Fourth-quarter numbers from Entain PLC (LSE:ENT) should deliver good news if its BetMGM joint venture update is anything to go by, but not necessarily if results from rival William Hill were the guide.
Entain, which owns Ladbrokes, Gala Bingo, Sportingbet among its many gambling brands, this past week said its joint venture with US firm MGM Resorts saw revenues rise strongly in 2022.
The FTSE 100-listed betting group said BetMGM's net revenue was up 69% year on year, and ahead of its prior guidance.
Analysts at Barclays, were not particularly positive, adding that the update, while solid, is “not a catalyst for the shares.”
Wednesday's update will be the first chance to see exactly how the FIFA World Cup impacted revenues.
This month, rival 888 Holdings, the owner of William Hill, revealed its revenue fell 3% in the final quarter of 2022, with online sales down 5% but its betting shops enjoyed 5% growth.
For its part, Entain said at the end of its third quarter update that it expected a strong end to the financial year thanks to the World Cup held in Qatar.
At the time, it said it expected to benefit from the World Cup, as well as easier comparatives due to COVID-19 and the temporary closure of its Dutch arm.
Shares in the company fell 15% last year but have bounced back almost 13% so far in 2023.