Entain’s 1Q2021 financial results show a strong start to the year with growth across all major online markets.
Entain Ready to Challenge Second Place in the US
Today, global sports-betting and gaming entertainment group Entain posted its financial results for the period from 1 January to 31 March 202. The company reported a 33% rise in online net gaming revenue, thus scoring a 21st consecutive quarter of double-digit NGR rise. Entain said it is ready to challenge for second place in sports betting and iGaming in the United States.
It added that the robust results in all markets were hampered only by regulatory changes in Germany, although sports NGR continued to benefit from favorable margins. BetMGM, Entain’s joint venture with MGM Resorts in the United States, has continued to grow, according to the company. It currently has a 19% total market share in the areas where it operates and a 23% share of the iGaming industry in the United States.
Covid-19 restrictions had a significant impact on the company’s retail business due to the mandatory shutdown of shops during the quarter. Some of the highlights during the first three months of the year are the completed acquisitions of Bet.pt in Portugal and Enlabs AB in the Baltics. Both deals demonstrate the further progress of Entain’s strategic expansion into new regulated markets.
2Q2021 Starts with Ease of Covid-19 Restrictions
CEO Jette Nygaard-Andersen highlighted Entain’s progress through a range of strategic goals during the quarter, which has been another very fruitful and profitable period. Nygaard-Andersen added that this is a result of people’s hard work and commitment in all areas of the business. Entain’s chief said she is thrilled that the company’s staff will now be able to participate in Entain’s potential success through its latest Share Save scheme.
Nygaard-Andersen also said she is excited to be welcoming customers back into Entain’s stores now that Covid restrictions have been eased. The momentum that began at the end of 2020 has continued into 2021, as anticipated, she added. While Covid causes some near-term volatility, she highlighted the optimism about the company’s long-term prospects by maintaining the emphasis on consumers and providing them with great products and services.
Entain’s financial report also unveiled that the trials of ARC, its ground-breaking Advanced Responsibility and Care player protection program, is now underway. Furthermore, the MSCI rating agency upgraded the company’s ESG rating to AA.
In 3Q2021, Entain’s board was strengthened with the appointments of Stella David, Vicky Jarman, and Mark Gregory. In 2020, the company achieved the Carbon Trust Standard for Carbon emissions and is now committed to being Carbon NetZero by 2035 based on science-based targets.