Entain outlines strategy after change of name from GVC Holdings10th December 2020 8:41 am GMT
London-listed gaming operator Entain (formerly GVC Holdings) is celebrating the first day of trading under its new name with the launch of licensed operations in Colombia and plans to double its market share in the United States through its BetMGM joint venture with MGM Resorts International.
Alongside Wednesday’s shareholder approval of the name change, Entain has announced the launch of sports betting and gaming operations in Colombia as part of its stated strategy of ensuring that 99 per cent of net gaming revenue (NGR) is derived from nationally regulated or regulating markets by the end of 2020, rising to 100 per cent of NGR from nationally regulated markets by the end of 2023.
The company also revealed that the recent launch of BetMGM in Tennessee has been its most successful launch to date in the United States, with revenue already ahead of those of more established states.
By the end of January, BetMGM is expected to be active across 12 states with a population reach of approximately 75m, and is expected to be live in over 20 US states by the end of 2021.
“We are firmly on track to take further leadership in the U.S. market, as well as in many other newly regulated markets that are now opening around the world,” said Entain chief executive Shay Segev.
“At the heart of our growth strategy is a determination to bring the best player experiences and protections to our industry as technology moves sport and interactive entertainment into a new era. In the U.S., we invested in creating the right building blocks for the BetMGM platform to grow and become a long-term leader in the U.S., with superior technology and capabilities, and this is now paying off.”
Entain is also enhancing its Advanced Responsibility and Care (ARC) initiative with the appointment of Dr. Michael Auer, a leading academic and member of the scientific community at the University of Hohenheim in Germany, who specialises in behavioural psychology and addiction.
Dr. Auer will work alongside Professor Mark Griffiths, Distinguished Professor of Behavioral Addiction and Psychology at Nottingham Trent University, to evaluate and advise on improvements to Entain's guidelines and processes in relation to responsible gaming.
The company also announced a number of new commitments by the Entain Foundation Thursday to support community-based football projects in partnership with the Trident Community Foundation, which is being launched by the The Isthmian, Northern Premier and Southern Leagues in the UK.
Entain will also support charitable organisation EPIC in the United States to roll out an extensive state-by-state programme to provide education on safer gambling, as well as Australia’s Relationships Australia, a not for profit organisation which provides a range of counselling and support services to problem gamblers and their families.
Shares in Entain plc. (LSE:ENT) were trading 0.98 per cent higher at 1,030.00 pence per share in London Thursday morning.