18th Apr 2023 09:31
(Alliance News) - Entain PLC on Tuesday reported "strong momentum" across the company, with double-digit revenue growth at the start of the year.
The Isle of Man-based owner of Ladbrokes and Coral said its group net gaming revenue for the first quarter of 2023 was up by 15%. With the inclusion of Entain's 50%-owned BetMGM, net gaming revenue for the period was up by 22%.
This included a 16% increase in Online net gaming revenue as well as strong performance in Retail, with net gaming revenue up by 14% for the first three months of the year.
Entain's BetMGM joint-venture, which the company owns alongside MGM Resorts International, has continued to grow with a net gaming revenue for the first three months of the year up 94% to USD470 million.
Entain said BetMGM is delivering in line with guidance of between USD1.8 billion and USD2.0 billion for 2023.
The company added that it continues to focus on strategic growth through further diversification and expansion of its products.
Last month, Entain signed a 25-year partnership with TAB New Zealand, a racing and sports betting operator.
Chief Executive Officer Jette Nygaard-Anderson said: "2023 is off to a strong start, with continuing underlying momentum across our operations around the world. We are delivering both financially and strategically, with a record number of active customers enjoying our products, and we are executing on growth opportunities to further diversify and expand across regulated markets. In the US, BetMGM continues to grow in line with expectations and enjoyed a successful quarter which included the Super Bowl and March Madness."
Shares in Entain were up 2.3% at 1,335.50 pence each in London on Tuesday morning.
By Sabrina Penty; Alliance News reporter
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