Entain said first-quarter revenues rose by a third after a strong performance from its retail shops as Covid lockdown curbs were eased.

Group revenue was up 31% supported by the return of Retail trading. Online net gaming revenue was down 8% in line with expectations versus strong 2021.  Entain went live in 23 new markets, the latest being Ontario, and is on track to be EBITDA positive next year. 

Jette Nygaard-Andersen, Entain’s CEO, commented: “We have started the year with a good performance across all areas of our business, driven as ever by the strength of our industry-leading platform. We have delivered strong performances in all of our major markets, and I am pleased to report that Retail is performing well with customers returning for our instore experience.

In the US, BetMGM is firmly established as the number two operator, and our market launches during Q1 mean that we now have access to over 41% of the US adult population. Elsewhere, our strategy of expanding into new markets is continuing at pace, having acquired businesses in Canada, Latvia and Poland during Q1.

As a growing business we continue to invest in and build our business around our customers to provide them with the best experiences whilst also capturing the many opportunities ahead. Given the strength and continuing momentum of our underlying business, coupled with our proven ability to grow both organically and through M&A, we remain confident in our financial performance for FY22 and beyond.”