Betting giant Entain says sales growing faster than hoped as NFL kicks off in US
The company said it is making further progress in the US through its BetMGM sports betting app.
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Ladbrokes and Coral owner Entain said online gaming sales have risen faster than expected in recent months, after it cashed in on popular sporting events and as the 2024 National Football League (NFL) season kicks off in the US.
The company, which is one of the world’s biggest sports betting and gaming firms, said it is making further progress in the US through its BetMGM app.
Sales growth continued in the second half of the year, Entain said, with online net gaming revenues – the amount of cash the company pockets after paying out winnings to punters – growing ahead of the firm’s own expectations since July.
In the UK and Ireland, online revenues returned to growth, compared with the previous year, sooner than the group had forecast amid an increase in the amount of sports betting.
Entain had previously expected online gaming revenues to decline this year, but upgraded this outlook to growth of between 1% and 5% following a stronger first half.
The gambling group, which also owns brands including Gala Bingo and Foxy Bingo, has been driving a turnaround its financial performance having been weighed down by heavy losses last year.
It was hammered by a £585 million settlement to resolve an investigation into alleged bribery at its former Turkish business.
But in August, finance chief Rob Wood said the company had a “new lease of life” as it looks to put the saga behind it and significantly narrow its pre-tax losses.
New chief executive Gavin Isaacs joined the group at the start of the month following a seven-month search.
Entain also said it has enhanced its sports betting experience with BetMGM, which is jointly owned by Entain and MGM Resorts International.
It comes at the start of this year’s NFL season, which typically draws a huge audience in the US and globally.
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