This morning Entain published its interim commercial update, recording total revenue at 11%, while betting group FTSE100 updates investors on its UK retail reopening and international expansion projects.
Key results, Entain stated that it had achieved “twenty-two consecutive quarters of double-digit internet growth with second quarter net revenues of 22% attributable to a 65% increase in NGR achieved by its online sports betting units” .
Strong growth in the second quarter was maintained despite regulatory adjustments in the German market, which delayed the performance of Entain’s online NGR compared to comparative periods.
A year of significant growth for Entain
Jette Nygaard-Andersen, CEO of Entain Group, said: “Our diversified business model allowed us to grow in all key markets as we navigated through channels, mixed products as retail reopened and annualized the restricted sports calendar of the last year”.
In the second quarter, Entain started to reopen its European retail units, where the group reports “initial positive trends as restrictions are eased in phases”.
Positive trends saw Entain reveal that customer volumes for its Ladbrokes and Coral UK properties had returned to around 10% below pre-pandemic levels as the company prepares to reopen its Italian and Belgian retail units that had remained closed during the 2021 negotiations.
Strengthening its online portfolio, during the second quarter, Entain completed the acquisition of leading Baltic market operator Enlabs and Portuguese sports house Bet.pt, assets that contributed 4% of NGR online.
Meanwhile, Entain highlighted the strong growth momentum achieved by its North American joint venture BetMGM as “the number two operator for sports betting and iGaming in the US with 21% market share” – giving NGR a value of around of US$350 million.
Supporting the company’s long-term growth strategy, Entain’s board was able to expand the terms of its existing revolving credit line to £590 million, with the FTSE100 company maintaining an additional £300 million loan with the aim of financing mergers and acquisitions developments.
Nygaard-Andersen concluded with the following statement:
We have a powerful platform at Entain that allows us to deliver consistent growth from our existing markets, while also entering new markets, all powered by our industry-leading technology, business intelligence and analytics capabilities.
Our platform provides us with a significant opportunity to better align our business with our customers and, increasingly, deliver a broader range of exciting products, content and experiences as the worlds of media, entertainment and gaming converge.
After our strong first half, we are raising our expectations for the full year and remain confident and excited about the breadth and scale of long-term sustainable growth opportunities that lie ahead.
