Entain Plc, the interactive entertainment group that owns Ladbrokes and Neds, announced it would accelerate plans to stop operating in unregulated markets. The sports betting and gaming giant would also exit markets where domestic regulation wasn’t on the cards for local governments.
In November 2020, Entain said that, as part of its strategy for sustainability, it would leave all unregulated markets by 2023. The group vowed to have 100% of its revenue “come from markets that are nationally regulated.”
Net Revenue from Unregulated Markets Is Small
Most of the markets Entain operates in are regulated. Starting on 18 January 2023, the Group started accelerating the process of leaving the few remaining unregulated markets too.
UK-listed Entain (LSE: ENT) would continue to operate in unregulated markets where regulation changes are expected to happen soon. The company expects to obtain a license in these markets as soon as they become regulated.
The group said that the net revenue from the unregulated markets it was going to leave was small and wouldn’t affect Entain’s bottom line. Ladbrokes and Neds‘ owner has betting and gaming licenses in more than 30 countries.
Only Global Operator that Works Solely in Regulated Markets
Entain’s Chair Barry Gibson said that Entain had been undergoing “profound and far-reaching” changes in the last few years and that the latest announcement was in line with that strategy.
Gibson added that the accelerated plans to exit unregulated markets demonstrated how committed Entain was to things like sustainability, corporate responsibility, and player safety.
Entain’s chair was proud that the company stayed true to the strategy it announced in 2020 and stated that Entain was the only global operator that operated in regulated markets where all betting providers had to be licensed domestically.