Betting giant Entain eyes World Cup boost as revenue rises
The parent company of Ladbrokes and Coral welcomed an increase in revenue in the last quarter and said it was aiming for a strong end to the year, boosted by the World Cup in Qatar.
Betting giant Entain told investors on Thursday that the group’s net gaming revenue rose 2% in the three months to September 30, compared to the same period last year.
He added that online revenue was 1% higher and broadly in line with expectations.
The company said this was due to a “record level of active customers” in the third quarter, which was 6% higher year-over-year.
Meanwhile, it recorded a “good business performance” at its betting shops, which saw a 10% increase in net gaming revenue for the quarter as they continued their recovery from pandemic restrictions.
We have good momentum across the business and look forward to a strong end to the year, which includes the World Cup
Entain said it expects further growth in the current quarter as it stands to benefit from the FIFA World Cup in Qatar, which begins next month, and the expected return of operations in the Netherlands. .
Jette Nygaard-Andersen, CEO of Entain, said: “We have healthy momentum across the business and are looking forward to finishing the year which includes the World Cup strong.
“For the future, we remain vigilant regarding the economic context.
“However, our diversified revenue base and robust business model allow us to remain confident in our ability to deliver on our growth and sustainability strategy.”
The company also reported “strong” growth in its U.S. BetMGM business, which saw revenue rise around 90% year-over-year thanks to a “successful start to the NFL season.”
Entain said the group’s profit for the year is expected to be in line with previous guidance of between £925m and £975m.
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