypoker, Ladbrokes, Coral, FoxyBingo, and BetMGM.
Announcing its rebrand last month, Entain also introduced a new strategy that would aim to deliver significant growth through continued focus in four key areas, including aggressive expansion in the US, growth across the company’s core businesses, entry into new markets, and expansion to new audiences.
As part of its ongoing transformation, Entain said that it would quit all unregulated markets its brands are currently available in and that it will be deriving 100% of its revenue from regulated territories by the end of 2023. Revenue from regulated markets currently accounts for about 96% of the group’s overall revenue.
Entain demonstrated its commitment to regulated operations early this month when it announced that it would pull out its partypoker brand from all unregulated territories it operated in. Partypoker Twitch and Community Manager Collette Stewart said on the poker room’s discussion forum on Discord that “by mid-December, we will no longer offer our services across unregulated poker markets following a management business decision.”
Entain said Thursday that its US-facing BetMGM brand has seen strong momentum and market share gains in the US. BetMGM is part of the company’s joint venture with US casino giant MGM Resorts International.
The online sports betting and gaming operation is set to enter five new states between October and January 2021 and double its population reach to around 75 million people across 12 states.
BetMGM most recently ventured into Tennessee’s newly opened sports betting market. Entain said that this recent launch was its most successful US go-live with revenues already beating those in more established states. BetMGM is expected to be live in more than 20 states by the end of next year. The operation is powered by in-house technology.
First LatAm License, Canada Expansion Plans
Entain announced that it has obtained its first Latin American license and has become the first global sports betting and gaming company to be licensed in this lucrative region. The operator expects to soon go live in Colombia, one of the first regulated Latin American jurisdictions.
Entain also revealed plans to apply for licensing in Canada where the lawmakers are making moves to legalize single-event betting as the practice is heating up in neighboring US. A recently introduced bill calls for the legalization of betting online and at brick-and-mortar gambling establishments such as casinos.
Responsible gambling is one more area Entain said it would be looking to improve in as pressure on the industry to act more responsibly and protect its customers more effectively grows. The company recently announced its Advanced Responsibility and Care program that will see it combine its technology with research and insight from leading psychologists and Harvard Medical School to develop innovative experiences and enhance player protection.