Entain expects strong last quarter as revenue rises 2% in Q3

Entain forecasts full-year revenue of $1.3bn.

UK.- The British gaming giant Entain has reported a 2 per cent rise in revenue for the third quarter. With the World Cup still to come, it now forecasts revenue for the year of $1.3bn.

The operator said it had seen a record number of new customers in Q3, with registrations up by 6 per cent. Online revenue was up 1 per cent and retail was up 10 per cent, surpassing pre-pandemic numbers by 8 per cent. Bet MGM revenue was up 90 per cent.

Entain noted that discounting its exit from the Dutch market, revenue would have been up 4 per cent. It expects to reenter the Dutch market in the next quarter through its acquisition of BetCity. The current quarter will also see it launch Entain CCE through its acquisition of Croatia’s SuperSport.

Revenue for the year to date is up 12 per cent year-on-year, with igaming up 6 per cent and retail up 102 per cent due to the end of Covid-19 restrictions.

Entain CEO Jette Nygaard-Andersen said: “Our business continues to perform well with good underlying momentum across the group, including in BetMGM. This illustrates the effectiveness of our growth strategy, the unique capabilities of the Entain platform, and the underlying strength of our diversified global business.

“I am delighted that we have welcomed even more customers to our brands across the world. This is a testament to our relentless focus on the customer, as well as the quality of our products, content and talented people.”

On the earnings calls, she suggested that increasing interest rates wouldn’t necessarily affect Entain’s strategy of acquisitions. She said: “While interest rates are high, in the current environment, it might even open up new doors for us – new opportunities where we can buy while others might want to pull back.”