The British gaming giant has reported revenue of £3.63bn for 2020.
UK.- The newly rebranded Entain has reported flat revenue of £3.63bn for 2020 as online growth was cancelled out by retail decline caused by the Covid-19 pandemic.
Online gaming brought in £2.68bn, up 27.2 per cent. Sports betting accounted for £1.20bn, up 24.4 per cent and gaming £1.53bn, up 28.9 per cent.
UK retail operations through Ladbrokes and Coral UK suffered the impact of the Covid-19 pandemic, which caused revenue to fall 39.7 per cent to £678.6m.
Strong growth in online betting and gaming
Online revenue from the UK, the largest market, rose by 27 per cent overall, while gaming rose 40 per cent. In Germany, online revenue grew by 3 per cent after the start of the transition period to licensed gaming stalled growth in the last quarter.
Particularly strong growth in online revenue was seen in Australia (up 55 per cent), Italy (up 53 per cent) and Brazil (up 56 per cent).
Retail gaming suffers
Revenue from retail sports betting in the UK fell 37 per cent to £355m. Revenue from machines fell 42.3 per cent to £323.6m.
Retail operations in the rest of Europe saw revenue fall 38.5 per cent to £178.5m. Sports betting revenue was down 36 per cent at £138.8m and machine revenue down 9.1 per cent at £2.1m.
Entain reported a £79.4m profit compared to a £140.7m loss in 2019.
The results come after a year in which Entain revealed its new name, rebranding from GVC Holdings.
It has since seen off an acquisition attempt from US joint venture partner MGM and has made its own acquisition offer for Enlabs.
Entain chief executive, Jette Nygaard-Anderson, who replaced Shay Segev in January, said: “Today’s results demonstrate the extraordinary resilience and professionalism of our people, as well as the importance of having a truly diversified business model that is not overly reliant on any one product, brand, territory, or channel.”