13th Oct 2022 09:05
(Alliance News) - Entain PLC on Thursday backed annual guidance as it looks to a final quarter which will be boosted by the upcoming football World Cup in Qatar, which starts in November.
For the third quarter of 2022, the gambling operator said net gaming revenue rose 2%, though was flat at constant currency. The 2% growth was driven by retail sales, which advanced 10%. The retail arm consists of Entain's bricks and mortar estate.
Online net gaming revenue was up 1% year-on-year, though edged 2% lower on constant currency. The outturn that was "broadly in line with expectations", Entain added.
The Ladbrokes owner had a record level of active customers during the quarter, rising 6% year-on-year.
Meanwhile, its US fortunes are improving. The BetMGM joint-venture, which Entain owns alongside MGM Resorts International, has a 25% market share in the areas in which it operates. That excludes New York.
Third-quarter net gaming revenue in the US surged 90% to USD400 million, helped by the start of the US National Football League season. Same-state revenue was up 50%.
Looking ahead, Entain's fourth quarter will benefit from the World Cup, as well as easier comparatives due to Covid-19 and the temporary closure of its Dutch arm. The latter annualised from the start of this month.
Annual earnings before interest, tax, depreciation and amortisation for 2022 are expected to be in line with previous GBP925 million to GBP975 million guidance, growth of as much as 10% from GBP881.7 million in 2021.
Entain shares were 2.0% higher at 1,110.50 pence each in London on Thursday morning.
By Tom Budszus; [email protected]
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