GVC Holdings will rebrand its corporate identity to ‘Entain Plc’, as the FTSE100 online gambling group commits to operating 100% across regulated markets by the end of 2023 trading.
This morning, GVC presented a series of strategic objectives to investors and analysts, outlining the firm’s ambitious plans to lead the global igaming sector in its era of sustainability and corporate conduct.
Subject to shareholder approval, GVC will rebrand to Entain Plc, reflecting the firm’s new identity under a ‘re-energised executive leadership team’.
Shay Segev, GVC’s CEO, commented: “Today marks an exciting new chapter for the Group, and an important step forward in achieving our ambition of being the world leader in sports betting and gaming.
“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.”
Entain will operate under the headline objective of ensuring that all corporate revenues are generated from nationally regulated markets, in which GVC underlined that on its current basis, ‘99% revenues are generated from regulated or soon-to-be regulated markets’.
“We will work closely with regulatory authorities in the remaining 1% towards the highest regulatory standards,” added Segev. “If it becomes apparent that regulation in those markets is unlikely, we will exit them.”
Placing sustainability and responsibility at the forefront of its operations, GVC has also launched an ‘Advanced Responsibility & Care’ (ARC) programme, utilising its proprietary-built technology to further enhance player protection through additional checks as well as improved monitoring and interventions.
Supporting its CSR objectives, GVC will become the first listed igaming operator to incorporate responsible gaming metrics into its remuneration policy – a measure sanctioned across the group’s operating units.
The FTSE firm’s global footprint will be supported by the launch of the ‘Entain Foundation’, a CSR fund committed to donating over £100 million in the next five years to local communities, problem gambling research and grassroots sports initiatives.
Ending its presentation, GVC outlined that its intended changes would reduce 2021 projected EBITDA by circa £40 million.
However, it underscored that the company would secure longer-term benefits, help facilitate corporate growth by attracting top workforce talent and secure diverse local partnerships, which will help ease its entry into new regulated markets and expand its global audience
Segev continued: “We recognise that to be a world-leading company we need to adhere to the highest standards of governance in all areas of our operations. Our board has been strengthened and revitalised over the last two years, notably with Barry Gibson becoming Chairman in February 2020.
“We now have a robust corporate governance structure and policies in place that befit our status as a FTSE 100 company. As the board and nominations committee is focused on bringing greater diversity to the organisation, it is anticipated that further changes will be made to the board’s membership in due course.
“We are absolutely committed to pursuing the highest standards of corporate governance, to providing outstanding career development opportunities for our colleagues, and to supporting the communities in which we operate. Our clear strategy of prioritising sustainability and growth will allow us to achieve these goals, thereby providing long-term value for all of our stakeholders.”