Entain gaming revenue grows against lockdown boom
Net gaming revenue grew four per cent at sports betting group Entain in its third quarter, marking growth despite the explosion of gaming last year.
Online gaming revenue jumped 10 per cent in the three months to 30 September, against a period of high growth in 2020 when global lockdowns amid the pandemic spurred a gaming boom.
Though in the UK alone, retail net gaming revenue lifted just one per cent on a constant currency basis, “with UK volumes recovering toward pre-Covid-19 levels”, Entain said in its latest trading update.
The group added that it had been successful in “steadily” rebuilding activity across Europe.
Entain forecast its earnings before interest, taxes, depreciation, and amortisation (EBITDA) to be in line with previous guidance of £850m to £900m.
“These results demonstrate Entain’s continuing ability to deliver sustainable, consistent and diversified growth,” CEO Jette Nygaard-Andersen said.
“As we announced on 12 August, 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.”