Entain, owner of betting brands Ladbrokes, bwin and Gala, reported its third consecutive quarter of double-digit online growth, underpinned by further growth in BetMGM, which it co-owns with MGM Resorts.
The group, which also owns, Bet.pt, Coral, Crystalbet, Eurobet, Ladbrokes, Neds and Sportingbet; Gaming Brands include CasinoClub, Foxy Bingo, Gioco Digitale, Ninja Casino, Optibet, partypoker and PartyCasino, reported group net gaming revenue up four per cent against a period of high growth in the prior year, for the period from July 1 to 30 September 30 2021.
Online revenue was up ten per cent, marking a 23rd consecutive quarter of double-digit growth in constant currency. Excluding Germany, online revenue was up 18 per cent with Australia and Brazil delivering particularly strong performance.
Retail revenue was up one per cent with UK volumes recovering toward pre-Covid-19 levels, and activity steadily rebuilding in Europe
BetMGM continues to deliver strong growth, with a 23 per cent market share across the US in sports-betting and iGaming for the three months to August
Industry data for month of August shows BetMGM challenging for the number 1 market position across sports-betting and iGaming. It is now live in 16 jurisdictions, with recent launches in Arizona, Wyoming and South Dakota on first day of state licencing.
Jette Nygaard-Andersen, Entain’s CEO, said: “These results demonstrate Entain’s continuing ability to deliver sustainable, consistent and diversified growth. Our powerful Entain platform provides customers with great products and experiences, which enables us to grow ahead of our markets as demonstrated by 23 consecutive quarters of double-digit online 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.
“As we announced on August 12, our total addressable market is expected to more than triple to over $160bn. This will be driven by the significant opportunity in the US, where we are now challenging for the number one market position, our growth plans in other new and existing markets, and our strategy of entering into new areas of interactive entertainment.”
“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.”