Gaming giant bets on floating World Cup as it prepares for ‘fruitful’ winter

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WHILE England fans may not be banking on Qatar World Cup win, says Ladbrokes owner hear certainly pin their hopes on it being a big win for the bets.

Despite a relatively stable third quarter, with net gaming revenue up just 2% and online revenue up 1%, the gaming giant is preparing for a successful winter.

“We have good momentum across the business and are looking forward to finishing the year strong, including the World Cup,” Entain’s CEO Jette Nygaard-Andersen said.

The company, which owns brands like Coral and Foxy Bingo, said the planned return to operations in the Netherlands will also give him a much-needed boost as he closes out the year.

Shares climbed as much as 4% yesterday on optimism, countering the downward slide hear has taken since being hit with a £17million fine by the gambling watchdog in August.

The group also showed their progress in the United States with BetMGM as gambling is legalized in more states. Thanks to a “successful start to the season in the NFL”, net income from games increased by 90% for its American subsidiary to just over $400 million (£353 million).

Head of equity research at Hargreaves Lansdown, Derren Nathan, said the push into the US market was “impressive”, especially given competitor Flutter’s dominance over Fanduel and the complex regulatory landscape.

(c) 2022 City AM, source Newspaper

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