Entain, the betting bigwig based in London, is making headlines with its decision to leave over 140 grey markets. This move is part of a big cleanup act to address past operating practices where betting regulations were murky.
Entain’s move to exit these markets isn’t just a small step; it’s a leap. They’re stepping away from spots like Antarctica and Vatican City (not exactly hotspots for betting) to some slightly more significant places like Argentina, Russia, and Ukraine. This decision follows a hefty £615m penalty tied to some old business in Turkey.
Barry Gibson, Entain’s Chair, reflected on the company’s journey. “This legacy issue pertains to a business divested by a past management team six years prior,” he said. Entain’s not just turning a new leaf; they’re starting a whole new chapter, focusing solely on regulated markets and setting the bar high for responsible, top-notch corporate governance.
As previously reported by BCA, the Bwin brand, also under The Entain Group, announced its exit from the Zambian market by January 31, 2024. This surprising turn of events left industry analysts and consumers puzzled about the reasons behind such a move.
Not everyone’s popping champagne over Entain’s decision. Greg Johnson from Shore Capital shared his two cents, questioning the merit of leaving markets that perhaps weren’t significant in the first place: “I struggle to see why it’s a great achievement to move out of markets you either weren’t ever really in or shouldn’t have been in the first place.”
Entain’s recent actions paint a picture of a company determined to stay in the good books of regulation, leaving behind any grey areas. It’s a move that could set a precedent in the betting world, showcasing the importance of playing by the rules in this ever-evolving industry.