TIDMENT
RNS Number : 7755X
Entain PLC
27 April 2023
For Immediate Release
27 April 2023
Entain plc
Response to the UK Gambling Act Review
Entain plc (LSE: ENT), the global sports betting, gaming and
interactive entertainment group ("Entain" or the "Group"), welcomes
the publication of the UK Gambling Act Review White Paper by the UK
Government's Department for Culture, Media and Sports ("DCMS")
review of the UK Gambling Act 2005 ("GAR White Paper").
The GAR White Paper is an important step towards having a robust
regulatory framework in the UK that is fit for the digital age,
raises standards across the industry and creates a level playing
field for all operators. The GAR White Paper includes a number of
important proposals, some subject to further clarification
following consultation. The key areas that will have an impact on
our UK online operations are:
-- GBP2 slot limit for under 25s
-- Staking limits of GBP2-GBP15 for online slots
-- The requirement for operators to carry out financial checks based on online customer deposits, principally being
GBP1,000 per day, or GBP2,000 over 90 days
-- Controls over certain game features
-- Introduction of mandatory deposit limits and use of bonuses
-- Compulsory industry levy of 1% of Gross Gaming Revenue ("GGR")
-- Independent industry ombudsman funded by the industry
We continue to lead the industry on player protection and have
proactively taken a number of actions to deliver a safer
environment for our customers, many aligned with the proposals
outlined in the GAR White Paper - the impact of which has already
been absorbed in our financial performance and expectations across
FY22 and FY23:
-- We have developed and rolled out ARCTM (Advanced Responsibility & Care), our innovative, AI-driven, proactive
player protection programme, which is already delivering meaningful improvements to protecting our customers;
-- We have already implemented an affordability model across the UK - with soft checks on customers from as low as
GBP100;
-- We have introduced personalised staking limits for online slots;
-- We terminated VIP schemes across the UK in 2020;
-- We were the first industry operator to voluntarily commit to donating 1% of UK gross gaming revenue to research,
education and treatment in respect of problem gamblers; and,
-- We actively supported the proposal for an independent industry ombudsmen.
As a result of the proposals outlined in the GAR White Paper
today, materially mitigated by the proactive actions we have
already taken, we expect there to be no material change to our
expectations for FY23 and an impact of less than 1% on Group Online
net gaming revenue in FY24.
Jette Nygaard-Andersen, Entain's CEO, commented :
"The UK Gambling Act Review is an important step towards having
a robust regulatory framework that is fit for the digital age and
creates a level playing field for all operators. We welcome the
clarity that it will bring to the industry and its customers. We
look forward to working with the Government and the Gambling
Commission on evidenced-based consultations and implementation of
the proposals outlined today.
As a global and diversified business that operates in over 40
regulated or regulating territories around the world, all of which
are regulated or regulating, we are firmly in favour of regulation
that preserves the market for the vast majority of customers who
enjoy recreational betting and gaming, whilst also ensuring
appropriate protection to all players."
Enquiries:
Investor Relations - Entain plc investors@entaingroup.com
David Lloyd-Seed, Chief IR & Communications Officer david.lloyd-seed@entaingroup.com
Davina Hobbs, Head of Investor Relations davina.hobbs@entaingroup.com
Aimee Remey, VP US Investor Relations aimee.remey@entaingroup.com
Callum Sims, IR Manager callum.sims@entaingroup.com
Media - Entain plc media@entaingroup.com
Lisa Attenborough, Head of Corporate Communications lisa.attenborough@entaingroup.com
Jay Dossetter, Head of Corporate PR jay.dossetter@entaingroup.com
Jodie Hitch, PR Manager Jodie.hitch@entaingroup.com
Powerscourt Tel: +44 (0) 20 7250 1446
Rob Greening/Nick Hayns/Sam Austrums entain@powersco urt-group.com
About Entain plc
Entain plc (LSE: ENT) is a FTSE100 company and is one of the
world's largest sports betting and gaming groups, operating both
online and in the retail sector. The Group owns a comprehensive
portfolio of established brands; Sports brands include BetCity,
bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet,
Sports Interaction and SuperSport; Gaming brands include Foxy
Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and
PartyCasino. The Group owns proprietary technology across all its
core product verticals and in addition to its B2C operations
provides services to a number of third-party customers on a B2B
basis.
The Group has a 50/50 joint venture, BetMGM, a leader in sports
betting and iGaming in the US. Entain provides the technology and
capabilities which power BetMGM as well as exclusive games and
products, specially developed at its in-house gaming studios. The
Group is tax resident in the UK and is the only global operator to
exclusively operate in domestically regulated or regulating markets
operating in over 40 territories.
Entain is a leader in ESG, a member of FTSE4Good, the DJSI and
is AA rated by MSCI. The Group has set a science-based target,
committing to be carbon net zero by 2035 and through the Entain
Foundation supports a variety of initiatives, focusing on safer
gambling, grassroots sport, diversity in technology and community
projects. For more information see the Group's website :
www.entaingroup.com
Important notices
Certain statements in this announcement are forward-looking
statements, including with respect to Entain's expectations,
intentions and projections regarding its future performance,
strategic initiatives, anticipated events or trends and other
matters that are not historical facts and which are, by their
nature, inherently predictive, speculative and involve risks and
uncertainty because they relate to events and depend on
circumstances that may or may not occur in the future. All
statements that address expectations or projections about the
future, including statements about operating performance, strategic
initiatives, objectives, market position, industry trends, general
economic conditions, expected expenditures, expected cost savings
and financial results are forward--looking statements. Any
statements contained in this announcement that are not statements
of historical fact are, or may be deemed to be, forward--looking
statements. These forward-looking statements, which may use words
such as "aim", "anticipate", "believe", "could", "intend",
"estimate", "expect", "may", "plan", "project" or words or terms of
similar meaning or the negative thereof, are not guarantees of
future performance and are subject to known and unknown risks and
uncertainties. There are a number of factors including, but not
limited to, commercial, operational, economic and financial
factors, that could cause actual results, financial condition,
performance or achievements to differ materially from those
expressed or implied by these forward-looking statements. Many of
these risks and uncertainties relate to factors that are beyond
Entain's ability to control or estimate precisely, such as changes
in taxation or fiscal policy, future market conditions, currency
fluctuations, the behaviour of other market participants, the
actions of governments or governmental regulators, or other risk
factors, such as changes in the political, social and regulatory
framework in which Entain operates or in economic or technological
trends or conditions, including inflation, recession and consumer
confidence, on a global, regional or national basis. Given those
risks and uncertainties, readers are cautioned not to place undue
reliance on forward-looking statements. Forward-looking statements
speak only as of the date of this announcement. Entain and its
affiliates, and any of its or their respective directors, officers,
partners, employees, advisers or agents (collectively,
"Representatives") expressly disclaim any obligation or undertaking
to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise
unless required to do so by applicable law or regulation.
In particular, no statement in this announcement is intended to
be a profit forecast or profit estimate and no statement of a
financial metric (including estimates of EBITDA, profit before tax,
free cash flow or net debt) should be interpreted to mean that any
financial metric for the current or future financial years would
necessarily match or exceed the historical published position of
Entain and its subsidiaries. Certain statements in this
announcement may contain estimates. The estimates set out in this
announcement have been prepared based on numerous assumptions and
forecasts, some of which are outside of Entain's influence and/or
control, and is therefore inherently uncertain and there can be no
guarantee or assurance that it will be correct. The estimates have
not been audited, reviewed, verified or subject to any procedures
by Entain's auditors. Undue reliance should not be placed on them
and there can be no guarantee or assurance that they will be
correct.
This announcement is being issued by and is the sole
responsibility of Entain. No representation or warranty, express or
implied, is or will be made as to, or in relation to, and no
responsibility or liability is or will be accepted by or on behalf
of, Entain (apart from the responsibilities or liabilities that may
be imposed by the Financial Services and Markets Act 2000, as
amended or the regulatory regime established thereunder) or by its
affiliates or any of its Representatives as to, or in relation to,
the accuracy, adequacy, fairness or completeness of this
announcement or any other written or oral information made
available to or publicly available to any interested party or its
advisers or any other statement made or purported to be made by or
on behalf of Entain or any of its affiliates or any of its
Representatives in connection with Entain and any responsibility
and liability whether arising in tort, contract or otherwise
therefore is expressly disclaimed.
LEI: 213800GNI3K45LQR8L28
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END
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April 27, 2023 12:56 ET (16:56 GMT)
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