Partypoker, GVC's flagship poker brand, will withdraw from some markets that the company believes are not fully regulated. GVC Holdings will waive participation in any jurisdiction where iGaming rules are not strict and where sports betting and poker have not been established. Regulated markets represent approximately 96% of the GVC group's revenues. The company mentioned last month that they are looking for 100% of their revenues to come from regulated markets by 2023.
More than a dozen illegal markets are the ones that the online operator, Partypoker, will leave behind. This measure will be implemented to give a better impression in the regulated markets where the business group is trying to enter. Starting on December 1, players will no longer be able to deposit in all affected countries, which include Poland, Norway, and Montenegro for now, and all games will stop on December 17. Existing account holders will have until December 23 inclusive to request the withdrawal of all remaining credit they have on Partypoker.
Colette Stewart, Manager of Partypoker and Twitch Community, announced that the brand's online platform will only be available for regulated markets and this was a decision taken to improve the commercial management of the company. From now on, the brand will focus only on venturing into regulated markets where they manage to have a full license to operate, in order to improve the company's fame, as well as the experience of the players.
GVC Announces Rebranding and Exit from Unregulated Gaming Markets
Gaming operator GVC Holdings completed its planned rebrand as Entain PLC, after company shareholders overwhelmingly approved the measure at a special meeting. The company first announced its plans to rebrand in mid-November, saying the name change would reflect "fundamental changes" that have taken place within the organization, as well as in the gaming industry in general.
The company also revealed a series of measures that it wants to implement to strengthen its business and improve its social responsibility practices. These measures will extend to all markets in which the company operates and to all its brands, including Bwin, Partypoker, Ladbrokes, Coral, FoxyBingo and BetMGM.
In announcing its rebrand last month, Entain also unveiled a new strategy that would aim to generate significant growth through an ongoing focus on four key areas, including aggressive expansion in the US.
Expansion in USA
A major driver in terms of fully regulated revenue has been GVC's involvement in the US online gambling and sports betting markets. With this change, operating in a fully legal and transparent manner is expected to aid the group’s expansion efforts in the United States.
Its US-oriented BetMGM brand has received a strong boost and market share gains in the US. BetMGM is part of the company's joint venture with US casino giant MGM Resorts International.
BetMGM most recently ventured into the recently opened sports betting market in Tennessee. It is the company's most successful launch, in the United States, with revenues already exceeding that of the more established states and BetMGM is expected to be available in more than 20 states by the end of next year.
Entain announced that it has obtained its first Latin American license and expects to start operating soon in Colombia, one of the first regulated jurisdictions in Latin America. The company also revealed that it will apply for licenses in Canada, where lawmakers are taking steps to legalize gambling, while the practice is heating up in the neighboring United States.
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