Ladbrokes owner Entain creates new venture to drive Central and Eastern European expansion
Ladbrokes owner Entain has joined forces with an investment firm to create a new venture to fuel expansion in Central and Eastern Europe.
Entertain CEE will drive expansion in the markets, in a partnership with EMMA Capital, with Entain owning 75 per cent of the economic rights.
The London-listed firm also announced a takeover of SuperSport, a gaming and sportsbook operator in Croatia, for €600m.
In interim results, the sportsbook operator posted buoyant revenue, up 19 per cent to just over £2bn.
Underlying operating profit stood at £246.5m for the six months to 30 June, a 20 per cent boost versus the prior year.
However, group profit after tax from continuing operations was £28m, down £63m on the previous year’s comparable period.
Online net gaming revenue was down seven per cent, following strong comparators last year amid Covid lockdowns, alongside “affordability measures in the UK and customers responding to the economic backdrop.”
Earlier this year, the operator issued a bleak profit warning, as it cautioned some consumers may pare back spending on betting amid a cost of living crunch.
More to follow…