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GVC Holdings Changing its Company Name to Entain PLC
By Jeff Osienya Nov 16, 2020 IndustryGaming top-dog GVC to change its name to Entain PLC as it prepares to exit unregulated markets. Under the refreshed corporate identity, the online gaming powerhouse is setting its sights on capturing a bigger share of the regulated global markets.GVC Holdings, one of the global leaders of the online gaming industry has announced that it is rebranding to change its name to Entain PLC as the company sets its focus on a new sustainability and growth-based strategy.
The company disclosed its slight strategic shift on Thursday, under the command of Shey Segev the new Chief Executive Officer who took over from Kenny Alexander back in July. Mr. Alexander stepped down after a 13-year stint as CEO, and the mantle was passed to Segev who had served the gaming giant under the capacity of Chief Operating Officer since 2016.
Before this change in direction, GVC had for a long time been known for big and bold acquisitions and a swashbuckler attitude towards offering services even in markets where gambling hasn’t yet been officially regulated. Upon the announcement, CEO Segev released a statement saying that;
Quote“Under our new corporate identity, we will continue to use our unique technology platform to build on the exceptionally strong momentum that we have in our existing markets, grow into new markets, reach new audiences, enhance the customer experience, and provide industry-leading levels of player protection,”
The fresh corporate identity of the online gaming bigwig as Entain will take effect after shareholder approval. ‘Σntain’ will be the new logo of the company which is simply the name ‘Entain’ with the capital ‘E’ replaced by the Greek letter ‘Σ’ (pronounced ‘Sigma’), and the new tagline will read; “For the good of entertainment.”
Sharper Focus on Responsible Gaming and Regulated Markets
As Mr. Segev indicated in his statement, one of the primary goals of Entain will be to leverage its in-house tech to foster safer gaming and boost player protection. As such, the gaming guru has launched a new program known as the Advanced Responsibility & Care (ARC), an initiative that will be proactively monitoring players in a bid to identify signs of problem gambling before the situation worsens.
From the look of things, GVC is not only solving an ethical issue by refreshing its corporate identity, but it’s also coming up with a more effective solution for its business sustainability. Simply put, the better reputation Entain develops in the market, the more business it is going to generate as it will create more trust among both patrons and partners.
Part of the company’s new strategy is exclusively focusing on regulated gaming markets where online gambling is explicitly legalized by the law of the land. Per the company’s statement, 96% of all its revenue is generated from regulated markets, but it is working to correct that to ensure that 100% of its revenue will be collected solely from purely regulated markets by 2023. Entain plans to exit any markets that have no ‘viable path’ to online gaming regulation in the foreseeable future.
From Humble Beginnings to a Global Gaming Giant Through Aggressive Acquisitions
Based in the Isle of Man, GVC Holdings was founded over a decade and a half ago in 2004 in Luxemburg. The company was a small fish in a big pond until 2012 when it joined forces with London-based William Hill to acquire Sportingbet. From the deal, William Hill took over the Spanish and Australian businesses of Sportingbet and GVC assumed control of everything else.
However, the move that stamped GVC’s footprint in the market was in 2014 when it bought out Bwin Party Digital Entertainment in a $1.44 billion deal. It’s brand recognition further solidified in 2016 when the company acquired PartyPoker, one of the most prestigious brands in the world of online poker. One year later in 2017, the company made another big boy move and acquired Ladbrokes Coral, one of the biggest, most recognizable brands in the UK gaming market in a $5.24 billion deal!
Come 2018, after the PASPA was repealed to usher in a new era of regulated sports betting in the USA, GVC penned a 50/50 joint venture agreement with US Hotel and Casino operator MGM Resorts International. Through this partnership, GVC was able to slingshot itself into the US regulated markets to offer online and mobile sports betting services under the BetMGM brand. Thanks to the team-up with MGM, GVC is currently live in 9 states and according to the company CEO, BetMGM will have its presence across 20 states in the US.
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