Entain posts 4% rise in revenue for Q3

Entain has seen its net gaming revenue (NGR) increase by 4% year-on-year for the third quarter of 2021, as its online division continued to grow.

Group revenue for the three months up until 30 September grew 6% on a constant currency basis from year prior. Online NGR was up 7%, increasing to a 10% rise on a constant currency basis, meaning Q3 was the 23rd consecutive quarter of double-digit growth online. When excluding Germany, online NGR was 18% higher than the same period in 2020.

In terms of sports betting, online revenue was up 12%, with the amount of bets placed increasing by 1%. Online gaming showed a 1% rise in revenue while retail revenue was down 1% but up 1% on a constant currency basis.

Entain CEO Jette Nygaard-Anderson said: "These results demonstrate Entain’s continuing ability to deliver sustainable, consistent and diversified growth."

"We continue to lead our industry in the all-important area of player protection, and I am excited by the early results of our innovative ARC programme, which we firmly believe has the potential to transform player protection across the industry."

"By offering customers ever more engaging products, while leveraging our scale and technology, we will drive the flywheel effects of secular growth dynamics that can triple the size of our business. As a result, we remain very confident in Entain’s future prospects."

The Ladbrokes and Coral operator mentioned that UK retail shops have continued to show strong recovery following closures during lockdown and since restrictions in the country were lifted almost fully on 19 July.

Elsewhere, its jointly-owned BetMGM operator now has a 23% market share across the US in sports betting and online gaming. It is currently live in 16 states in the US, recently launching in Arizona, Wyoming and South Dakota.

The operator also mentioned that group EBITDA for full-year 2021 is expected to be in line with the previous guidance set of £850m ($1.16bn) to £900m.

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