Entain online betting surge offsets retail business plunge

Finance News

Entain today reported surging revenues just days after rejecting an £8 billion takeover bid from MGM Resorts.

Full year online net gaming revenue jumped 27% with the final quarter of the year leaping 41% – its 20th consecutive quarter of double digit online NGR growth.

Group core earnings were expected to be in the range of £825m – £845m, despite the impact to profitability from enforced retail closures.

Shay Segev, Entain’s outgoing CEO, commented: ‘In an exceptionally challenging year, our strong performance has been driven by a business model that is highly diversified across a wide range of products, brands, territories and channels. Q4 has been another successful period for us, and we are particularly pleased with the momentum that we are seeing in the US. BetMGM continues to go from strength to strength and is now live in 11 states, plus Michigan will be launching online tomorrow.

As ever, we remain deeply aware of our responsibility to provide our customers with the safest possible experience while using our products, and to that end our new technology-based Advanced Responsibility and Care programme is heralding a new era in player protection.

While the short-term outlook remains uncertain as a result of the ongoing impacts of COVID-19, we have entered 2021 with good momentum and remain as confident as ever in Entain’s longer term prospects.’