Gaming operator GVC Holdings completed its planned rebrand as Entain PLC on Thursday after company shareholders overwhelmingly approved the measure at a special meeting on Wednesday.
The company first announced its plans to rebrand in mid-November. At the time it said that the name change would reflect the “fundamental changes” that have taken place within the organization, as well as in the gaming industry in general.
GVC announces rebranding and exit from unregulated gaming markets
Entain also revealed a series of measures that it intends to implement to strengthen your business and improve your social responsibility practices. These measures will extend to all markets in which the company operates and across all of its brands, including bwin, partypoker, Ladbrokes, Coral, FoxyBingo and BetMGM.
In announcing its rebrand last month, Entain also unveiled a new strategy that would aim to generate significant growth through an ongoing focus on four key areas, including aggressive expansion in the US, growth in the company’s core businesses, entry into new markets and expansion to new audiences.
As part of its ongoing transformation, Entain said it would abandon all unregulated markets in which its brands are currently available and that it will get the 100% of your revenue from regulated territories by the end of 2023. Revenues from regulated markets currently represent approximately 96% of the group’s total revenues.
Entain demonstrated its commitment to regulated operations earlier this month when it announced that would withdraw its partypoker brand of all the unregulated territories in which it operated. Partypoker Twitch and Community Manager Collette Stewart said on the Discord poker room discussion forum that “As of mid-December, we will no longer offer our services in the unregulated poker markets following a business management decision. “
Entain said Thursday that its US-oriented brand BetMGM has seen a strong momentum and market share gains in United States. BetMGM is part of the company’s joint venture with US casino giant MGM Resorts International.
The online sports betting and gaming operation will enter five new states between October and January 2021 and will double its population reach to around 75 million people in 12 states.
BetMGM most recently ventured in the recently opened sports betting market in Tennessee. Entain said this recent launch was its most successful launch in the United States with revenues already exceeding that of more established states. BetMGM is expected to be available in more than 20 states by the end of next year. The operation is driven by proprietary technology.
First Latin American license, Canadian 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 start operate soon in Colombia, one of the first regulated jurisdictions in Latin America.
Entain also revealed plans for apply for licenses in Canada, where lawmakers are taking steps to legalize single event gambling as the practice is heating up in neighboring United States. A recently introduced bill calls for the legalization of gambling online and in traditional gambling establishments such as casinos.
Responsible gaming is one more area in which Entain said it would seek to improve as pressure increases on the industry to act more responsibly and protect its customers more effectively. The company recently announced its Advanced Care and Responsibility Program that will see it combine its technology with the research and knowledge of leading psychologists and Harvard Medical School to develop innovative experiences and improve player protection.