Partypoker exits unregulated markets as part of ongoing transformation of parent GVC

By Ucatchers

Online poker room partypoker is poised to abandon a dozen unregulated territories as its parent company, GVC Holdings, is accelerating preparations to pull all of its brands out of gray markets.

Poker news outlet PokerIndustryPRO reported on Monday that partypoker account holders from various countries, including Poland, Norway and Montenegro, received messages from the operator last week informing them of its imminent departure.

As of today, December 1, players from all affected countries they will no longer be able to deposit funds. Gaming in all of these countries will be suspended as of December 17. Existing players will be able to log in and request withdrawals.

All refunds due to players will be credited to your accounts before December 23. However, all non-cash rewards, including loyalty points and unused tournament tickets, will be void on December 17.

Partypoker Twitch and Community Manager Colette Stewart said on the Discord poker room discussion board that “by mid-December, we will no longer offer our services in unregulated poker markets after a business management decision ”and that, going forward, its umbrella organization, GVC, will only focus on operating in“ fully licensed and regulated markets. ”

Quick exit part of a larger regulated markets strategy

Partypoker’s swift exit from unregulated territories comes on the heels of GVC’s announcement in November that it has decided to withdraw all of its brands gray and unregulated markets as part of its commitment to operate in 100% regulated markets.

Currently, regulated markets represent approximately 96% of the GVC group’s revenues. The company said last month that 99% of its revenue will come from regulated or regulated markets by the end of the year, and that the 100% of its revenue will come from regulated markets by the end of 2023.

GVC’s “exclusive focus on regulated markets” is also supposed to help the company expand into the fast-growing fields of online gambling and sports betting in the United States. The company’s joint venture in the US with casino operator MGM Resorts International, ROAR Digital, has entered several states where iGaming and sports betting have become legal in recent years and is considering further expansion as more states join the mix.

GVC’s controversial operations in Turkey, a market where legal gambling is only provided by a state organization, could have prevented the gambling group from got a license in Nevada last year. Silver State regulators eventually granted a license to GVC, but not without serious debate over questionable operations.

GVC got rid of its Turkish subsidiary several years agoBut its presence in that country has never stopped generating controversy and regulatory problems for the gaming giant. In a surprise move, HM Revenue & Customs announced this summer that it was examining “possible corporate crimes” by GVC’s former Turkish company.

GVC’s exit from unregulated markets is part of the company’s broader plan to rename Entain PLC. The move is said to reflect “fundamental changes” that have taken place both within the company and in the gaming industry as a whole.

Source: PARTYPOKER PREPARES FOR THE GRAY MARKET EXODUS IN DECEMBER

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