Entain has confirmed it is considering strategic alternatives for its Georgia-facing Crystalbet operator brand, which has been deemed “non-core” to the group.
The verdict, which confirmed previous reports of Entain’s stance on the operator brand from the Financial Times, was one of the conclusions reached by Entain’s board’s Capital Allocation Committee (CapCo).
Entain said interest has “already been received” for Crystalbet from “potential acquirers.”
Overall, the strategic review found that Entain “has the appropriate portfolio of diversified strategic assets, brands, capabilities and geographic footprint to ensure it is well-positioned to deliver high-quality, long-term growth.”
The review said there is “significant upside” in focusing on returning to organic revenue growth, expanding margins and the US.
Indeed, another CapCo conclusion was that delivery of BetMGM’s product roadmap is “progressing well,” supported by Angstrom’s “unique capabilities, particularly in parlay products.”
Entain owns 50 per cent of BetMGM in a joint venture with MGM Resorts International, and it acquired data-focused Angstrom Sports in 2023.
In Europe, Entain CEE, which was bolstered last year by the acquisition of Polish operator STS, is “performing well,” the review found.
It added that the “outlook for online casino liberalisation in Poland is increasingly encouraging.”
Entain chair Barry Gibson said: “I am delighted that the Capital Allocation Committee has concluded its strategic review of our portfolio. While 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.
The board looks forward to updating the market further on its progress at the interim results in August."
Entain has yet to confirm a new CEO following the departure of Jette Nygaard-Andersen.
