Gambling firm Entain said today it would launch a new venture to drive growth in Central and Eastern Europe markets and purchase Croatia's SuperSport Group after the Ladbrokes owner reported a surge in its first-half profit.
Entain, which also owns Coral betting shops as well as bwin and partypoker online brands, said it will pay £600m in cash for SuperSport.
The London-listed firm's underlying operating profit came in at £246.5m for the six-month period ended June 30, up 20% from the same time last year.
Gambling firms gained during the pandemic as punters went online for entertainment during lockdowns but now face pressure as customers cut down on non-essential spending due to rising fuel and food costs.
Entain, previously known as GVC Holdings, said total online gaming revenue declined 7%.
Entain said its US joint venture with MGM Resorts, BetMGM, is on track to deliver full-year net gaming revenue of more than $1.3 billion.
The company, which had paused dividend payments last year due to the uncertainty from the Covid-19 pandemic, said it was starting with a total dividend of £100m for the financial year ending December.
