Citing 22 consecutive quarters of double-digit online growth, UK betting powerhouse Entain Group has upped its 2021 full-year earnings forecast to between £850-£900 million (around US$1.2bn/€1bn).
FTSE-100 Entain says that group revenues, powered by its iGaming verticals, and the return of live sports events, grew 11 per cent in its first financial half, year-on-year. In Q2, for example, net revenue was up 22 per cent, while online sports betting surged 65 per cent.
“Following our strong first half, we are upgrading our expectations for the full year and we remain confident and excited by the breadth and scale of the long-term sustainable growth opportunities ahead of us,” said Entain CEO Jette Nygaard-Anderson.
“Our diversified business model has enabled us to grow in all key markets while navigating channel and product mix changes as retail re-opens and we annualise last year’s restricted sports calendar.
“Our platform provides us with a significant opportunity to align our business better with our customers and increasingly deliver a wider breadth of exciting products, content and experiences as the worlds of media, entertainment and gaming converge,” added Nygaard-Anderson.
In further positive news, the company, which employs 24,000 people in 20 countries, reported that punter footfall for its iconic, newly-reopened, Ladbrokes and Coral retail outlets in the UK was only 10 per cent less than pre-pandemic norms. However, its Belgian and Italian shops remain closed.
Entain also grew its online portfolio in Q2 by acquiring Portuguese sportsbook Bet.pt and Enlabs, a leading operator in the Baltic region, while BetMGM, its joint-venture with MGM Resorts, consolidated its position as the second leading online operator in the USA with Net Gaming Revenue of US$350 million (£253.4m/€295m) in the quarter.