Entain reports strong third-quarter results
Entain said net gaming revenue rose 4% in the third quarter ended Sept. 30, while revenue from online sports betting jumped 12%.
Gambling volumes at its betting shops, a feature of Britain’s high streets for decades, were recovering toward pre-pandemic levels, while retail betting activity was “steadily rebuilding” in Europe, Entain said.
The company maintained its forecast for annual core earnings of 850 million to 900 million pounds ($1.16 billion-$1.22 billion). The results come as Entain considers a $22 billion or 28-pounds-per-share takeover offer from DraftKings, double a bid it rejected from joint venture partner MGM Resorts.
Jette Nygaard-Andersen, Entain’s CEO, commented: “These results demonstrate Entain’s continuing ability to deliver sustainable, consistent and diversified growth. Our powerful Entain platform provides customers with great products and experiences, which enables us to grow ahead of our markets as demonstrated by 23 consecutive quarters of double-digit online growth.
We continue to lead our industry in the all-important area of player protection, and I am excited by the early results of our innovative ARC programme, which we firmly believe has the potential to transform player protection across the industry.
As we announced on 12 August, our total addressable market is expected to more than triple to over $160bn. This will be driven by the significant opportunity in the US, where we are now challenging for the number one market position, our growth plans in other new and existing markets, and our strategy of entering into new areas of interactive entertainment.
By offering customers ever more engaging products, while leveraging our scale and technology, we will drive the flywheel effects of secular growth dynamics that can triple the size of our business. As a result, we remain very confident in Entain’s future prospects.”