Full List Of Electraworks Limited Casinos and Bingo Sites
Let’s get the disclaimer out the way: We are not the owners of the company Electraworks Limited and are in no way associated with them, we are merely here for information purposes. We receive financial compensation for the each of the sites listed. Of all the names in online gaming, few have undergone as many changes in ownership and re-brands as Electraworks Limited (Gibraltar). It almost seems as if you need a degree in Forensic Accounting to keep track of them all. I certainly don’t have that level of expertise, so I cannot claim that this account is completely comprehensive. It will however, give an indication of the Electrawork’s origins, and where it is now. You may see Electraworks Limited on your bank statement if you have ever played on one of their brands, a list of all their casinos and bingo sites are here:
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Electraworks Limited – a brief history
It seems unlikely that ‘Electraworks’ ever existed as an independent organisation. It functioned more as a shell company, operating a variety of gaming brands on behalf of its conglomerate owners. Its history is further complicated by the fact that its ownership also changed hands. Add to this the fact that these owners have also changed names and you have a tangled web of heritage more complex than a plate of spaghetti.
Electraworks Limited’s origin seems to have been as a holding company, responsible for operating a variety of brands owned by the top gaming company Bwin. Bwin is a major force in sports betting, with additional interests in other areas of online gaming such as casino and bingo.
Bwin was originally founded in Austria in 1997. It has grown rapidly since, both organically and by making several big name acquisitions over the years. These included the major British gaming concern PartyGaming. It relocated its administrative functions to the UK overseas territory of Gibraltar in 2001. Bwin was itself the subject of a takeover in 2016, when it was acquired by the massive gaming conglomerate GVC Holdings for the considerable sum of £1.1 billion.
So where does Electraworks ltd feature in all these corporate shenanigans? As far as can be ascertained, it seems likely it was set up by GVC as a holding company within the conglomerate, created purely to operate a number of GVC subsidiaries, including Bwin.
Electraworks Limited really became a recognised gaming industry brand when it was the named organisation tasked with running the old Cozy Games bingo sites, which its parent company GVC acquired in 2017. The Cozy Games brand then disappeared, with all their bingo sites then subsequently operated by Electraworks Limited.
Its new owners then chose to follow a different strategy. Cozy Games old ‘white label’ model was already beginning to lose its lustre. Sites were often tired looking and sometimes the ‘white label’ template used left different brands looking much the same as each other. Furthermore, changes to the UK Gambling Commission (UKGC) regulations meant that Cozy’s previous headline ‘free bonus’ offer was no longer viable. This meant that many of the old Cozy Games titles were closed or re-branded to be more closely aligned with GVC’s corporate image.
Today the company is becoming increasingly focused on its big name brands such as Foxy, Gala and Ladbrokes, while phasing out its smaller sites. As a result, its Electraworks Limited brand is becoming less and less prevalent and its name is likely to disappear as time progresses.
Finally, to complete the marketing confusion, GVC has itself subsequently re-branded, changing its name to Entain in December 2020.
Entain is a massive UK based sports betting and gaming conglomerate. It operates both online and in the real world. It is a worldwide operation, with more than 20,000 employees working either remotely, or out of one of the twenty offices the company has across five continents. A large proportion of the company’s workforce is employed within the United Kingdom. Including both online and real world operations, the company can accept bets in 33 alternative languages, and accepts payments in more than 40 different currencies.
As a brand, the company is one of the newest names in the industry. It has only been known as Entain since December 2020, when the conglomerate changed its name from its more clunky sounding predecessor, GVC Holdings. GVC itself was founded in Luxembourg in 2004, so it too is a relatively youthful organisation. Originally called Gaming VC Holdings, its name was shortened in 2010. The company moved its official headquarters from Luxembourg to the UK protected territory of the Isle of Man the same year.
As ever with marketing types, the millions spent on the Entain re-branding process had to be justified. The new name was devised on the basis that it better reflected the company’s “ambition to be the world-leader in sports betting and gaming entertainment.”
To be fair, it already is a world leader in the worldwide gaming industry. It is responsible for a comprehensive range of some of the biggest brands in sports betting and online gaming. So although you may never have heard of Entain, you WILL have heard of many of its established brands.
As we have seen, Entain is the owner of Bwin and Electraworks Limited. Added to this, you may not be aware that it is also the organisation responsible for top High Street and online sports betting brands such as Coral, Ladbrokes, Eurobet and Sportingbet. Entain also owns a wide variety of big name online gaming brands, including Casino Club, Foxy Bingo, Gala, Party Casino and many more.
Many of its brands already operate worldwide, but the company is particularly keen on expanding its business in the United States. With the gradual liberalisation of gambling regulations which is taking place stateside, Entain is expanding its operations there.
BetMGM is a particular focus of this strategy. This operation is a joint enterprise with the iconic MGM Resorts International brand in the US. With each company owning half shares, BetMGM provides online sports betting, casino and poker to residents of the states of Colorado, Indiana, Michigan, Mississippi Nevada, New Jersey and West Virginia. As regulatory changes continue to be introduced across the country, it is anticipated that more states will be added to this list over the coming months and years.
Entain’s international operations are not purely focused on the US market though. Other major overseas brands also use the company’s extensive Business to Business (B2B) services. These include Danske Spil (Denmark); Laimz (Baltic nations); PMU (France) and AGT (China). Further afield, the company is already beginning to expand into South American regulated gaming markets, including Brazil and Colombia.
Entain Financial Results
Entain are not only a big name in the worldwide gaming industry, they are also a massive company for the United Kingdom economy as a whole. They are a member of the FTSE 100, the roster of the hundred largest companies listed on the London Stock Exchange.
The most recent annual report available at the time of writing is for the year ending December 2020. This shows that the company posted total revenues of £2.7 billion, up nearly 30% on the previous year. This translated into an operating profit of £530 million, a marginal improvement over 2019’s performance. At the time of writing, the company’s shares are priced at around £1500.
Its market position makes it one of the biggest players in the UK and European market, and also demonstrates excellent worldwide growth too. On the high street and in other real world retail markets, Entain is number one by revenue in the UK, and in the top three in several other European countries. In the online world, the company is performing well too, being second biggest in the UK and Germany and very competitive in much of the rest of the European market. Further afield, it is number three in Australia, with rapid progress being made in several other countries across the world.
In fact, despite its historical roots being firmly planted in its UK high street bookmaker business, today more than 75% of its revenues are derived from its online businesses. This proportion is clearly expected to increase over the near future, given its international strategy of focusing on its online sports betting and casino interests. Indeed Chairman Barry Gibson emphasised this approach in his response to the company’s annual results, stating that “…Our new strategy and name defines a clear way forward for us in our ambition to be the world leader in sports betting and gaming entertainment.”
As ever in the gaming industry, acquisitions and takeover bids are an endemic way of life. In any case, a rapacious company like Entain can hardly complain about take-over approaches, given its history of being constantly on the lookout for rival and complementary companies to add to its portfolio of brands.
So it was perhaps inevitable that Entain itself should be the target of unwanted attention from a rival gaming industry giant. Hence the re-opening of the financial markets after the festive break saw 2021 begin with a bid for the company of $11 billion ((around £8 billion) from its American business partners MGM Resorts. These overtures were immediately rejected by Entain’s UK board, with the then CEO Shay Segev remarking that the bid “significantly undervalues the company and its prospects”.
The American casino giants subsequently dropped their bid, but there were considerable corporate consequences for the company, as Segev resigned from his post as a result of the hostilities.
Board and Management
Entain CEO is Jette Nygaard-Andersen, a Danish gaming and entertainment industry executive. She was appointed in the wake of the takeover bid and the resulting resignation of previous post-holder Segev. Some newspaper and industry reports repeated the company’s claims that the appointment meant Jette was the first woman to helm a major UK listed gambling company, but I’m not sure Bet365 founder Denise Coates would agree. Nevertheless, with a background of more than twenty years’ experience in the gaming and entertainment business, Jette is expected to bring the expertise and knowledge necessary to steady the company ship after its recent re-branding and takeover turbulence.
Deputy CEO and Chief Financial Officer (CFO) is Rob Wood, also promoted as a result of the fall-out from the takeover bid. Rob has been CFO since March 2019, and had previously held that role for Entain subsidiary Ladbrokes.
Chairman is Barry Gibson. He is also an experienced gaming industry veteran, having been a Non-Executive Director with William Hill and Entain subsidiary Bwin.
Major news in recent months has focused on the company’s re-brand and switch in strategy. Entain has declared that it is withdrawing completely from its interests in unregulated markets, relying only on government regulated markets from 2023. This is expected to cost the company around 4% of its revenues, and cut operating profits by around £40 million for the 2021 financial year.
The company plans to make good this shortfall and expand its revenues by focusing on its sports betting and gaming interests. It intends to grow these markets and expand its existing customer base, whilst also forging new business in the international market, especially in the United States.
Meanwhile, March 2021 saw the influence of new CEO Jette Nygaard-Andersen coming to the fore. All new bosses like to make a strong impression, and Jette proudly announced that …”our median hourly [gender] pay gap is 7.1%, which, for another year, is lower than the [UK] national average of 15.5%.” According to the company, this makes Entain “the betting sector’s most inclusive employer”.
A variety of internal corporate initiatives and improved recruitment processes have been introduced to enhance the gender equality and pay parity policies of the company. Further progress is expected.
Conclusion on the Electraworks Limited company
With a new brand, fresh strategy and impressive, experienced leadership, the future of UK and international gaming industry giants Entain looks assured. 2020’s financial results were certainly impressive and the company is confident its recent history of growth will continue.
This view seems to be shared by the financial markets. Analysts seem happy with recent events, including the successful defence of American MGM Resort’s acquisition bid. The share price has held up well in the period subsequent to the takeover uncertainty.
Electraworks Limited may be a fading brand, but its legacy lives on as its owner grows from strength to strength. Entain continues to impress as it attempts to fulfil its ambition to be a leading force in the international gaming industry.