British gambling firm Entain is doubling investment in its game development studios, as it steps up its focus on online betting after closing hundreds of high street betting shops.
Entain, which owns brands including Ladbrokes, bwin and Coral, will announce the moves - including a doubling of the workforce at its in-house studios in the UK, Italy and India to around 300 - later today.
Newly appointed chief executive Jette Nygaard-Andersen said original online content would form a pivotal part of her strategy for the company.
She likened the company's efforts to Netflix's pursuit of original programming to woo subscribers.
"We want to give customers an expanded choice in the markets we're already in and add new experiences to reach out to new customers," she told Reuters.
The closure of hundreds of Ladbrokes' retail stores is symbolic of the industry's steady shift to online which 18 months of lockdowns has deepened.
Entain, which added 4 million online customers last year, is also moving on from the collapse earlier this year of a buyout by US casino operator MGM Resorts International after the two sides differed on valuations.
The FTSE-100 firm did not disclose how much it was investing but said the new content would include free-to-play slots tournaments and a sports-themed virtual reality product set to launch later this year.
Entain is also looking to develop gambling products for e-sports fans, many of whom are millennials, as well as looking at other new markets, Nygaard-Andersen said.
"We're looking at around 50 markets which are becoming fully regulated which we could move into, on top of those we're in now," she said.
Entain also today reported an 11% rise in first-half net gaming revenue, as the resumption of sporting events including the Euro 2020 boosted betting volumes.
The company also said core earnings for the year will be between £850m and £900m, ahead of current market consensus.
