Get Me To The Entain Online – Positive Q3 for UK Gaming Giant
The FTSE100 gambling Omni-channel has just posted its 23rd consecutive quarter of online growth, is well on target to hit its projected 2021 core revenue of around £900 million (US$1.22bn/€1.06bn), its BetMGM joint venture with MGM Resorts in the United States has established market leadership and even its Covid-hammered Ladbrokes and Coral high street betting shops are regaining their lustre.
Currently the object of a US$22 billion (£16.18bn/€19.05bn) takeover bid by US sportsbook rival DraftKings, Entain has reported a four per cent rise in net gaming revenue for its Q3, ending September 30; with online specific sports betting revenue surging by an even greater margin of 12 per cent.
BetMGM—currently live in 16 states following recent launches in Arizona, South Dakota and Wyoming–continued to deliver strong growth in the growing U.S. sports and online space, with 23 per cent market share, said Entain.
And with the exception of Germany, all international markets, notably Australia and Brazil, were delivering positive financial news.
“These results demonstrate Entain’s continuing ability to deliver sustainable, consistent and diversified growth,” said Entain Chief Executive Jette Nygaard-Andersen.
“Our powerful platform provides customers with great products and experiences, which enables us to grow ahead of our markets as demonstrated by 23 consecutive quarters of 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.”
In the nine months to the end of September, Entain Group revenue was up eight per cent, year-on-year. During this period online revenue grew by 20 per cent. But bricks-and-mortar retail was down by 23 per cent because of Covid-19 pandemic impacts.
Added Entain’s Nygaard-Andersen: “As we announced on 12 August, our total addressable market is expected to more than triple to over US$160 billion (£117.68bn/€138.58bn).
“This will be driven by the significant opportunity in the U.S., where we are now challenging for the number one market position, our growth plans in other new and existing markets and our strategy of entering into new areas of interactive entertainment.
“By leveraging our scale and technology, we will drive the growth dynamics that can triple the size of our business. As a result, we remain very confident in Entain’s future prospects.”