It might be easy to shrug off responsible gambling as a little more than a PR gimmick aimed at convincing punters and the general public that operators are concerned over the welfare of its customers. However, over the years, players and operators in the gaming industry have proven that there is a little bit more to it than that as evidenced by GVC’s latest move to appoint a new VP for regulatory operations.
Martin Lycka was appointed senior VP for American regulatory affairs and responsible gambling. He will also maintain his position as trustee of the GVC Foundation abroad and in the US. In his new capacity as senior VP, Lycka will supervise GVC’s expanding licensing and regulatory structure in the country, further emphasizing GVC’s commitment to responsible gambling, sports uprightness, as well as regulatory compliance.
As part of his mandate, Lycka will lead regulatory affairs in Canada while supporting regulatory strategy in Latin America. GVC has been very keen on establishing state-regulated products in both these markets
GVC has always taken responsibility for gambling seriously. Just recently, GVC enlisted professional assistance in auditing GVC’s policies and responsible gambling processes. As part of the group’s Advanced Responsibility and Care (ARC) safer gambling program, GVC has been embarking on a series of initiatives designed to encourage and enforce responsible gambling.
The GVC Foundation is the first on profit foundation in the country that’s solely dedicated to ensuring responsible gambling, integrity, and compliance. The foundation coordinates GVC’s global CSR initiatives with a specific focus on compliance issues in the American market. Aside from its corporate social responsibility initiatives, the foundation also donates to non-profit organizations that specialize in regulatory issues and responsible gambling.
Why does GVC have a vested interest in responsible gambling
As you may very well know, GVC is one of the biggest and most popular sports vetting gaming groups in the world. This UK based company has licenses in more than 20 countries across 5 continents, running both online and retail offerings. In the US, GVC operates BetMGM, a joint venture with MGM Resorts. It also manages 2 additional NJ online platforms, namely PartyCasino and Borgata.
GVC Holdings entered into a joint venture with MGM Resorts to take advantage of the burgeoning US sports wagering and betting market. As things stand currently, BetMGM has a strong presence in 9 states with plans for that number to grow significantly come the end of 2021.
And while BetMGM has a pretty solid position in the US market as discussed here, it still lags behind other behemoths such as DraftKings and FanDuel. As such, such strategic hires and collaborations will go a long way in helping the brand consolidate its position at the top of the leader board.
The country has presented GVC with tremendous opportunities for growth as more and more states continue to welcome legalized sports betting in some form. The regulatory structures in the country are robust and transparent and parties such as GVC Foundation are formed to ensure that things remain this way.
All through the year, GVC holdings has been careful about its plans for sustainability and growth. The group’s plans to scale have been driven primarily by the group’s principal proprietary technology that’s supported by an array of initiatives such as an improved corporate identity, technology-driven protection for its customers, as well as commitment to operate only in fully regulated markets.
GVC has ambitious plans to become the global leader of sports betting and gaming entertainment and is well on its way to achieving this objective. GVC appointing a new VP to oversee regulatory operations in the country is just another step in line with the group’s commitment to pursue superior standards of corporate governance.
GVC hopes and is committed to making sure that 100% of its revenue is generated from markets that have been nationally regulated. Continuing to take the charge on responsible gambling in the industry, GVC also recently launched its Advanced Responsibility & Care (“ARC”) program. This program utilizes patented tech to enhance punter protections through a series of additional checks, as well as heightened monitoring and interventions.
In line with its plans to expand in 100% regulated betting markets, GVC also recently announces a new corporate identity after it rebranded as Entain PLC. Under this new identity, GVC will use its already vibrant technology platform to expand in new and current markets while innovating and reaching new audiences.
On top of its US ventures, GVC also boasts a comprehensive portfolio of recognized brands. These include the likes of Ladbrokes, Bwin, Crystalbet, Neds International, Coral, Eurobet, as well as Sportingbet.
Responsible gaming has never been more important
More and more people are being laid off as the pandemic continues to ravage the world. Individuals that suffer from gambling disorders now face a uniquely problematic challenge in the wake of the outbreak and players in the gaming space such as GVC must address the issue as they are partly responsible for the problem.
During these unprecedented times that we are living in, anxiety and stress levels are at an all-time high. These collective emotions serve as additional triggers that have no doubt exacerbated gambling problems and disorders. Then, add to this fact that most people have been forced to shelter in place for months on end and with limited options for recreating, many have no choice but to turn to online gambling, which could quite possibly balloon out of control without the proper measures.
Operators now find themselves in the perfect environment for growth but this places punters at further risk. That’s why it is so important for gambling operators such as GVC to educate consumers on existing safeguards.
Operators also have the duty to utilize superior technology that enables more extensive tracking of problematic betting behavior, which is exactly what the Advanced Responsibility & Care (“ARC”) program was created to do. All other operators now must follow suit for the sake of all their customers.
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