Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. United Kingdom
  4. London Stock Exchange
  5. Entain plc
  6. News
  7. Summary
    GVC   IM00B5VQMV65

ENTAIN PLC

(GVC)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Entain : posts revenue jump ahead of DraftKings bid deadline

10/12/2021 | 02:36am EST
FILE PHOTO: A pedestrian walks past a branch of Ladbrokes in London

Oct 12 (Reuters) - British gambling company Entain, the subject of a $22 billion takeover approach from U.S. rival DraftKings, reported higher quarterly revenue on Tuesday, led by stronger betting activity at its fast-growing BetMGM joint venture.

Entain, home to Ladbrokes and Coral betting shops as well as the bwin and partypoker online brands, said net gaming revenue rose 4% in the three months to Sept. 30 while revenue from online sports betting jumped 12%.

The results come a week before a takeover rules deadline requiring DraftKings to make a firm bid for Entain or walk away. DraftKings' $22 billion offer is double a bid Entain rejected from joint venture partner MGM in January.

Some analysts say that strong results and signs of progress on major initiatives, such as U.S. expansion, could convince Entain to reject DraftKings' offer on the grounds that it undervalues its prospects.

Entain and MGM's jointly owned BetMGM online sportsbook grew its online gaming market share to 32% for the three months to Aug. 31, compared with 30% for the quarter to June 30. The venture launched a national advertising campaign to coincide with the start of the National Football League (NFL) season last month.

BetMGM is viewed as a major factor driving DraftKings' interest in Entain. The U.S. venture has grown steadily and challenged FanDuel owner Flutter, the No.1 player in the sports betting and online gaming market.

MGM has said that any deal in which Entain or its affiliates end up owning a competing business would require its consent.

"The BetMGM JV is making a credible push for ... market leadership," analysts at Peel Hunt said in a client note on Tuesday, calling the business a "roaring success."

"This could be the perfect time for Entain to sell out of the BetMGM JV if MGM can be pushed to overpay," they added.

Like its rivals, London-listed Entain has enjoyed a boom in online gambling through the COVID-19 pandemic, with events such as last summer's European soccer championship and the NFL having helped to revive sports betting.

Dealmaking in the industry is also heating up as the United States opens up to sports betting and companies look to expand into more developed gambling markets such as Britain.

Meanwhile, gambling volumes at Entain's betting shops, long a feature of Britain's high streets, were above 90% of pre-pandemic levels, while retail betting activity was steadily recovering in Europe, Entain said.

The company also maintained its forecast for annual core earnings of 850 million to 900 million pounds ($1.16 billion to $1.22 billion). ($1 = 0.7350 pounds)

(Reporting by Sachin Ravikumar in Bengaluru Editing by Sriraj Kalluvila and David Goodman)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DRAFTKINGS INC. -3.52% 21.4 Delayed Quote.-22.10%
ENTAIN PLC -0.16% 1709.5 Delayed Quote.1.57%
All news about ENTAIN PLC
02:40aEntain FY21 Net Gaming Revenue Up 7%; EBITDA Ahead of Guidance
MT
01/19ENTAIN : and MGM Resorts International BetMGM business update
PU
01/17BETMGM TO LAUNCH MOBILE SPORTS BETTING IN NEW YORK MONDAY, JANUARY 17; Company has big ..
AQ
01/17Mgm resorts and entain announce betmgm update release date
AQ
01/14ENTAIN : _
PU
01/14ENTAIN : Notice of BetMGM update
PU
01/14BETMGM AND ARIZONA CARDINALS REVEAL FIRST LOOK AT BETMGM SPORTSBOOK COMING TO STATE FAR..
AQ
01/11Citigroup Raises Entain PT, Keeps Buy Rating
MT
01/11UK stocks edge higher, cybersecurity firm Darktrace soars on forecast lift
RE
2021ENTAIN PLC : Monthly statement on outstanding equity shares and voting rights
CO
More news
Analyst Recommendations on ENTAIN PLC
More recommendations
Financials
Sales 2021 3 821 M 5 207 M 5 207 M
Net income 2021 241 M 328 M 328 M
Net Debt 2021 2 046 M 2 788 M 2 788 M
P/E ratio 2021 42,2x
Yield 2021 1,27%
Capitalization 10 027 M 13 667 M 13 663 M
EV / Sales 2021 3,16x
EV / Sales 2022 2,71x
Nbr of Employees 18 918
Free-Float 97,5%
Chart ENTAIN PLC
Duration : Period :
Entain plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ENTAIN PLC
Short TermMid-TermLong Term
TrendsBullishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 19
Last Close Price 1 709,50 GBX
Average target price 2 416,50 GBX
Spread / Average Target 41,4%
EPS Revisions
Managers and Directors
Jette Nygaard-Andersen Chief Executive Officer & Director
Robert Matthew Wood CFO, Director & Deputy Chief Executive Officer
John Michael Barry Gibson Non-Executive Chairman
Sandeep Tiku Chief Technology Officer
Peter A. Isola Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
ENTAIN PLC1.57%13 667
EVOLUTION AB-5.80%28 496
FLUTTER ENTERTAINMENT PLC-4.55%26 762
GALAXY ENTERTAINMENT GROUP LIMITED10.15%24 888
SANDS CHINA LTD.12.89%21 294
ARISTOCRAT LEISURE LIMITED-0.50%21 010