Entain said 7 per cent growth in online gaming revenue drove a strong fourth quarter.
UK.- The gaming group Entain has reported that net gaming revenue for the fourth quarter was up 4 per cent year-on-year. The growth was driven by online sports betting, which saw revenue rise 12 per cent year-on-year.
Online revenue overall was up by 7 per cent year-on-year. Entain said that all major markets had performed well, particularly Australia and Brazil.
As for land-based retail outlets, revenue fell 1 per cent year-on-year, with retail sports betting revenue down 15 per cent. The company volume at its UK bookmakers was still recovering to pre Covid-19 levels.
In the US, Entain’s joint venture with MGM Resorts, BetMGM, saw continued growth. The company said it now had a 23 per cent market share in the states where it operates. Last month, Entain received a takeover proposal from US sports betting operator DraftKings.
Entain reports year to date revenue up 8 per cent
Entain reported that group revenue was up 8 per cent year-on-year for the nine months to September 30, with online revenue up 20 per cent but retail down 23 per cent due to impact Covid-19 in the first half.
It forecast that group EBITDA for the full year would be in line with previous estimates, with recent growth being cancelled out by its withdrawal from the Netherlands while it prepares to apply for a licence in the country’s newly regulated online gambling market.
Entain chief executive Jette Nygaard-Andersen said: “These results demonstrate Entain’s continuing ability to deliver sustainable, consistent and diversified growth.
“Our powerful Entain platform provides customers with great products and experiences, which enables us to grow ahead of our markets as demonstrated by 23 consecutive quarters of double-digit online growth.
“We continue to lead our industry in the all-important area of player protection, and I am excited by the early results of our innovative ARC programme, which we firmly believe has the potential to transform player protection across the industry.
“By offering customers ever more engaging products, while leveraging our scale and technology, we will drive the flywheel effects of secular growth dynamics that can triple the size of our business. As a result, we remain very confident in Entain’s future prospects.”