By Joe Hoppe
Entain said that its net gaming revenue increased 7% in the third quarter, reaffirmed full-year earnings and revenue expectations and set out an updated strategic plan.
The sports-betting and gambling entertainment group said Thursday that net gaming revenue rose 9% for the online business in the period, and rose 4% across retail sites.
Entain’s net gaming revenue had increased 19% in the first half of 2023, to 2.40 billion pounds ($2.92 billion), it said.
In addition, the company said it was on track to meet the upper end of guidance for full-year total net gaming revenue of $1.88 billion to $2.00 billion, and to meet full-year earnings before interest, taxes, depreciation and amortization in the range of GBP1.00 billion to GBP1.05 billion, before accounting for its acquisition of TAB NZ.
“From here, we have a clear plan to focus our portfolio for organic growth, drive our market share in the US, improve our operational leverage, and increase our Ebitda margins,” Chief Executive Jette Nygaard-Andersen said.
The company said it had a number of initiatives underway, including plans to prioritize high-growth, high-return markets like the U.S. and Brazil, drive profitable growth in core markets like the U.K. and Australia, and exit smaller non-core operations, among others.
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