Entain posts 15% net gaming revenue rise in Q1 2023

Entain released its 2023 Q1 trading update on Tuesday, recording higher net gaming revenue as a result of acquisitions and an increase in active customers.

Entain, which owns online gambling brands such as Ladbrokes, Bwin and Partypoker, posted 15% increase in total net gaming revenue for the period starting January 1 and ending March 31. Entain also saw a 17% increase in its group net gaming revenue for the first quarter in its 50% share of BetMGM.

The company’s online net gaming revenue increased by 16%, and active patrons rose by 19% compared to the previous year and 14% on a pro forma basis. Entain’s demand for the quarter was in its retail units, with the net retail gaming revenue increasing by 15%.

For the first quarter, BetMGM recorded approximately $470 million in total gambling revenue, which is over 76% higher than the previous year. The figure also aligns with the $1.8 billion to $2 billion guidance for this year.

While gambling operators have benefited from the reopening of betting outlets in the past year, the stricter online gaming regulations in countries like the United Kingdom and the Netherlands have been a cause of concern. The industry also had to contend with the cost-of-living crisis during this period.

Entain’s CEO, Jette Nygaard-Andersen, revealed that the company intended to continue growing and was confident that its focus on customer expansion and diversity would help its cause.

“2023 is off to a strong start, with continuing underlying momentum across our operations around the world. We are delivering both financially and strategically, with a record number of active customers enjoying our products, and we are executing on growth opportunities to further diversify and expand across regulated markets,” Nygaard-Andersen said.

“In the US, BetMGM continues to grow in line with expectations and enjoyed a successful quarter which included the Super Bowl and March Madness.”

“Looking ahead, we remain confident that our customer focus, diversification, and proven ability to grow organically and through M&A will enable us to demonstrate further progress against our strategy.”

Entain’s operational highlights this quarter include creating a strategic partnership with TAB New Zealand, which helped it offer wagering options in the country. The company also acquired 365scores and expanded its customer appeal and online growth.

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