Entain 1H revenue rises 11 percent driven by online

Ladbrokes and Coral signs

Entain said its 1H revenue rose 11 percent driven by double-digit growth in its online business.

The U.K.-listed company, which is MGM Resorts’ partner in BetMGM, posted net gaming revenue of GBP1.79 billion. It posted a profit after tax of GBP90.9 million, up from GBP22.4 million in the prior year.

The company said it has now seen 22 consecutive quarters of double digit growth in its online businesses, which have received a further boost by the return of sporting events. Retail outlets were affected by Covid-mandated shutdowns.

Excluding Germany, where new regulations are hurting the market, online gaming revenue gained 38 percent in the quarter.

Entain owns brands such as Ladbrokes, Sportingbet, Coral and Foxy Games. It has been seeking international expansion and recently bought Enlabs in the Baltics and Bet.pt in Portugal. It sought to buy Tabcorp’s wagering and media unit for $3.5 billion, but was rejected by the Australian company.

“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,” said CEO Jette Nygaard-Andersen. “We expect to be operational in around 20 states, representing 33% of the US adult population, over the next 12 months.”