Entain Exits 140 Markets in Corporate Responsibility Shift
LISTEN TO THIS ARTICLE:Online gambling operator Entain has announced its exit from 140 markets as a step towards adhering to newly implemented corporate responsibilities.
Entain informed investors and employees that it left areas lacking regulatory oversight, where the possibility of a legal, regulated online gambling market seems unlikely. Some of these jurisdictions include Russia, Antarctica, Argentina, and the Vatican City. The operator confirmed that the markets it left didn’t yield substantial revenues before its exit.
We shut down 140 markets where revenues varied from significant to minimal when we exited but where customers had the option to place bets with us.
HMRC Investigation
The development represents one of the significant steps Entain has taken to show its commitment to corporate obligations after an HMRC investigation indicted its Turkish branch on alleged bribery. The inquiry also resulted in a deferred settlement of £600 million.
This legacy issue pertains to a business divested by a past management team six years prior. The company has undergone significant changes since then, and the DPA process has underscored the profound evolution from the GVC of the past to today’s Entain. We remain focused on advancing our operations exclusively within regulated markets and are acknowledged as a leading, responsible entity with unparalleled corporate governance across our business.
Former Entain CEO’s Message
In related news, Jette Nygaard-Andersen, the former CEO of Entain, has penned a LinkedIn post almost a month after stepping down from her position at the company.
During her tenure, Nygaard-Andersen encountered mounting pressure due to scrutinized M&A activities, financial performance evaluations, and a declining share price hitting a three-year low in December.
Having dedicated four years to the company, including a three-year tenure as CEO, Nygaard-Andersen parted ways with Entain.
Thanks to the professionalism and passion of Entainers around the world, the business tackled challenges such as the pandemic head-on, navigated a path to 100% regulated operations and always thought of the customer. As a result, Entain is now a business that has scaled and operates in over 30 territories with 30,000 employees.
Ricky Sandler’s Appointment
Last week, Entain announced the appointment of Ricky Sandler as a Non-Executive Director. Sandler brings a wealth of experience to Entain. He is the Founder and CEO of Eminence Capital. He also doubles as the company’s chief investment officer. Before Eminence, Sandler co-founded Fusion Capital Management and also served as a research analyst at Mark Asset Management Corporation.
Entain’s share price reportedly climbed 3% following the announcement.
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