Tag: UK

GVC Holdings PLC has announced that it is going to change its name to Entain PLC as the company sets out a new strategy focused on “sustainability and growth.”

GVC said that customer protection and growth into new, regulated markets will be at the core of its new strategy.

GVC’s brands in the UK include Ladbrokes and Coral, while in the US, it is part of the BetMGM joint venture.

“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,” Shay Segev, Chief Executive of GVC Holdings, said.

Paddy Power and Betfair owner Flutter Entertainment has reported a 30% rise in revenues to €1.45 billion in the third quarter of 2020.

Flutter said average daily customers grew 41% in the three months to the end of September with double-digit growth across all key regions as sports recommenced following Covid disruptions.

“Flutter’s performance in the third quarter exceeded our expectations in both sports and gaming. Our strong trading continued as we grew market share in key regions while retaining our commitment to safer gambling practices,” Peter Jackson, chief executive of Flutter Entertainment, said.

Flutter merged with Canada’s Stars Group, owner of Pokerstars and Skybet, in May, creating the world’s biggest betting business.

In Ireland and Britain, Paddy Power turnover rose 32% while SBG’s was up 26%. In Australia, the company recorded a 76% rise in revenues.

Online revenues at Paddy Power Betfair grew 14% in Q3 with increases of 5% in sports and 31% in gaming.

The group added over 450,000 new customers in the US with 1.8 million active users at the end of September.

Bookmakers in the UK have agreed to pay additional fees on existing streaming and data deals until December 2, to provide much-needed financial help for the horseracing sector during the latest Covid-19 lockdown.

The extra revenue from online operators will help racecourses to make up for some of the funding shortfalls caused by the widespread closure of betting shops in the UK and Ireland for the next month. Bookmakers agreed to similar increased pricing in June and July when betting shops were closed.

More than half of racecourses’ revenue comes from spectators, meaning the ongoing ban is crippling the sport – and putting the future viability of courses at risk unless the Government allows their return.

“We are very grateful for the betting industry to agree to paying increased fees for the next month, while most of Britain and Ireland will be locked down. Newbury Racecourse has long enjoyed valued partnerships with bookmakers, and we are of course looking forward to the Ladbrokes Winter Carnival this month,” Julian Thick, CEO of Newbury Racecourse, said.

“This additional funding will be much valued by racecourses but it won’t plug the hole left by lost revenues from LBO closures for the next month. Make no mistake, racecourses are really suffering at the moment, and the return of crowds is absolutely critical to us operating but we are grateful for betting industry’s support throughout the difficulties of the Covid-19 crisis,” Julian Thick added.

The close collaboration is evidence of the betting and gaming industry’s determination to help racing through the crisis. The timely support comes as racing fights to deal with the financial impact of the ban on spectators and the closure of betting shops.

Michael Dugher, chief executive of the BGC, said: “There has always been a close relationship between betting and racing. So, with the Government’s ongoing Covid restrictions affecting the sport so severely, it’s welcome that bookmakers are stepping up to further support the sport.

“This extra funding for streaming and data rights will undoubtedly help racing’s finances for the next month and I’m delighted to see BGC members assisting the sport in this way.

“We will continue to make the case to the Government that betting shops should be allowed to re-open, in line with the rest of non-essential retail, once the national lockdown ends, and that socially-distanced crowds return to race meetings as soon as possible.

“I’m equally sure that the whole of racing will be making the case ahead of the Government’s gambling review that a healthy betting industry is critical to the future of the sport.”

Young Gamers and Gamblers Education Trust (YGAM) has started a new training alliance with national sports charity StreetGames and Yorkshire Sport Foundation (YSF) to provide problem gambling education to youth.

“Working with sports clubs and groups is a natural progression for YGAM and something we have been making progress on for some time. There is a clear alignment in our values and mission, to safeguard children and ensure each young person gets a healthy start in life,” Sam Starsmore, YGAMs’ National Education Manager, said.

“Since we first began working with StreetGames and YSF, we have seen just how passionate both organisations are about the work they are doing. To have them supporting YGAM’s objectives and taking the steps to utilise our training and resources is great news for the young people and their families who make use of their services,” Sam Starsmore added.

“We are looking forward to supporting YGAM and working with YSF in the Yorkshire region, on an issue which too often has a real and detrimental impact on communities. Ensuring the safeguarding of young people is a key area of work for StreetGames and using sport as a driver for these conversations can be a great way to engage openly and honestly with trusted community organisations. We hope this training will help raise awareness of the potential issues caused by gaming and gambling, as well as offering ways to prevent the harm this can cause,” Halima Khan from StreetGames said.

“The safety and welfare of young people is of utmost importance to Yorkshire Sport Foundation, and we are committed to working with local sports clubs and organisations to raise awareness of issues that can affect young people. We hope through our involvement, we can spread the messages and help to reduce the harm caused to young people through gaming and gambling,” Gillian Brown, Safeguarding Lead for Yorkshire Sport Foundation, said.