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Entain

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Entain plc
Company typePublic
LSE: ENT
FTSE 100 component
ISINIM00B5VQMV65
IndustryGambling
Founded2004
HeadquartersDouglas, Isle of Man
Key people
RevenueIncrease £4,769.6 million (2023)[1]
Increase £641.8 million (2023)[1]
Decrease £(936.5) million (2023)[1]
Websitewww.entaingroup.com

Entain plc, formerly GVC Holdings, is an international sports betting and gambling company. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.[2] It owns brands such as bwin, Coral, Ladbrokes, PartyPoker and Sportingbet.

History

[edit]

The company was incorporated in Luxembourg in 2004 as Gaming VC Holdings.[3] It was founded by a group of four American businesspersons, led by Steve Barlow,[4] as a vehicle to acquire Casino-Club, an online casino established in 2001 that was reportedly the largest online gambling operator in German-speaking countries.[5] The company made its initial public offering on the AIM exchange on 21 December 2004, raising funds that were used to complete the €105-million acquisition of Casino-Club on the same day.[6][7]

In 2010, Gaming VC was reorganised in the Isle of Man as GVC Holdings.[8]

In 2012, GVC and William Hill bought Sportingbet, with William Hill taking the Australian and Spanish markets, and GVC taking the rest of the world.[9]

GVC acquired Bwin.Party Digital Entertainment in 2016 for £1.1 billion after a bidding battle with rival gambling group 888 Holdings, leading to a marked recovery in GVC's financial situation.[10][11][12] After the acquisition, Bwin.Party returned to growth after many years of falling sales.[13]

In December 2017, GVC agreed to buy Ladbrokes Coral in a deal which could be worth up to £4 billion.[14] The acquisition was completed in March 2018.[15]

In mid-2018 a shareholder rebellion forced out GVC director, Peter Isola, after reports showed that two executives at the company earned a disproportionate £67 million in salary.[16]

In July 2018, GVC agreed to a $200-million deal with MGM Resorts International to capitalise on the newly liberalised US sports betting market.[17]

In 2019, GVC chairman Lee Feldman left the company.[18] While Feldman was overdue to leave under UK corporate governance code that recommends chairs of listed companies not stay in position longer than nine years, the news came two weeks after Feldman sold £6m worth of his GVC shares and CEO Kenny Alexander sold shares worth £13.7m, which led to GVC's share price falling nearly 14% in a single day.[19] Barry Gibson took over as Chairman upon Feldman's departure.[20]

In July 2020, Shay Segev, GVC's chief operating officer (COO), succeeded Alexander as CEO following his "surprise departure" after 13 years in charge.[21] The same month, the UK tax authority HM Revenue and Customs announced that it was widening the scope of its investigation into “potential corporate offending” related to GVC's former Turkish-facing online gambling business, which it had sold in December 2017.[22] GVC dismissed public reports that the HMRC probe was related to insolvent payment processor Wirecard, saying there was “no evidence of any link between the HMRC investigation and the payment service providers mentioned in the newspaper report.”[23]

In December 2020, GVC Holdings changed its name to Entain plc.[24] The rebranding was said to reflect a "new era of sustainability and conduct", which also included a commitment to operate only in regulated markets by 2023.[25][26]

In 2021, Entain's joint venture partner MGM Resorts made an offer to buy Entain, valuing the business at $11 billion. The board and Segev rejected the offer saying, that it "significantly undervalues the company and its prospects".[27] MGM Resorts subsequently withdrew the offer.[28]

In January 2021, Segev stepped down as Entain CEO and was succeeded by Jette Nygaard-Andersen, who became the first woman to lead a UK-listed gambling company.[29][30]

In August 2021, Entain acquired US-based esports betting company Unikrn for £50 million.[31][32]

In November 2021, it was reported that Entain had sold the Betdaq business, which had been acquired by Ladbrokes eight years earlier, back to its original founder Dermot Desmond. The sale price was reportedly substantially less than £25 million the company was originally acquired for.[33] Also in November 2021, Entain sold its InterTrader business to Raven Ventures International.[34][35]

In February 2022, Entain acquired the Canadian sports betting operator Sports Interaction from Avid Gaming for £175 million.[36][37]

In November 2022, Entain acquired the Croatian sports betting company, SuperSport.[38][39]

In January 2023, Entain acquired the Dutch online gambling company, BetCity, from Sports Entertainment Media for £398 million.[40]

In March 2023, Entain acquired the New Zealand based esports betting developer Sportsflare for CA$13.2m.[41]

In December 2023, Nygaard-Andersen stepped down as Entain CEO and was succeeded on an interim basis by Stella David, a non-executive director of Entain.[42] Nygaard-Andersen had been criticised by shareholders in relation to the company's poor business performance.[43]

On 29 February 2024, Entain, announced its decision to withdraw from Responsible Wagering Australia, coinciding with the Australian government's preparations to implement stricter betting advertisement restrictions.[44]

In April 2024, Entain announced that its interim CEO, Stella David, would succeed Barry Gibson as chairman, following Gibson's retirement in September.[45]

In July 2024, Entain Plc appointed Gavin Isaacs as CEO, replacing interim CEO Stella David. Isaacs will start as CEO on 2 September 2024.[46]

In December 2024, Australian Transaction Reports and Analysis Centre (AUSTRAC), took legal action against Entain, for failing to meet anti-money laundering (AML) and counter-terrorism financing (CTF) requirements. The regulator accused Entain of inadequate checks on high-risk customers, including using pseudonyms to obscure identities. Isaacs warned of significant fines and said the company was cooperating fully while improving its compliance measures.[47]

Operations

[edit]

Entain is headquartered in the Isle of Man and has licences in more than 18 countries. The Group employs over 2,800 employees and contractors in locations across Europe, Oceania, Asia, North and South America.[48]

Entain-owned brands

[edit]

Entain operates consumer-facing brands in the online gambling industry, including:

Sports labels

[edit]

Betboo

[edit]

Betboo was established in 2005 and provides online bingo, sportsbook, casino and poker to South American customers. It was acquired by the GVC Group in July 2009.[49]

BetMGM

[edit]

In July 2018, GVC announced a 50/50 joint venture with US Hotel and Casino operator MGM Resorts International to create a sports betting and online gaming platform targeting the U.S. market in states where such activities are legal.[50]

bwin

[edit]

bwin is Entain's main sports betting brand in continental Europe. Its core markets include Germany, Italy, Spain, France and Belgium. As well as sports bets, bwin has a variety of table and slot casino games as well as online poker where licensed to do so. The bwin brand has been associated with sponsorship of a number of football teams including Real Madrid,[51] A.C. Milan, Bayern Munich, Manchester Utd and Juventus.[52][53][54][55] The brand sponsors four Spanish La Liga clubs: Valencia CF, Villarreal CF, Sevilla FC and Atlético Madrid.[56]

In February 2018, GVC Holdings was fined £350,000 by the UK Gambling Commission for repeated failings from ElectraWorks Limited. The company was punished for infringements relating to the advertising of free bets and bonus offers.[57]

Gamebookers

[edit]

Gamebookers is a full-service sportsbook that was initially acquired by PartyGaming in 2006.[58] GVC then acquired the brand in February 2016 as part of the acquisition of bwin.party.[59]

Ladbrokes & Coral

[edit]

As of 29 March 2018, GVC Holdings took over the Ladbrokes Coral Group. This included their UK bookmaker estate, a new business for GVC bringing the two customer brands Ladbrokes and Coral into the corporate portfolio.[14]

Neds

[edit]

Neds was established in 2017 and serves the Australian sports betting market. It was acquired by GVC in 2018 for $A95 million.[60]

Sportingbet

[edit]

Sportingbet was established in 1998 and was acquired by GVC in March 2013. It provides online and mobile sports betting, casinos, games and poker. In October 2012, Sportingbet announced that it had agreed to preliminary terms for a £530 million takeover bid from both GVC and William Hill. Under these terms, Sportingbet's Australian and Spanish operations were bought by William Hill.[61]

Games labels

[edit]

partypoker

[edit]

partypoker was founded in 2001 and in the early 2000s was the world's largest online poker site. The company's US-driven revenues were hit by the passing of the Unlawful Internet Gambling Enforcement Act (UIGEA) in the United States. The company merged with Austrian sport's betting company bwin in 2011, and was acquired by GVC in 2015.[62] In 2016 partypoker launched a windows mobile app and saw significant growth after bwin.party was acquired by GVC in the same year.[63][64] In 2018, the partypoker brand was placed under the control of GVC's BetMGM joint venture.[65]

partycasino

[edit]

Following the 2011 merger of PartyGaming PLC and bwin Interactive Entertainment AG, partycasino became one of GVC's leading casino brands.[66]

CasinoClub

[edit]

CasinoClub was originally launched in 2001 and acquired by GVC in 2004, it largely operates in German-speaking markets and has more than 15,000 active customers.[67]

Gioco Digitale

[edit]

Gioco Digitale was the first fully regulated gambling site on the Italian market launched in 2008. It has positioned itself as a gambling portal for casual users, with a focus on bingo and casino products. The company was originally acquired by bwin Interactive Entertainment AG in 2009.[68]

Cashcade

[edit]

Cashcade Ltd is a UK-based online gambling marketing company that is now a wholly owned subsidiary of GVC Holdings. Cashcade was originally acquired by PartyGaming PLC in July 2009.[69] The company became part of the GVC group when it was purchased as part of the acquisition of bwin.party digital entertainment in February 2017. Cashcade owns FoxyGames.com, FoxyBingo.com and CheekyBingo.com.[70]

Foxy Bingo

[edit]

This online bingo site was first launched in 2005 and the brand is owned by Cashcade. During its advertising history it has had many campaigns featuring Foxy - a human-sized fox mascot. He wears a smart suit and has a northern accent. Throughout its brand history, there have been several celebrity tie-ups including with Katie Price and Joey Essex.[71][72]

Foxy Games

[edit]

Foxy Games was established in April 2015 as Foxy Casino and is the slots-led counterpart of its sister brand Foxy Bingo.[73][74]

References

[edit]
  1. ^ a b c "Preliminary Results 2023" (PDF). Entain. Retrieved 7 March 2024.
  2. ^ "FTSE UK Index Series: Quarterly Review June 2020". 3 June 2020. Archived from the original on 3 June 2020. Retrieved 20 June 2020.
  3. ^ Admission to Trading on AIM (PDF) (Report). Gaming VC Holdings. 16 December 2004. p. 8. Retrieved 27 May 2023.
  4. ^
  5. ^ "Gaming VC (GVC)". Investors' Chronicle. 15 September 2005. Retrieved 27 May 2023.
  6. ^ Results for the year ending 31 December 2005 (PDF) (Report). Gaming VC Holdings. 26 April 2006. p. 4.
  7. ^ "Tesco puts Woolies under pressure". The Guardian. London. 21 December 2004. Retrieved 27 May 2023.
  8. ^ Financial Report 2010 (PDF) (Report). GVC Holdings. 5 April 2011. p. 16. Archived from the original (PDF) on 30 March 2018. Retrieved 29 March 2018.
  9. ^ Martin, Ben (21 December 2012). William Hill clashes with Playtech over Sportingbet deal. The Daily Telegraph.
  10. ^ Cook, David (5 January 2016). "It's a date: BwinParty confirms the day GVC will take the reins". Gambling Insider. Retrieved 10 January 2016.
  11. ^ Fletcher, Nick (20 September 2016). Gaming group GVC boosted by Bwin takeover. The Guardian.
  12. ^ Moore, Malcolm (4 September 2015). GVC clinches £1.1bn deal for Bwin. Financial Times.
  13. ^ Martin, Ben (5 January 2016). "Bwin returns to growth as GVC takeover nears completion". The Daily Telegraph
  14. ^ a b "Ladbrokes Coral bought by online rival GVC". BBC News. 22 December 2017. Retrieved 22 December 2017.
  15. ^ "Scheme of Arrangement becomes effective" (Press release). GVC Holdings. 28 March 2018. Retrieved 29 March 2018.
  16. ^ Kollewe, Julia (7 June 2018). "Pay revolt at Ladbrokes owner GVC forces director to quit role". The Guardian. Retrieved 12 July 2018.
  17. ^ Smithers, Rebecca (30 July 2018). "Ladbrokes owner agrees $200m deal with MGM Resorts". TheGuardian.com. Retrieved 30 July 2018.
  18. ^ Hancock, Alice. "Betting group GVC seeks new chair after sell-off from current one". Financial Times. Retrieved 22 March 2019.
  19. ^ "Ladbrokes-owner GVC Holdings' shares drop 18 pct after top bosses..." Reuters. 8 March 2019. Retrieved 22 March 2019.
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  21. ^ Partridge, Joanna (21 July 2020). "HMRC widens investigation into Ladbrokes owner GVC". The Guardian. Retrieved 21 July 2020.
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  26. ^ "Ladbrokes Coral owner GVC Holdings announces rebrand and new strategy | Horse Racing News | Racing Post". www.racingpost.com. Retrieved 12 November 2020.
  27. ^ "Shares in Ladbrokes owner Entain soar after £8.1 billion US casino takeover bid | Horse Racing News | Racing Post". www.racingpost.com. Retrieved 11 February 2021.
  28. ^ Walsh, Dominic. "All bets are off as MGM drops £8.1bn Entain bid". The Times. ISSN 0140-0460. Retrieved 11 February 2021.
  29. ^ Armitage, Jim (11 January 2021). "Entain CEO Shay Segev quits in middle of £8 bn takeover fight". www.standard.co.uk. Retrieved 27 January 2021.
  30. ^ MarketScreener. "ENTAIN PLC : Shareholders Board Members Managers and Company Profile | IM00B5VQMV65 | MarketScreener". www.marketscreener.com. Retrieved 26 January 2023.
  31. ^ "Entain makes bet on esports with US acquisition". Financial Times. 12 August 2021. Retrieved 13 August 2021.
  32. ^ "Gambling giant Entain puts £50m bet on esports". The Times. 13 August 2021. Retrieved 3 September 2021.
  33. ^ "Ladbrokes Coral owner Entain sells Betdaq to founder Dermot Desmond". Racing Post. 25 November 2021. Retrieved 8 March 2022.
  34. ^ "UK watchdog fines Sigma Broking $600,000 for reporting failures". Reuters. 6 October 2022. Retrieved 13 November 2023.
  35. ^ "InterTrader: Change of Ownership". Independent Investor. Retrieved 13 November 2023.
  36. ^ "Entain makes $300m Canada play acquiring Mohawk bookmaker Sports Interaction". SBC News. 7 February 2022. Retrieved 7 February 2022.
  37. ^ "Ladbrokes-owner Entain snaps up Canadian rival for £174m". City A.M. 7 February 2022. Retrieved 8 March 2022.
  38. ^ Davies, Craig (23 November 2022). "Entain finalises €800m acquisition of SuperSport". Retrieved 23 November 2022.
  39. ^ "Entain CEE completes acquisition of SuperSport". www.gamblinginsider.com. Retrieved 23 November 2022.
  40. ^ O'Boyle, Daniel (12 January 2023). "Entain completes €450m BetCity acquisition". iGB. Retrieved 13 January 2023.
  41. ^ Corp, Tiidal Gaming Group. "Tiidal Announces Completion of the Sale of Sportsflare to Entain". Newsfile. Retrieved 27 May 2024.
  42. ^ Fletcher, Robert (12 December 2023). "Nygaard-Andersen steps down as CEO of Entain". iGB. Retrieved 13 December 2023.
  43. ^ O'Boyle, Daniel (13 December 2023). "Under-fire boss of Ladbrokes owner Entain takes off". Evening Standard. Retrieved 6 February 2024.
  44. ^ Belot, Henry (29 February 2024). "Global gambling company to leave Australia's peak lobbying group". The Guardian. ISSN 0261-3077. Retrieved 5 April 2024.
  45. ^ Williams, Holly (4 April 2024). "Entain chairman to step down as hunt for top boss continues". Evening Standard. Retrieved 4 April 2024.
  46. ^ Solon, Olivia (22 July 2024). "Ladbrokes Owner Entain Names Industry Veteran Isaacs As CEO". BNN Bloomberg. Retrieved 22 July 2024.
  47. ^ "Aussie regulator sues Ladbrokes owner Entain over anti-money laundering breaches". 16 December 2024. Retrieved 16 December 2024.
  48. ^ Lynch, Russell (7 April 2017). Kenny Alexander: The poker-playing GVC boss itching to get chips in middle when takeover cards are dealt. The Evening Standard.
  49. ^ "Gaming VC buys Betboo". Bookmakers Review. 11 July 2009. Retrieved 3 March 2020.
  50. ^ "MGM RESORTS INTERNATIONAL AND GVC HOLDINGS PLC ANNOUNCE JOINT VENTURE TO CREATE LEADING SPORTS BETTING AND INTERACTIVE GAMING PLATFORM IN THE U.S." Investors.mgmresorts.com (Press release). Retrieved 20 March 2019.
  51. ^ (29 September 2009). Real Madrid extends Bwin tie-up BBC News Online
  52. ^ (16 February 2010). bwin to Lose AC Milan Shirt Sponsorship Next Season. GamingIntelligence.com.
  53. ^ (24 September 2014). Bayern extend deal with bwin. FCBayern.com.
  54. ^ (16 August 2012). Manchester United in sponsorship deal with bwin. BBC News Online.
  55. ^ Weir, Keith (July 13, 2013). bwin adds Italy's Juventus to soccer sponsorship ranks. Reuters.com.
  56. ^ (3 March 2017). bwin agrees further betting partnerships in Spain’s La Liga. GamingIntelligence.com.
  57. ^ "Gambling Business Fined for Advertising Failures". Archived from the original on 16 February 2018. Retrieved 16 February 2018.
  58. ^ Allen, Katie (3 August 2006). PartyGaming buys sports site Gamebookers. The Guardian.
  59. ^ Wilson, Harry (August 28, 2015). GVC looks to crash Bwin.party takeover. The Times.
  60. ^ (22 November 2018). GVC expands Australian presence with $95m Neds acquisition. iGaming Business.
  61. ^ (16 October 2012). GVC, William Hill agree Sportingbet takeover terms. Reuters.com.
  62. ^ History and Information About Party Poker. iGaming.org.
  63. ^ Hannah, Martin (14 January 2016). Partypoker launches dedicated Windows app. EGR
  64. ^ Washtell, Francesca (20 September 2016). Party Poker and Foxy Bingo owner GVC Holdings posts record results as Bwin integration steams ahead and company joins FTSE 250 City A.M.
  65. ^ "Our Brands". betmgminc.com. Retrieved 12 November 2020.
  66. ^ (26 May 2016). GVC unveils revamped partycasino.com site. gamingintelligence.com.
  67. ^ LSE | Prices & Markets | Stocks | Description of the Business: GVC Holdings Plc. londonstockexchange.com.
  68. ^ Wauters, Robin (Sept 7, 2009). Consolidation in online gambling: bwin acquires Italy's Gioco Digitale. TechCrunch.
  69. ^ (24 July 2009) PartyGaming Buys CashCade. igamingbusiness.com.
  70. ^ Sweeney, Mark (23 July 2009). Independent News & Media sells Cashcade stake to PartyGaming. The Guardian.
  71. ^ Aron, Isabelle (January 05, 2015). Foxy brings in Joey Essex for PR push. PR Week.
  72. ^ (4 February 2011). New ad campaign from Foxy Bingo. The Drum.
  73. ^ Menmuir, Ted (April 2, 2015). Foxy Bingo unveils new casino offering – FoxyCasino.com. SBC News
  74. ^ Edmonds, Lizzie (6 March 2017). Heather Graham: You’re not told Leonardo DiCaprio’s age when you read about him, so why mine?. The Evening Standard.
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