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Notably for highly engaging verticals light online slots, if players are receiving a smaller-than-expected RTP (return to player), or bonuses have been restricted, they could again transition to an illegal offering where there are no such restrictions.

As has been flagged in previous reports, Regulus highlighted that the top 1% of active customers accounts for almost 50% of black market revenue across Europe. This follows a similar trend across licensed gambling as the report highlights “online gambling is a consumer discretionary expenditure item. This means a large proportion of expenditure is concentrated into a relatively small number of players.”

In its market-specific breakdown, the report noted a “rapid reduction in channelling” in the UK, following the increased use of affordability checks.

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It joined the FTSE 100 index on 22 June 2020, cementing its position as one of the UK’s 100 most highly capitalised blue chips listed on the London Stock Exchange.

Although it will remain on the FTSE 250, Entain’s relegation will see it removed from the FTSE 100 on 21 September.

This followed a period of restrategising for the operator, after rebranding from GVC Holdings and committing to having 100% of its revenues come from regulated markets.