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.
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!