Super Surfer Entain Rides Wave Of Success, Smashes Towering Q1.
Looking around the competition, Omnichannel Entain has every right to think it’s got the best body on the beach.
Led by its charismatic Chief Executive Jette Nygaard-Andersen, the FTSE-100 gambling giant is winning on every front, posting a 22 percent rise in group Net Gaming Revenue (NGR) for Q1, ending March 31.
From record, across-the-ticket, player engagement, to the performance of its BetMGM sportsbook joint venture with MGM Entertainment in the United States, its avowed shift to only 100 percent regulated betting interests in global markets, its bold €450 million (£397m/US$494m) “Gordian Knot” solution to solving the complexities of the Dutch market by the simple expedient of buying BetCity and the progressive punt of taking a big-time stake in gaming Down Under, both hallowed and nascent, the company is enjoying wave after wave of success.
Boosted by the Super Bowl, BetMGM had NGR of approximately US$470 million (£377.82m/€428.23m) in Q1, said Entain in a Trading Update released today (April 18).
This represents a year-on-year increase of 94 percent – and one on track with full-year revenue guidance of up US$2 billion (£1.6bn/€1.82bn).
In the fiercely-competitive US sportsbook industry, BetMGM, which has an average 28 percent share of all markets where it operates, remains well on course to deliver positive EBITDA by H2.
Excluding the US, Entain’s total online NGR was up 16 percent, while online gaming NGR surged by a quarter, year-on-year.
“2023 is off to a strong start, with continuing underlying momentum across our operations around the world,” said Nygaard-Andersen.
“We are delivering both financially and strategically, with a record number of active customers enjoying our products, and we are executing on growth opportunities to further diversify and expand across regulated markets.”
During the quarter, Entain completed its acquisition of Dutch operator BetCity.
And it made a big foray into Kiwi gaming Down Under by agreeing a strategic, 25-year deal with sports betting monolith Tab New Zealand and purchasing emerging esports developer Sportsflare for US$13.25 million (£10.65m/€12.07m) from Canada-based parent company Tiidal Gaming.
Added Nygaard-Andersen: “Looking ahead, we remain confident that our customer focus, diversification and proven ability to grow organically and through M&A will enable us to demonstrate further progress against our strategy.”