Entain Q3 revenues rise as Covid curbs eased
By Frank Prenesti
Date: Tuesday 12 Oct 2021
(Sharecast News) - UK gambling firm Entain said third quarter revenue rose, with in-shop volumes improving as Covid lockdown measures were lifted.
The company, currently the target of a $22bn takeover bid from US rival DraftKings , said net gaming revenue rose 4% in the three months to September 30, while revenue from online sports betting jumped 12%.
It maintained its forecast for annual core earnings of £850m - to £900m.
Gambling volumes at its Ladbrokes and Coral betting shop chains were recovering toward pre-pandemic levels, while retail betting activity was "steadily rebuilding" in Europe, Entain said.
Its US BetMGM unit, a joint venture with MGM, continued to deliver "strong" growth, with a 23% market share across the US in sports-betting and iGaming for the three months to August, it added.
Mergers and takeovers in the sector are on the rise as the US opens up to sports betting and companies look for established markets like the UK to expand operations.
Under British takeover rules, DraftKings has until October 19 to either make a firm bid or walk away.
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