Entain, the group that owns Ladbrokes, grew its third-quarter net gaming revenue by 2% even though Brazil has banned online betting, according to SBC News.
Net gaming revenue is what a betting company keeps after paying winners. The UK and Ireland carried the quarter.
Entain published the figures on Thursday for the three months to September 30. Channel NewsAsia reported that the company also stood by its annual forecast. Group online revenue rose 3%.
UK and Ireland lead the growth
Net gaming revenue in the UK and Ireland rose 8%. Online revenue there grew 14%, which beat Entain's own expectations. That made the UK and Ireland the strongest region in the update.
SBC News also carried the company's comments on ongoing challenges and on its strategy and spending in the UK. An Entain statement quoted by the outlet said the company was pleased with the quarter.
The statement said the result showed the strength of its execution and the resilience of a business spread across many markets, and that the group can keep producing growth of good quality.
Brazil ban and the profit outlook
Brazil outlawed online gambling last month, Channel NewsAsia reported. The move added pressure on an industry already dealing with high costs and regulatory scrutiny.
Online betting is now off the table there.
Before the sudden ban, SBC News said, Entain had expected solid growth from its Sportingbet brand in Brazil.
The company was already finding the Brazilian market tougher because of increased competition.
It had warned that its 2026 group underlying core profit would land at the lower end of the £910 million to £960 million range it forecast earlier.
SBC News read the quarterly financials as a sign that Entain will do fine without Brazil.
For Ladbrokes customers in the UK and Ireland, the figures show the online side of the business growing faster than anything else reported in the update.
Photo: Ladbrokes shop by Billy McCrorie, CC BY-SA 2.0
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