GVC has committed to focusing on the US market as part of its rebrand under the name Entain while also making a 100% regulated markets commitment.
The company hopes to achieve this goal within two years.
The corporate rebrand is part of the group’s strategy to operate with “a fresh corporate identity” and intends to concentrate on responsible gambling and sustainable growth.
GVC operates the BetMGM brand in the US as part of its ROAR joint venture with MGM Resorts International.
It said its two core strategic pillars would be sustainability and growth.
These will be driven by its proprietary technology platform while also supporting the group’s regulated markets commitment.
It set the goal of achieving that aim by 2023.
By the end of this year 99% of Entain’s activities will be in regulated or regulating markets.
On corporate responsibility, Entain has launched as set of responsible gambling metrics to be incorporated into its wages and bonus schemes.
Key focus areas
The company will also launch the Entain Foundation to provide support to the communities where it operates. It will also introduce a program of enhanced player-protection measures.
The group sees opportunities for significant growth in four key areas: the US and core markets, new markets, and new audiences.
Potential US split?
The company said it had “a clear ambition to be the leading operator in the US through BetMGM.”
“We have strong momentum already with an estimated market share of 18% across the states in which BetMGM is active.”
The scale of the US market has raised speculation about Entain potentially splitting off its US activities. Stories are circulating in the markets about either a sale or merger with a special purpose acquisition company (SPAC).
Its UK rival William Hill has recently been snapped up by Caesars Entertainment.
Caesars has already said it will be selling off William Hill’s UK and international business.
Apollo Management said yesterday it “reserved the right” to be for William Hill’s remaining businesses. It was previously in the running for the entire business.
Entain said strong current trading had led to a 19th consecutive quarter of double digit growth in online net gaming revenue.
It said it had “a clear ambition” to be the leading operator in the US through the BetMGM joint venture.
“We have strong momentum already with an estimated market share of 18% across the states in which BetMGM is active”.
GVC chief executive Shay Segev said the company was embarking on a “new chapter”