Good projections of Entain with a view to the Football World Cup
Positive report from Entain on the company's financial results during the third quarter of the year. With a view to the Football World Cup being held in Qatar this November, the heads of the iGaming company hope that the sporting event will help improve the results in the fourth quarter. Entain has achieved revenue growth of 2% and reported a record number of customers.
Entain grows in revenue and customers around the world. The expectations regarding football betting during the World Cup are very positive. ©Arkin Si/Unsplash
The third quarterly report of the Entain group (bwin, PartyPoker, Ladbrokes, BetMGM) has provided interesting data. The group has grown in terms of net revenues from the game, which increased by 2% ; and also in terms of customers, which experiences a year-on-year growth of 6%. In addition, it has been pointed out that the operations of BetCity (Netherlands) and SuperSport (Croatia) will be considered in the following quarter, thus contributing to further growth of the group.
“Our business continues to perform well, with great momentum throughout the group, including at BetMGM. This demonstrates the effectiveness of our growth strategy, the unique capabilities of the Entain platform and the underlying strength of our diversified global business. I am delighted that we have welcomed more customers in our brands all over the world. This is a testament to our tireless customer focus, as well as the quality of our products, content and the talent of the staff.” – Jette Nygaard-Andersen , CEO of Entain, at press release
In general, the company that owns bwin has been satisfied with the results, which more than a great growth show the stability of the company in the more than 20 regulated markets in which it operates on all five continents. Entain's market share, both online and in person, make it one of the largest iGaming companies today.
The CEO of Entain, Nygaard-Andersen has also welcomed the outstanding performance of its joint venture with MGM Resorts , BetMGM, the leader in sports betting in the United States, which has taken a market share of 25%, excluding New York, and 23% with New York. Due to the particular legislation of the United States, with regulations in each state, the market share refers only to the places in which the company operates.
"In the US, BetMGM remains the undisputed leader of the iGaming market, and the successful start of the NFL season also highlights the strength of our growing sports betting offering in the United States.” – Jette Nygaard-Andersen , CEO of Entain, at press release
The start of the professional American football league (NFL) has been one of the factors that has driven net income in the third quarter, with an increase of 90% year-on-year. Also, a recent report by Entain has revealed a increase in the popularity of betting on Formula 1 , with an annual growth rate of 30% since 2018.
By jurisdiction, the majority of Formula 1 bettors come from the United Kingdom (35%), followed by Brazil (17%), Germany (17%) and New Zealand (5%). The trend shows how the popularity of this sport has grown on streaming platforms .
Growth expectations placed on the Soccer World Cup
The business model and the growth strategy portend a revenue rebound during the fourth quarter which coincides with the celebration of the Football World Cup in Qatar. The event is key for bookmakers . In this regard, Nygaard-Andersen pointed out the following:
“We have healthy momentum across the business and are looking forward to a strong end to the year which includes the World Cup. Looking ahead, we remain attentive to the economic context. However, our diversified revenue base and strong business model allow us to remain confident in our ability to deliver on our growth and sustainability strategy.”
From Entain it is expected that by the end of the year they will be able to report a growth from 5 to 10% compared to the previous year.
