Entain Plc Chief Executive Officer Jette Nygaard-Andersen is preparing the gambling group for long-delayed stricter rules under Britain’s new Prime Minister Liz Truss.
(Bloomberg) — Entain Plc Chief Executive Officer Jette Nygaard-Andersen is preparing the gambling group for long-delayed stricter rules under Britain’s new Prime Minister Liz Truss.
Nygaard-Andersen said Entain, which owns the Ladbrokes chain of betting shops as well as online betting businesses, is steeling itself for restrictions which could include limits on bets and sports-betting sponsorships.
“I do think there will be something around sponsorships,” she said in an interview with Bloomberg News, adding “clubs and football leagues would like to avoid” advertising restrictions. Entain sponsors a range of sports.
A long-expected review of Britain’s gambling laws was delayed by the July resignation of then Prime Minister Boris Johnson. The minister who had been responsible for the bill, Chris Philp, urged leadership to tackle “the ravages of gambling addiction” in his own resignation letter.
The new minister overseeing betting laws, Michelle Donelan, has herself previously shared concerns with Parliament about the impact of problem gambling.
Britain is looking to put more limits in place while revenues for its homegrown bookmakers explode in the US. Nygaard-Andersen said she expects the coming months to be “another record-breaking season” thanks to football wagering in the US. Entain owns half of online betting operator BetMGM, a joint venture with MGM Resorts International.
Entain last year defended itself against unsolicited takeover offers from MGM and later DraftKings Inc., which proposed a merger valued at $22.4 billion. MGM’s CEO recently said he’d like to own more of the JV with Entain.
Nygaard-Andersen said she doesn’t regret spurning the offers.
“We’re not a business that’s for sale,” she said. “I’m very focused on growing this business. I see Entain as the consolidator.”
(Updates with context. Previous update corrected spelling of Ladbrokes.)
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