Entain Looks to World Cup Betting to Increase Revenue
The FIFA World Cup Betting in Qatar is nearly here, with the first competitions beginning in little over a month. When it does begin, casino operator Entain is certain that the international soccer competition will benefit its sports betting business significantly at World Cup Betting.
A tourist poses for a photograph at the Al Thumama football stadium in Doha, Qatar, which will host the 2022 FIFA World Cup Betting. Entain anticipates that the international soccer tournament, which starts next month, will significantly increase its sports betting income.
This week, Entain issued an update on its financial health, saying that the most recent quarter was not as beneficial as it had planned at the World Cup Betting. Online net gaming revenue (NGR) increased by 1% year on year in the third quarter.
Despite “record” user engagement and a 10% increase in NGR for the retail category. The Ladbrokes owner expects things to improve when soccer teams enter the pitch for the World Cup on November 20.
Entain announced in July that its first-half performance was remarkable at the World Cup Betting, increasing 243% year on year. However, its online activity fell, and this pattern persisted into the third quarter.
Entain anticipates that the rise will continue till the end of the year. Aside from the opening of the NFL season, the MLB playoffs have begun, and the NBA season begins in less than a week. There are also international soccer and NHL games going on right now, which gives all bookmakers cause to rejoice.
As a consequence, and based on recent acquisitions, Entain anticipates net gaming income from sports betting of more than $1.3 billion at the World Cup Betting. If it works, it will have increased the company’s revenue by more than 50%. The business plans to maintain the trend long into the next year.
According to the corporation, one of the problems in the third quarter was its inability to service consumers in the Netherlands. It exited the market when the nation implemented regulated online gambling, but plans to return before the end of the year.
Entain’s purchase of World Cup Betting, announced earlier this year, will make this happen. If it is able to get the platform up and operating in time, it may offer an extra route for World Cup sports betting.
The Key to Success is Strategic Expansion
Entain is looking for a boost in more than just the Netherlands. It currently owns Supersport, a significant sports betting business in Croatia that it hopes to do well. Entain’s subsidiaries can currently service various European markets, including the Netherlands and Croatia. It has also acquired operators in Poland and Latvia.
Entain currently controls Avid Gaming, the firm behind Sports Interaction in the West. The latter is reputedly Canada’s biggest online gaming brand, providing Entain with enormous exposure in the nation at World Cup Betting.
The amount of acquisitions in such a short period of time strains a company’s financial soundness in any case. Nonetheless, despite fears about inflation and a potential recession, Entain is not slowing down. CEO Jette Nygaard-Andersen reiterated the company’s commitment to expanding its presence wherever it makes sense.
Entain has a partnership with BetMGM in the United States, which has seen a lot of success in the industry. It currently has 31% of the online sports betting market. As a result, and with further expansion in the area, Entain intends to capitalize on that cooperation as well.