Foxy Bingo owner Entain believes his American joint venture is a competitor to become the number one gambling company in the United States after seeing solid growth over the summer months.
FTSE 100 company said BetMGM, which it runs along with casino giant MGM Resorts, had a 23% market share in US-based sports betting and online gaming in the three months to August. .
He added that BetMGM was the leader in the US Internet gaming industry, with nearly a third of the market share and, based on industry data for the month of August, “challenges” the leading position in the games and sports games market.
Big player: Entain said that BetMGM, which it runs along with casino giant MGM Resorts, had a 23% market share in sports betting and online gaming in the three months leading up to August.
BetMGM is now present in 16 states after launching in Arizona, South Dakota and Wyoming last month and claims to have had a “successful start” to the NFL season following an advertising campaign by Oscar-winning actor Jamie Foxx.
He even managed to receive the very first space sports bet when billionaire Jared Isaacman put money on the NFL Philadelphia Eagles to win the Superbowl in Inspiration4, the first completely private orbital mission. around the Earth.
Back on Earth, strong sales in nearly all of its largest markets saw Entain achieve a 6% increase in net gaming revenue (NGR) at constant exchange rates despite impressive comparative trading in the same time frame l ‘last year.
The owner of Ladbrokes and Coral also recorded its 23rd consecutive quarter of double-digit growth in online revenue, thanks to a significant increase in internet sports betting. Outside Germany, digital revenues increased by 18%.
In the first nine months of the year, his NGR increased by a fifth year-on-year, but sports bets were nearly 40% higher and bets were 30% higher.
Meanwhile, its stores business grew by 1% as it pointed out that UK volumes “were recovering to pre-Covid levels” as mainstreet footfall recovered.
To bet bold: BetMGM received the very first sports bet in space when billionaire Jared Isaacman (pictured) put money on NFL team Philadelphia Eagles to win the Superbowl in Inspiration4, the first completely private orbital mission around Earth
Following this strong performance, the company expects underlying earnings for this fiscal year to be between £ 850million and £ 900million, as previously forecast.
Managing Director Jette-Nygaard-Andersen said the company’s results show its “continued ability to generate sustainable, consistent and diversified growth”.
“Our powerful Entain platform provides customers with exceptional products and experiences, putting us ahead of our markets, as evidenced by 23 consecutive quarters of double-digit online growth. “
The Danish-born boss, 52, added that Entain plans to take over much of the growing global gaming industry, which is estimated to be worth $ 160 billion by 2026, according to the research firm Global Market Insights.
Much of that growth is expected to come from the United States, where sports betting has grown rapidly since a 2018 United States Supreme Court ruling that effectively overturned the federal ban on the practice in nearly all states. .
Payout in gold: Entain chief executive Jette Nygaard-Andersen (pictured) could earn up to £ 4.4million if Massachusetts-based DraftKings successfully acquires Entain
Prior to the ruling, the Professional and Amateur Sports Protection Act 1992 only granted exemptions to four states under a grandfather clause: Oregon, Delaware, Montana, and the home of Las Vegas, Nevada.
Since then, many of the country’s largest states have legalized sports betting, including New Jersey, which has pushed strongly for the ban to be repealed, in New York, Pennsylvania and Illinois.
Another company that has benefited from the move is Massachusetts-based DraftKings, which attempted to acquire Entain in the latest example of a US company trying to take over a UK bookmaker.
London-listed Entain made no mention of the DraftKings takeover bid in its announcement today. He rejected an offer of £ 25 a share last month, but is now considering an offer valuing it at £ 16bn.
The Daily Mail analysis estimates senior officials could receive payments worth £ 110million if the new DraftKings deal goes through, with Nygaard-Andersen earning up to £ 4.4million and the leader Robert Wood Finance receiving £ 12million.
Entain plc shares fell 0.2% to £ 21.03 late in the morning. However, they have almost doubled in the past 12 months.
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