Entain accelerates exit from unregulated iGaming markets18th January 2023 10:41 am GMT
London-listed betting and gaming operator Entain has reaffirmed plans to exit a number of unregulated markets where there is no clear path to market liberalisation.
It follows the operator’s previous commitment in November 2020 that 100 per cent of the group’s revenue would come from markets that are nationally regulated by the end of 2023.
From today, Entain said it will accelerate this process by exiting its few remaining markets where it no longer sees a path to domestic regulation.
“As part of the profound and far-reaching transformation programme that Entain has undergone in the last few years, we took the decision in 2020 to only operate in nationally regulated markets,” said Entain chair Barry Gibson. “Today’s announcement is therefore a continuation of that strategy, and should be taken as a clear demonstration of Entain’s commitment to the highest standards of corporate responsibility, governance, sustainability, and player safety.
“We stated at the outset that we would exit any market that wasn’t able to regulate at sufficient pace or to the right standards, and we have acted decisively to do so. We are proud to be leading our industry as the only global operator taking this approach of solely operating in markets where there is domestic licensing.”
Entain is now licensed in more than 30 countries and will remain in only a small number of markets where it expects changes in regulation will enable it to obtain domestic licenses in due course.
With the exception of these markets, 100 per cent of the group’s revenue will now be from domestically regulated markets where it is licensed. The net gaming revenue and EBITDA impact from these closures is relatively small and will have no effect on current expectations, the company said.
Entain’s current sports betting brands include BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet, Sports Interaction and SuperSport; while its gaming brands include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino.
Shares in Entain plc (LSE:ENT) were trading marginally higher by 0.41 per cent at 1,453.00 pence per share in London earlier Wednesday.