GVC Holdings is Focused on Responsible Gambling

One of the biggest and most profitable gambling companies in Europe is working hard to establish a name for itself in the US market. GVC Holdings, which owns companies such as Ladbrokes, has already begun operating in several US states. Recently, this company revealed that it’s focusing hard on promoting responsible gambling.

GVC Holdings Logo

State governments want to ensure that their residents don’t fall into gambling addiction. Today, we’re going to look at GVC Holdings’ new push into the US and talk about how this company plans to promote responsible gambling. Let’s get into it!

US Sports Betting Market Open Up to Foreign Companies

There’s never been a better time for both sports bettors and sports betting companies looking to enter the US market. In May of 2018, the Supreme Court officially struck down PASPA. This now allows every state in the country to set their own laws on the sports gambling industry.

New Jersey was the first US state to legalize sports betting after PASPA was struck down. In less than two years, this state has grown to become the most lucrative sports betting market in the country. New Jersey is now earning even more than Nevada from its sports gambling operations.

Unsurprisingly, a huge number of European-based sports betting companies are now working to break into the US market, Several already have. William Hill, for example, has restructured its entire company to better suit the US sports gambling industry.

GVC Holdings is also currently working its way into the United States. This company partnered with MGM Resorts International in 2017 to launch a new online sports betting app. This week, GVC announced that it was launching a new foundation to promote responsible gambling.

GVC Holdings Launches Responsible Gaming Foundation

As we’ve just mentioned, GVC Holdings is now active in the United States. This week, the company announced a new plan to curb problem gambling. This company has officially launched a new foundation that’s focused on responsible gambling, corporate compliance, and sports integrity.

The new foundation will team up with Harvard Medical School, the National Council on Problem Gambling (NCPG), and National Center for Responsible Gambling. The goal is to develop several US educational programs that warn gamblers about the dangers of addiction.

Martin Lycka, director of regulatory affairs at GVC Holdings, recently commented on this new company foundation to the media this week.

“This new US Foundation extends our Global Foundation,” he said. “The range of new initiatives and quality of partnerships express our global commitment to Corporate Social Responsibility (CSR).”

In partnership with the NCPG, GVC Holdings will collaborate on the development of responsible gambling educational programs for active military service personnel and veterans in 2020.

It’s great news to hear this company working to fight against the spread of gambling addiction in the United States.

GVC’s US Operations Are Already a Massive Success

Everyone knows that the US is now the most lucrative new gambling market in the world. It was expected that any companies entering this market would profit massively. Fortunately for GVC Holdings, it’s US betting app is already proving to be a huge success.

This company officially raised its annual core earnings forecast for the second straight time this year. GVC’s app, called BetMGM, is helping to generate the company’s major revenue earnings. Now, the company expects full-year core earnings of about $818.07 million.

Russ Mould, investment director of AJ Bell, confirms that the company is benefiting from its expansion into the US.

“The company’s fortunes seemed to have turned around since reporting half year results in August when it said the full year should be better than expected,” Mould said. “True to its word, its latest trading update confirms that business is going swimmingly.”

It’s likely that GVC Holdings will continue breaking into new states over the next few years. Perhaps in time, this company will even begin offering online casino gambling options in the US.

Stay tuned for more updates over the next few months!

Paddy Power-PokerStars Merger is the Biggest in History

Two of the biggest gambling companies in the world have officially agreed to merge. Company officials have confirmed that Paddy Power and PokerStars have joined forces. This PaddyPower-PokerStars merger is the biggest of any online gambling companies in history.

Paddy Power Logo

Today, we’re going to look at how this merger came together. We’ll also talk about what these companies will now offer as a team. Let’s get into it!

History of Paddy Power and PokerStars

If you know anything about online gambling, there’s a good chance you’ve heard of both Paddy Power and PokerStars. Both of these companies are extremely popular, with millions of active users around the world. Interestingly, both are very different and offer their members unique forms of gambling.

Paddy Power was founded all the way back in 1988 in Dublin, Ireland. For a decade, the company focused on expanding land-based betting shops around Ireland and eventually, the United Kingdom. Before long, this company began offering online betting platforms. Today, it’s one of the most successful gambling companies in the world.

PokerStars is another extremely popular internet gambling company. This company wasn’t founded in 2001, initially by a Costa Rican company called Regional Enterprises. It immediately began offering services to players in the United States and grew to become the largest online poker company in the world.

The Unlawful Internet Gambling Enforcement Act of 2006 forced PokerStars to leave the US market. Despite this, it’s grown extremely popular in Europe and Asia.

Despite the rise in online gambling competition, both of these companies have continued to bring in massive revenue figures. This week, they’ve officially agreed to merge.

Details of the Paddy Power-PokerStars Merge Come to Fruition?

Paddy Power is no stranger to big merges. Back in 2015, this company famously merged with Betfair. Today, this company is technically called Paddy Power Betfair. This week, Paddy Power has confirmed that it’s joining forces with PokerStars.

Flutter Entertainment, the parent company of Paddy Power, will control 54.64% of this new company. Toronto Stars Group, which owns PokerStars, will own 45.36% of the company. Immediately after the news of this merger was announced, Flutter Entertainment’s stock prices rose by 15%.

The Paddy Power-PokerStars merger is the biggest ever in the history of gambling companies. Together, these companies will have a combined annual revenue of more than $4.6 billion. CEO of Flutter Entertainment Peter Jackson recently commented on the news of this deal to the media.

“We believe the combination of Flutter and TSG will deliver substantial value for shareholders,” he said. “We will have an exceptional portfolio of leading recreational brands and best-in-class products on industry-leading technology platforms.” 

Jackson also told the media that this merge will “turbocharge” the company’s plans to expand into new markets. The US, in particular, is becoming a major point of interest for these companies.

Expansion Into the US is Coming Soon

In 2018, the US Supreme Court struck down PASPA. Now, every state in the country can set laws on sports gambling. 19 states have already legalized this form of gambling and many are set to within the next couple of years. As a result, many of the top gambling companies in the world are now interested in breaking into this market.

The Paddy Power-Poker Stars merger now has backing from FOX Sports. The powerful US company will acquire an 18.5% stake in Flutter Entertainment’s US business.

“We’re excited to be able to expand our partnership into FanDuel, which together with FOX Bet, will be a leader in sports wagering in the U.S.,” an official at FOX Corporation told the media. 

Several states have also legalized internet casino gambling recently. It’s unclear whether or not the newly merged company will look to offer any online casino games in the US. As more states choose to legalize this industry, this scenario will become more likely.

The Paddy Power-PokerStars merger is the biggest ever made in the history of gambling companies. We’ll need to wait and see how effective this company is at breaking into the United States.

Stay tuned for more updates over the next few weeks!