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Ladbrokes-owner Entain's net gaming revenue surges on robust demand

Reuters
·1-min read
FILE PHOTO: A person stands inside a Ladbrokes betting shop in London

(Reuters) -Ladbrokes-owner Entain Plc reported higher quarterly net gaming revenues on Tuesday, helped by acquisitions and a rise in the number of the British gambling firm's active customers.

Gambling companies have benefited from betting shops reopening in the past one year, but stiffer regulation for online gambling in Britain and the Netherlands, and a cost-of-living crisis pose challenges for the industry.

Entain's online net gaming revenue rose 11% on constant currency for the three months ended March 31, as punters bet heavily during the U.S. basketball tournament 'March Madness' and the Super Bowl.

The company said active customers rose 19% from a year earlier, and reported robust demand in its retail units, with net retail gaming revenue up 13% in the quarter.

Entain, which owns Coral betting shop as well as bwin and partypoker online brands, saw its total net gaming revenue - which includes its 50% share of BetMGM - rising by 17% on constant currency for the reported quarter.

(Reporting by Sinchita Mitra in Bengaluru; Editing by Rashmi Aich)