Acceleration of Unregulated Market ExitsSource: RNS
For Immediate Release
10.00am 18 January 2023
("Entain" or the "Group")
Acceleration of unregulated market exits
Entain plc (LSE: ENT), the global sports betting, gaming and interactive entertainment group, today announces that it has accelerated its plans to exit a number of unregulated markets where it no longer sees a path to domestic regulation.
On 12 November 2020, Entain announced a clear strategy for sustainability, growth and innovation. As part of that strategy, the Group made a commitment that, by the end of 2023, 100% of the Group's revenue would come from markets that are nationally regulated.
From today, the Group will accelerate this process by exiting its few remaining markets where there is no clear path to market liberalisation via domestic regulation. The Group is now licensed in more than 30 countries and 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. The net gaming revenue and EBITDA impact from these closures is relatively small and will have no effect on current expectations.
Barry Gibson, Entain's Chair, commented:
"As part of the profound and far-reaching transformation programme that Entain has undergone in the last few years, we took the decision in 2020 to only operate in nationally regulated markets. Today's announcement is therefore a continuation of that strategy, and should be taken as a clear demonstration of Entain's commitment to the highest standards of corporate responsibility, governance, sustainability, and player safety. 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."
Investor Relations - Entain plc
David Lloyd-Seed, Chief IR & Communications Officer
Davina Hobbs, Head of Investor Relations
Callum Sims, IR Manager
Media - Entain plc
Lisa Attenborough, Head of Corporate Communications
Jay Dossetter, Head of Corporate PR
Jodie Hitch, PR Manager
Rob Greening/Nick Hayns/Sam Austrums
Tel: +44 (0) 20 7250 1446
About Entain plc
Entain plc (LSE: ENT) is a FTSE100 company and is one of the world's largest sports-betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports brands include BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet, Sports Interaction and SuperSport; Gaming brands include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino. The Group owns proprietary technology across all its core product verticals and in addition to its B2C operations provides services to a number of third-party customers on a B2B basis.
The Group has a 50/50 joint venture, BetMGM, a leader in sports betting and iGaming in the US. Entain provides the technology and capabilities which power BetMGM as well as exclusive games and products, specially developed at its in-house gaming studios. The Group is tax resident in the UK, operating in over 40 regulated or regulating territories. Entain is a leader in ESG, a member of FTSE4Good, the DJSI and is AA rated by MSCI. The Group has set a science-based target, committing to be carbon net zero by 2035 and through the Entain Foundation supports a variety of initiatives, focusing on safer gambling, grassroots sport, diversity in technology and community projects. For more information see the Group's website: www.entaingroup.com