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Ladbrokes owner Enttain announced on Thursday that its net gaming revenue increased in the third quarter, based on expectations that online gaming revenue will increase in the fourth quarter thanks to the World Cup. In the period from 1 July to 30 September, NGR slightly increased by 2%, but was flat on a constant currency basis. On a constant currency basis, NGR said he was up 1% or down 2%, broadly in line with expectations, indicating “underlying momentum.”
BetMGM continues to perform strongly, with a 25% market share where he operates. Also, his NGR for the third quarter was just over $400 million, up about 90% year-over-year, and marks a solid start to the NFL season. Entain expects Group profit before interest, tax, depreciation and amortization in 2022 to match previous guidance of £925m to £975m, growing 5% to 10% year-on-year I expect it to be.
The online segment is expected to grow year-on-year in the fourth quarter, benefiting, among other things, from softening year-on-year comparisons and the football World Cup. CEO Jette Nygaard-Andersen said:
“This demonstrates the effectiveness of our growth strategy, the unique capabilities of the Entain platform, and the underlying strength of our diverse global business.
“We have healthy momentum across our business and look forward to a strong year-end, including the World Cup. As for the outlook, we will closely monitor the economic situation. However, our diversified revenue base and robust business model allow us to remain confident in our ability to execute our growth and sustainability strategy. “