7th Apr 2022 08:50
(Alliance News) - Entain PLC on Thursday said it made a strong start to the year with a good performance across all areas of the business and is confident in its financial performance for the year ahead.
For the three months to March 31, net gaming revenue was up 31% compared to the first quarter of last year, supported by the easing of Covid-19 restrictions.
The London-based sports betting and gambling firm said that volumes in its in-store Retail arm were within 5% to 10% of pre-Covid-19 levels.
The Ladbrokes-owner added that it was benefitting from continued momentum in all markets, excluding Germany and the Netherlands, and broadened its customer base in the period with actives up 34% over two years.
However, its first-quarter online net gaming revenue was down 8% on an annual basis, though it said this was in line with expectations given a strong 2021 comparator.
Entain stated that its BetMGM partnership with Las Vegas-based hospitality and entertainment firm MGM Resorts International is on track to be Ebitda positive in 2023.
"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 in-store experience," said Chief Executive Officer Jette Nygaard-Andersen.
Shares were down 1.9% at 1,590.00 pence each on Thursday morning in London.
By Abby Amoakuh; [email protected]
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