Entain cashes in on NFL boost and pins hopes on World Cup to drive online bets
WHILE we may not be banking on a Qatar World Cup victory, Ladbrokes owner Entain is certainly pinning its hopes on it being a big win for betting.
Despite posting a relatively flat third quarter, with net gaming revenue up just two per cent, and online revenue up one per cent, the gambling giant is gearing up for a fruitful winter.
“We have healthy momentum across the business and look forward to a strong finish to the year which includes the World Cup,” Entain’s CEO Jette Nygaard-Andersen said.
The firm, which owns brands like Coral and Foxy Bingo, said the planned return to operations in the Netherlands will also give it a much-needed boost as it signs off the year.
Shares climbed as much as four per cent yesterday following the optimism, countering the downward tumble Entain has taken since it was whacked with a £17m fine from gambling watchdog in August.
The group also showed its stateside progress with BetMGM. Thanks to a “successful start to the NFL season”, net gaming revenue was up 90 per cent for its US subsidiary to just over $400m.
Head of Equity Research at Hargreaves Lansdown Derren Nathan said the push into the US market was an “impressive” one, which feels especially true given Flutter’s dominance with FanDuel and the complex regulatory landscape.
Entain said group earnings for the year are expected to meet guidance of between £925m and £975m.