Ladbrokes owner Entain Q3 net gaming revenue ticks up

Ladbrokes owner Entain posted an uptick in third-quarter net gaming revenue on Thursday as it said online gaming revenue for the fourth quarter was expected to rise, thanks in part to the World Cup.

In the period from 1 July to 30 September, NGR edged up 2%, although it was flat on a constant currency basis. Online NGR was up 1%, or 2% lower at constant currency, broadly in line with expectations and demonstrating "positive underlying momentum", it said.

The company said BetMGM continues to perform strongly, with 25% market share where it operates. It also pointed to a successful start to the NFL season, with Q3 NGR of just over $400m, up around 90% year-on-year.

Entain said it expects FY2022 group earnings before interest, tax, depreciation and amortisation to be in line with previous guidance of £925m to £975m, representing 5% to 10% growth versus the prior year.

It also said it was on track to post full-year 2022 net gaming revenue of more than $1.3bn.

The online segment is expected to grow year-on-year in the fourth quarter, benefitting from the easing of prior year comparators and the World Cup, among other things.

Chief executive officer 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.

"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."