{"id":320439,"date":"2024-05-21T08:36:05","date_gmt":"2024-05-21T13:36:05","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=320439"},"modified":"2024-05-21T10:04:59","modified_gmt":"2024-05-21T15:04:59","slug":"entain-steadies-ship-but-its-curtains-for-crystalbet","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/entain-steadies-ship-but-its-curtains-for-crystalbet\/","title":{"rendered":"Entain Steadies Ship, but It\u2019s Curtains for Crystalbet"},"content":{"rendered":"

After a tumultuous two years that saw the value of Entain\u2019s (OTC: GMVHF) shares tumble to a third of their September 2021 high, the online gambling group is well-positioned to deliver high-quality, long-term growth. That\u2019s the takeaway from a strategic review by the Board\u2019s Capital Allocation Committee (\u201cCapCo\u201d) of Entain\u2019s\u00a0portfolio of markets, brands,\u00a0and verticals.<\/p>\n

\"Entain,
Entain chairman Barry Gibson, above, said Tuesday the company has the \u201ccore strengths, brands, and products to be competitive across its markets.\u201d (Image: Entain)<\/figcaption><\/figure>\n

In a note to investors, the board said Entain now has an \u201cappropriate portfolio of diversified strategic assets, brands, capabilities, and geographic footprint\u201d to ensure it can deliver growth and value for shareholders.<\/p>\n

However, the review concluded that Crystalbet, the leading gaming brand in Georgia, was a noncore asset and, therefore, surplus to requirements. As such, \u201cstrategic alternatives\u201d would be considered for the brand, including \u201cinterest already received from potential acquirers.\u201d<\/p>\n

Angry Activists<\/strong><\/h2>\n

The Entain board appointed the committee in January as it sought to placate activist investors. Activists have lately taken an increasingly prominent position in the group and were making noises about the company\u2019s direction.<\/p>\n

Rumored internal unrest led to the resignation last December of then-CEO Jette Nygaard-Andersen.<\/a><\/p>\n

\n

Eminence Capital founder\u00a0Ricky Sandler<\/a>, who now sits on the Entain board, was openly critical of Entain\u2019s M&A strategy. He complained that the company\u2019s practice of funding acquisitions with \u201chighly undervalued equity\u201d was \u201can empire-building, shareholder value-destroying strategy.\u201d<\/p>\n<\/div>\n

In March, Entain announced<\/a> it had hired advisory firm Moelis to oversee the potential sale of noncore brands. In addition to CrystalBet, these included Netherlands-based BetCity, Sweden-based Enlabs, and Ladbrokes Australia. PartyPoker is also understood to be up for sale. These assets weren’t mentioned in Tuesday\u2019s note.<\/p>\n

\u2018Winning in the US\u2019<\/strong><\/h2>\n

The review concluded there was \u201csignificant upside\u201d by focusing on delivering Entain\u2019s strategy of \u201creturning to organic revenue growth, expanding margins, and winning in the US.\u201d It noted the company\u2019s balance sheet and leverage position was now robust.<\/p>\n

\n

Further reasons to be cheerful, according to the report, include a strong performance in Brazil, the expectation of a return to growth in the UK later this year, regulatory approval in Nevada, and progress in the delivery of the product roadmap for BetMGM.<\/p>\n<\/div>\n

“I am delighted that the Capital Allocation Committee has concluded its strategic review of our portfolio,\u201d said Barry Gibson, Entain chairman, in a statement. \u201cWhilst we still have more work to do to improve our operational performance, the Board is pleased with the progress Entain is making so far in 2024 in line with our strategy. The Group has the core strengths, brands, and products to be competitive across its markets and continues to be a global leader in betting and gaming.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

After a tumultuous two years that saw the value of Entain\u2019s (OTC: GMVHF) shares tumble to a third of their September 2021 high, the online gambling group is well-positioned to deliver high-quality, long-term growth. That\u2019s the takeaway from a strategic review by the Board\u2019s Capital Allocation Committee (\u201cCapCo\u201d) of Entain\u2019s\u00a0portfolio of markets, brands,\u00a0and verticals. In […]<\/p>\n","protected":false},"author":36,"featured_media":320440,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810,81883,19],"tags":[90977,90975,82759,90976],"acf":[],"yoast_head":"\nEntain Steadies Ship But It\u2019s Curtains for Crystalbet<\/title>\n<meta name=\"description\" content=\"Entain reveals takeaways from its strategic review by the Board\u2019s Capital Allocation Committee, which recommends Crystalbet sale.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/entain-steadies-ship-but-its-curtains-for-crystalbet\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Entain Steadies Ship But It\u2019s Curtains for Crystalbet\" 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