British gambling group Entain has reported ‘robust group performance with retail strength offset by lower online’ for the periods of April 1 to June 30.
Retail trading was ahead of expectations, with volumes in Q2 ahead of pre-Covid levels driven by gaming and self-service betting terminals.
Online NGR was down seven per cent in H1 with Entain saying: “Performance continues to reflect tough 2021 comparators driven by Covid lockdowns, closure in Netherlands ahead of licencing and the implementation of tighter affordability measures in the UK. A weaker macro-economic environment is reducing customers’ rate of spend, moderating overall Online growth versus our previous expectations.”
The BetCity transaction is expected to complete in H2, delivering strategic growth opportunity in the newly regulated Dutch market whilst BetMGM continues to perform strongly, in line with expectations. It has established itself as the number two operator with 24 per cent market share where BetMGM operates (excluding New York). It has recently signed an exclusive partnerships with Carnival Corporation to offer BetMGM on board cruise ships, as well as with Sony Pictures and IGT for a Wheel of Fortune branded gaming experience.
Jette Nygaard-Andersen, Entain’s CEO, commented: “I am very pleased to see that more customers are choosing to play with us, reflecting our focus on recreational players and putting the customer at the heart of everything we do. We continue to expand our growth opportunities through complementary acquisitions with four transactions so far this year. Underpinned by the Entain Platform, BetMGM continues to demonstrate its leadership in the US with a 24 per cent market share.
“Our leadership in responsibility and sustainability has seen us implement further player safety measures alongside ARC, particularly in the UK, as well as respond to regulatory changes as markets implement regulation.
“The macro-economic outlook is uncertain, however the underlying performance of our business remains strong. With an increasingly recreational customer base and relatively resilient revenue, we remain confident that our customer focus, diversification and proven ability to grow both organically and through M&A will enable us to deliver further progress against our strategy,” she added.