Entain shows bidder DraftKings it’s business as usual with a strong quarterly update

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It may be the focus of a GBP16.2bn bid approach from rival US DraftKings, but it appears to be business as usual at Entain PLC (LSE:ENT).


For the Ladbrokes, Coral and PartyPoker owner reported a 4% increase in net gaming revenue for the third quarter.


Online was up 10% over the period ended September 30, representing the 23rd consecutive quarter of double-digit growth.


Volumes from its traditional betting shops, meanwhile, were steadily recovering to pre-pandemic levels, investors were told.


In its trading statement, Entain maintained its forecast for core earnings, which will be in the GBP850mln-GBP900mln range.


Chief executive Jette Nygaard-Andersen provided this upbeat commentary: “By offering customers ever more engaging products, while leveraging our scale and technology, we will drive the flywheel effects of secular growth dynamics that can triple the size of our business. As a result, we remain very confident in Entain’s future prospects.”


DraftKings made a GBP28 a share approach for the group, more than double a rival offer from MGM Resorts. It has until October 19 to make an official bid.

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