A gambling giant headquartered in the island is heading for a fresh start with a new name.
It also plans to pull out of all unregulated markets and concentrate on the ‘highest possible’ levels of player safety.
GVC Holdings is to change its name to Entain in an overhaul at an important time for gambling firms in the British Isles under increasing pressure from the UK regulator to improve their record on issues such as betting addiction.
The business says the new identity ‘will represent a new chapter for the group under a re-energised management team, and reflects our ambition to be the world leader in sports betting and gaming entertainment’.
GVC’s registered office is in Athol Street, Douglas.
The business is a holding company with many brands to its name including bwin, Coral, Ladbrokes and Foxy Bingo.
GVC Holdings was incorporated as an Isle of Man enterprise in 2010. The group does not have any brands licensed in the island.
A London spokesman for GVC confirmed to Business News that there will be no change to the Isle of Man registered office as a result of the changes.
The group says that at present 96% of revenue comes from markets that are nationally related or regulating. ‘By the end of 2023, 100% of our revenues will be from regulated markets which means we are exiting markets in which there are currently no viable paths to regulation.’
The business says that ‘ensuring the highest possible levels of player safety and protection is the best way of guaranteeing our long-term success. Our technology enables us to continuously upgrade and personalise our protections for customers.
‘We are launching our Advanced Responsibility and Care (ARC) programme’.
Shay Segev, who took over as chief executive in July, said: ‘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.’