UK's Entain expects higher online gaming revenue on World Cup boost
Reuters
Published Oct 13, 2022 02:28AM ET
Updated Oct 13, 2022 03:16AM ET
(Reuters) -British gambling firm Entain bet on the soccer World Cup starting next month to help improve its fourth-quarter online gaming revenue and said that its total gaming revenue rose marginally in the third quarter.
The London-listed firm, which owns Ladbrokes (LON:LCL) and Coral betting shops as well as bwin and partypoker online brands, said on Thursday its total gaming revenue rose 2% in the third quarter, but was unchanged on a constant-currency basis.
Gambling firms, which are seeing more punters returning to retail shops and witnessing a drop in online gaming from COVID peaks, are now staring at challenges from a cost-of-living crisis as customers seek to cut non-essential spending.
Entain's smaller rival Rank Group has also warned of continued pressure on consumer's discretionary spends amid rising inflation. On Thursday, it reported a 2% rise in its like-for-like net gaming revenue for the first quarter.
Entain further said BetMGM, its U.S. joint venture with MGM Resorts (NYSE:MGM), continued to perform strongly, thanks to the start of the National Football League season in the United States.
Previously known as GVC Holdings, Entain's total online gaming revenue declined by 2% on a constant currency basis for the three-month period ended Sept. 30.
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Written By: Reuters
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