Betting giant Entain eyes World Cup boost as revenues lift

The parent firm of Ladbrokes and Coral said net gaming revenues grew by 2% over the three months to September 30.

Coral and Ladbrokes owner Entain hailed higher revenues and said it is targeting a positive end to the year (Matt Alexander/PA) (PA Archive)

The parent firm of Ladbrokes and Coral has hailed a rise in revenues over the past quarter and said it is targeting a strong finish to the year boosted by the World Cup in Qatar.

Betting giant Entain told investors on Thursday that group net gaming revenues grew by 2% over the three months to September 30, compared with the same period last year.

It added that online revenues were 1% higher and broadly in line with expectations.

The business said this came on the back of a “record level of active customers” during the third quarter, which was 6% higher year-on-year.

Meanwhile, it recorded a “strong trading performance” in its betting stores, which recorded a 10% rise in net gaming revenues for the quarter as they continued their recovery following pandemic restrictions.

We have healthy momentum across the business and look forward to a strong finish to the year which includes the World Cup

Jette Nygaard-Andersen, Entain’s chief executive officer

Entain said it expects further growth in the current quarter as it looks set to benefit from the football World Cup in Qatar, which starts next month, and the planned return to operations in the Netherlands.

Jette Nygaard-Andersen, Entain’s chief executive officer, said: “We have healthy momentum across the business and look forward to a strong finish to the year which includes the World Cup.

“Looking ahead, we remain vigilant of the economic backdrop.

“However, our diversified revenue base and robust business model enable us to remain confident in our ability to deliver on our growth and sustainability strategy.”

The firm also reported “strong” growth at its US BetMGM business, which has seen a roughly 90% year-on-year revenue jump on the back of a “successful start to the NFL season”.

Entain said group earnings for the year are expected to meet previous guidance of between £925 million and £975 million.