GVC Holdings Officially Rebrands as Entain
GVC Holdings is the latest major gambling firm to change its name. Shareholder voted unanimously to rebrand the 16-year-old company to Entain.
The company was founded in 2004 as Gaming VC Holdings. It became the GVC Holdings we know now some six years later. GVC grew rapidly over the past few years. It bought Sportingbet with fellow gambling giant William Hill in 2012. William Hill took the Australian and Spanish market with GVC taking the rest of the world.
bwin.party digital entertainment became part of the GVC family in 2016 in a massive £1.1 billion deal. GVC spent a further £4 billion purchasing Ladbrokes Coral in 2017. It spent US$200 million in a deal with MGM Resorts to take advantage of the newly emerging US sports betting market.
GVC is now worth almost £6.1 billion thanks to the huge labels it owns. These include partypoker, Australian sports betting firm Neds, and a host of online casinos. All its brands now come under the Entain umbrella.
Why Change An Established Name to Entain?
Company directors decided to rebrand to Entain in November 2020 but needed shareholder approval. Shareholders cast their votes on December 9 and 99.96% voted for rebranding to Entain.
Shay Segev took over at the helm in the of Chief Executive in July 2020; he succeeded Kenny Alexander. Segev address shareholders when GVC first announced the rebranding to Entain.
“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.”
“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”
Major Changes Lay Ahead
Entain CEO Segev made some revelations about the company’s new focus and the paths it’s taking. The company is committed to drawing 99% of its revenue from nationally regulated markets by the end of this year. The aim is for this figure to rise to 100% by the end of 2023. Some 95% of Entain’s revenue stems from these regulated markets currently.
This spells bad news for countries such as Turkey, those in South Asia, and maybe even Russia.
Gambling companies have a moral obligation to look after their customers and their well-being. Entain is doing this by launching the Advanced Responsibility & Care programme. This implements several additional checks at various thresholds of a customer’s journey.
Entain promises to donate at least £100 million to wider communities in which it works over the next five years. The Entain Foundation includes the Pitching In programme. This gives financial support to grassroots sports and sportspeople.
It’s a welcome step and one other major gambling firms have undertaken in the past. Both PokerStars and online casino specialists Microgaming have their HQ on the Isle of Man. They both contribute massively to the local communities in which they’re based.
Which Other Gambling Companies Have Changed Their Names?
Rebranding is nothing new in the business world, especially in the gambling section.
Entain owned Bwin is a shining example. The Austrian company called itself betandwin when it launched in 1997. It changed its name in 2006 in order to be more catchy and modern.
Paddy Power and Betfair merged and came up with the not-so-inspiring name Paddy Power Betfair. Flutter Entertainment, or Flutter for short, is the company’s name now. A company Betfair acquired during its relative infancy was called Flutter. The term flutter is also a slang word for having a bet or for gambling.