1st Apr 2021 08:47
(Alliance News) - Entain PLC on Thursday said it has expanded the global regulated markets in which it operates by 30% during the past year following the completion of two European operators acquisitions, Bet.pt and Enlabs AB.
The FTSE 100-listed gambling operator said Portuguese sports betting and gaming operator Bet.pt is anticipated to grow in value by 70% to EUR580 million by 2023. Entain said Bet.pt "significantly strengthens" its presence in the Iberian Peninsula, where it already operates through bwin Interactive Entertainment AG in Spain.
Entain increased its offer price for Swedish bookmaker Enlabs last month. The new offer price valuing Enlabs at around SEK3.7 billion, equivalent to GBP316 million and up from SEK2.80 billion previously. A "market leader" in Latvia, Enlabs is the second largest bookmaker in Estonia and among the top five in Lithuania. Entain received all the necessary approvals from competition and gaming authorities to acquire Enlabs in March.
"These new acquisitions are in line with our strategy to expand into new locally regulated markets. We are committed to operating only in countries which are either already fully regulated or in the process of regulating and will continue to look for opportunities to expand our business internationally," said Chief Financial Officer & Deputy Chief Executive Rob Wood.
Entain said currently 99% of its revenue is from regulated markets, and aims to increase that to 100% in the near future. It plans to do this through a "combination of positive regulatory developments in certain jurisdictions," such as Canada, as well as expanding into new countries in regions including Latin America, and Central and Eastern Europe.
"This could further increase the scale of operations in fully regulated international markets by the end of the year," it said.
On Wednesday, Entain said it will impose limits for players most at risk of gambling themselves into financial difficulties, following "mounting pressure" from the UK government.
Shares in Entain were up 0.3% at 1,522.00 pence in London on Thursday.
By Zoe Wickens; [email protected]
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