Entain CEO says most sustainable operator will be the most successful
Speaking to Bloomberg, Jette Nygaard-Andersen suggests firm will emerge on top as it actions regulated market-only strategy
CEO Jette Nygaard-Andersen has said short-term pain from pulling out of unregulated markets will eventually see Entain become the most sustainable operator in the industry.
Speaking on Bloomberg’s The Pulse, the Dane said the firm’s decision to only operate in regulated or regulating markets had had an impact on its share price, but she was confident in her approach.
Nygaard-Andersen said: “Stock markets this year have been quite lacklustre and we’ve taken some pain from that, but the growth opportunities in this business are just enormous.
“We are only going to operate in regulated markets so there’s some pain we’re taking from that, but that will flow through the business as these regulatory pressures ease and we lean into progress opportunities,” she added.
When pushed by host Kriti Gupta on Flutter Entertainment not facing similar pressures, Nygaard-Andersen was bullish that Entain would emerge on top.
She said: “We fundamentally believe that being the most sustainable company in our industry is also going to lead to being the most successful. It gives you a better quality of earnings and better visibility as you operate in regulated markets.
“We are confident that leaning into being a responsible operator is not only the right thing to do to protect our customers but it will also lead to us being the most successful in the industry.”
Elsewhere, Nygaard-Andersen suggested the arrival of ESPN in the US online sports betting space following its tie-up with PENN Entertainment , ESPN Bet would not necessarily result in immediate success.
The CEO noted that along with Entain’s JV, BetMGM, DraftKings and FanDuel dominate the US market, with challengers in the shape of Fanatics and ESPN Bet now gearing up to make a charge.
Nygaard-Andersen said: “It is very complicated what we do. We are technology and data-driven companies and we are also entertainment companies. There’s been a lot of consolidation already.
“Competition is not new for us. We see that every single day and while we have a couple of new players now entering the market, we’ve also seen players leave how difficult this is,” she added.