18th Jan 2023 10:59
(Alliance News) - Entain PLC on Wednesday said it has accelerated its plans to exit a number of unregulated markets where it no longer sees a path to domestic regulation.
In November 2020, the London-based gaming and sports-betting firm changed its name from GVC Holdings PLC, as part of its strategy for "sustainability, growth and innovation."
As part of the strategy, the Ladbrokes-owner said customer protection and growth into new, regulated markets would be at its core. Entain also set out that by the end of 2023, 100% of its revenue would come from markets that are nationally regulated.
On Wednesday, Entain said it will accelerate this process by exiting its few remaining markets where "there is no clear path to market liberalisation via domestic regulation."
The company is now licensed in more than 30 countries. It noted that it will remain in only a small number of markets where it expects changes in regulation will enable it to obtain domestic licenses in due course.
"With the exception of these markets, 100% of the Group's revenue will now be from domestically regulated markets where it is licensed," Entain said.
It added that the net gaming revenue and earnings before interest, tax, depreciation and amortisation impact from these closures is "relatively small" and will have no effect on current expectations.
Chair Barry Gibson said: "We stated at the outset that we would exit any market that wasn't able to regulate at sufficient pace or to the right standards, and we have acted decisively to do so. We are proud to be leading our industry as the only global operator taking this approach of solely operating in markets where there is domestic licensing."
Shares in Entain were up 0.1% to 1,448.00 pence each in London on Wednesday morning.
By Sophie Rose, Alliance News reporter
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