Entain continues strong online growth in Q115th April 2021 8:02 am GMT
London-listed betting and gaming operator Entain continued its strong online growth into the first quarter of this year, although overall performance was hampered by covid-related retail closures.
Entain recorded its 21st consecutive quarter of double-digit growth in online net gaming revenue (NGR) during the first quarter of 2021, as online sports betting NGR climbed 47 per cent year-on-year and online gaming NGR improved by 23 per cent to deliver a 33 per cent increase in total online NGR.
This was offset by 99 per cent lower revenue from the retail division, which is comprised of operations in the UK, Italy, Belgium and Republic of Ireland, as covid-related restrictions closed the majority of stores during the period.
As a result, total group NGR for the first quarter fell by 13 per cent versus the same period a year ago.
Entain attributed its online growth to a strong performance in all markets excluding Germany, with the company’s BetMGM joint venture with MGM Resorts claiming a 19 per cent share of the US markets in which it operates.
“This has been another very successful and productive quarter with Entain making excellent progress across a number of our strategic priorities,” said chief executive Jette Nygaard-Andersen. “This is testament to the hard work and dedication of our people across all aspects of our business. I am delighted that they will now have the opportunity to share in the future success of Entain through our new Share Save plan.
“We saw excellent growth across all our major markets other than Germany where regulatory changes have impacted the market. BetMGM continues to exhibit outstanding momentum with impressive market share growth. Our acquisitions of Bet.pt and Enlabs underpin further progress on our strategic expansion into new regulated markets.”
“With some easing of Covid restrictions, we are delighted to be welcoming customers back into our shops. While it has only been a handful of days since the re-opening in parts of the UK on the 12 April, we look forward to returning to more normal trading across our whole business,” she added.
“In line with our expectations, the momentum from the end of 2020 has carried into 2021. Although Covid creates some near-term uncertainty, by maintaining our focus on the customer, providing them with great products and services, we remain confident and excited in our long-term prospects.”
Shares in Entain plc. (LSE:ENT) closed 0.12 per cent higher at 1,607.00 pence per share in London Wednesday, prior to this morning’s trading update.