Entain posts revenue jump in Q3 ahead of DraftKings bid deadline

Entain posts revenue jump in Q3 ahead of DraftKings bid deadline

Article brief provided by Reuters
  • Sachin Ravikumar, Reuters
October 12, 2021 10:19 PM
  • Sachin Ravikumar, 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.

Story continues below

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.