Entain hails digital growth as revenue surges 11%
Entain today reported its interim results for the six-month period ending 30 June 2021. Net gaming revenues were up 28% taking it to 22 consecutive quarters of double-digit online growth.
Underlying profits were up 12% to £401 million on revenues of £1.8 billion. Overall sales were up 11%, despite retail revenues sinking 43% as lockdowns shuttered betting shops.
BetMGM the Group’s joint venture in the US with MGM Resorts continues to perform strongly and is well positioned for further success in H2. Group profit after tax for continuing operations £91m, up £69m. Full year Group EBITDA upgraded on 8 July 2021, expected to be in the range of £850m to £900m.
Jette Nygaard-Andersen, Entain’s CEO, commented: “Entain’s platform continues to deliver. The quality and diversification of our businesses has enabled us to deliver our 22nd consecutive quarter of double-digit online growth, while also making excellent progress on our strategic priorities. This performance is not only a result of our industry leading technology, but also the hard work and dedication of our talented teams of people around the world, and I would like to take this opportunity to thank them.
In the US, BetMGM goes from strength to strength with our position as number 2 operator firmly established in the fast-growing sports-betting and iGaming market. We expect to be operational in around 20 states, representing 33% of the US adult population, over the next 12 months.
Entain has a long runway for sustainable growth built into our core business. In addition, our unique powerful platform puts us at the heart of the convergence of media, entertainment and gaming, providing us with exciting opportunities in interactive entertainment that we believe will further power our growth for many years to come.”