UPDATE 1-Ladbrokes owner Entain to buy Croatia's SuperSport as profit rises
(Adds details from statement, background)
Aug 11 (Reuters) - Gambling firm Entain said on Thursday 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 600 million pounds ($731.04 million) in cash for SuperSport.
The London-listed firm's underlying operating profit came in at 246.5 million pounds for the six-month period ended June 30, up 20% from year-ago numbers.
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 U.S. 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 100 million pounds for the financial year ending December.
($1 = 0.8207 pounds)
(Reporting by Radhika Anilkumar in Bengaluru; Editing by Sherry Jacob-Phillips and Sriraj Kalluvila)
