London-based Entain, one of the world’s largest sports betting and gambling companies, is pondering selling its brand Crystalbet in the country of Georgia after a strategic review determined that the company was “non-core” to its group, Yogonet reported May 21.
The review was conducted early this year by the group’s Capital Allocation Committee with the goal of maximizing shareholder value. In March, Entain reportedly hired Moelis & Co to advise it on asset sales after losing £936.5 million ($1.19 billion) in net.
In a statement, Entain said “The committee concluded that the brand is non-core to the group.” Post-review, Entain will be concentrating on revenue growth and strengthening its U.S. market. Its partnership there with MGM’s BetMGM, is going well, and May 22 it received a full license in Nevada. This will enable it to launch BetMGM Poker.
Chairman Barry Gibson said he is happy with the progress so far this year but that the company needs to up its operational performance. Gibson declared: “The group has the core strengths, brands and products to be competitive across markets. We continue to be a global leader in betting and gaming. The board looks forward to updating the market further on progress at the interim results in August.”
