High profile international gambling group GVC Holdings which includes a variety of household betting names, including Coral, Ladbrokes, bwin, Sportingbet, partypoker and BetMGM, has laid out wide ranging plans for the future, including a name change, that it hopes will boost growth and sustainability in an increasingly complicated and hostile operating environment.
The Group have announced that they will be implementing a new range of strategic initiatives. As well as the launch of a new corporate identity, GVC will make a commitment to operate only in fully regulated markets and will be rolling out new technology-driven protection for customers.
But the most noticeable change for the Group, which has long had the ambition of dominating the global sports betting and gaming sector is the change of name. Assuming that shareholders give the change their approval, GVC is set to be renamed Entain.
Speaking about the changes, the Chief Executive at GVC, Shay Segev, said that it was an exciting time for the company and a significant step forward:
“Under our new corporate identity, we will continue to use our unique technology platform to grow in both existing and new markets, innovate, reach new audiences, enhance the customer experience, and provide industry-leading levels of player protection.”
Segev also emphasised that the company was committed to achieving the highest standards of corporate governance, along with providing stronger development opportunities for GVC staff and supporting communities in the jurisdictions where the company operates.
Among a variety of new initiatives from GVC will be a new Sustainability Charter that the Group says will underline its commitment to raising standards in responsible gaming. This will include the commitment to focus on regulated markets, with the aim that by the end of 2023, 100% of revenue will come from nationally regulated markets.
The Group has also announced a new Advanced Responsibility & Care (ARC) programme to help with responsible gambling, which will employ proprietary technology to further enhance player protection with additional checks along with improved monitoring and interventions. The principle of responsible gambling will also embed responsible gambling into its remuneration policy, while a new Entain Foundation will focus investments in local communities and people.
In terms of financial support for social measures, the Foundation will donate more than £100m over the next five years, which will include the Pitching In programme in the UK, which is focused on supporting sports people and grassroots sports.
GVC clearly hope that these measures will counteract some of the negative publicity that the Group and the industry as a whole has attracted in recent months. They are also focused on competing in the fast growing US market, through a joint venture with MGM Resorts called BetMGM.