The purchases have increased the number of regulated international markets in which Entain operates by almost a third over the past year, in addition to providing potential entry points to further regions.
Entain, formerly GVC Holdings, announced the acquisition of Bet.pt in October 2020. The move paved the way for the British gambling giant’s entry into the Portuguese iGaming and wagering market. Bet.pt was among the first operators to receive a license from the local regulator following the reorganization of the nation’s gambling market in 2016.
In January, the gambling company tabled a SEK2.8 billion (approx. US$320 million) offer for Baltics-focused Sweden-listed company Enlabs. Following shareholder pressure, it improved that original bid in early March and offered a SEK3.7 billion (approx. US$440 million) purchase price for the other company.
“Portugal and the Baltic region represent highly attractive, locally regulated and fast-growing gaming markets. Both these acquisitions further deliver on our growth strategy of expanding across fast-growing international markets,” said Rob Wood, CFO and deputy chief executive of Entain.
Looking ahead, the group is expecting to further increase the number of regulated markets in which it operates through a combination of positive regulatory developments in certain jurisdictions, such as Canada, and expansion into new countries in regions including Latin America and Central and Eastern Europe
At this time last year Entain had operations in 21 fully regulated markets, before later adding Germany and Colombia. That total has risen to 27 following the latest acquisitions.
“These new acquisitions are in line with our strategy to expand into new locally regulated markets. We are committed to operating only in countries which are either already fully regulated or in the process of regulating and will continue to look for opportunities to expand our business internationally,” added Wood.
At the end of last year, Entain announced plans to quit all unregulated territories its brands were present in and to become 100% regulated by the end of 2023. Currently, 99% of its group revenue comes from regulated markets and ones that are on the verge of regulation.
Source: GMB
