(Alliance News) - Ladbrokes owner Entain PLC on Tuesday reported strong performance and double digit online sales growth in its third quarter.
In the three months ended September 30, online net gaming revenue grew 10% year-on-year or 18% excluding German markets.
In August, the company highlighted that a new regulatory regime in Germany had a negative impact on its online market in the country.
Overall, net gaming revenue increased by 4% in the third quarter, when compared to the same period last year.
The company also reported that its joint venture with MGM Resorts International, BetMGM, held a 23% market share across the US in the sports-betting and iGaming industries in the three months to August. Entain said BetMGM was the market leader in iGaming in the US, with a 32% market share in the same period.
With continued growth since the end of the first half, Entain said it expects earnings before interest, tax, depreciation and amortisation in line with previous guidance of GBP850 million to GBP900 million during 2021.
The company was not able to raise its guidance as the licencing process in the Netherlands offset strong trading in the third quarter.
"These results demonstrate Entain's continuing ability to deliver sustainable, consistent and diversified growth. Our powerful Entain platform provides customers with great products and experiences, which enables us to grow ahead of our markets as demonstrated by 23 consecutive quarters of double-digit online growth," said Chief Executive Jette Nygaard-Andersen.
Shares in Entain were trading down 0.3% at 2,101.88 pence each in London on Tuesday morning.
By Scarlett Butler; scarlettbutler@alliancenews.com
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Entain (ENT)