One of the UK’s largest gambling companies – Entain – is understood to be considering selling off more of its overseas brands.
The gaming and gambling giants have reportedly hired Wall Street boutique advisory Moelis. This is in a bid to guide the board on the best course of action.
According to the Financial Times, Moelis will likely advise Entain to sell overseas brands who do not ”fit in’ to the company’s technology platform.
Those most likely at risk are Ladbrokes in Australia, BetCity in the Netherlands, CrystalBet in Georgia and Enlabs in Sweden.
Earlier this week, reports suggested Entain are also looking to sell PartyPoker. They have seeked help from Oakvale Capital to assist with a smooth sale.
Entain Looking To Sell Ladbrokes And BetCity
In 2017, Entain, then GVC, acquired Ladbrokes Coral for £4 billion. If reports are to be believed, Ladbrokes Australia could be sold as a matter of urgency.
Netherlands-based BetCity was purchased by Entain for £398m in 2023. The potential sale of both brands would allow Entain’s management to focus solely on it’s core markets in the UK and Germany.
Former CEO, Jette Nygaard-Andersen, was criticised during her three-year stint from activist investors. The company’s share price dropped dramatically during her tenure.
Her departure in December 2023 brought about an air of uncertainty. However, Entain is exploring all possibilities to help stabilise and invest more in to BetMGM, its joint venture with MGM Resorts.
Who Are The Other Brands That Entain Own?
Ladrokes Coral is easily the biggest and most recognisable UK brand that Entain currently owns. Their vast array of shops fill high streets up and down the country
Other sports labels include: Betboo, bwin, BetMGM, Eurobet, Gamebookers, Neds, SuperSport, Sportingbet, TAB NZ and 365Scores.
In terms of games labels, the likes of PartyPoker, Foxy Bingo, Foxy Games, Gala Bingo and PartyCasino are the most popular. However, most of these brands are not thought to be at risk.
Entain is certainly going through a transitional period. However, the board has recently welcomed Ronald J. Kramer to try and help steady the ship.
