Entain reported its 23rd consecutive quarter of double-digit online growth

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Entain, owner of betting brands Ladbrokes, bwin, and Gala, has reported its 23rd consecutive quarter of double-digit online growth in its Q3 trading update.

The group had strong growth from BetMGM, with a 23% market share in the US in sportsbook and iGaming in the three months to August. For the period from 1 July to 30 September 2021, group net gaming revenue (NGR) grew 4% year-on-year, with online NGR growing 10%. Excluding Germany, online NGR increased by 18%.

Net gaming revenue was also up, at 4%, while retail grew 1%, with UK volumes recovering toward pre-pandemic levels. BetMGM, the company’s US venture with MGM, drove growth in the period with a 23% market share. Overall revenues were partly weighed down by the new igaming licensing regime in Germany.

Industry data for month of August shows BetMGM challenging for #1 market position across sports-betting and iGaming, going live in 16 jurisdictions, with recent launches in Arizona, Wyoming and South Dakota on first day of state licencing, and successful start to the NFL season with the launch of a national advertising campaign featuring Jamie Foxx.

Jette Nygaard-Andersen, Entain’s CEO commented:

“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.”

“We are now challenging for the number one market position,” he added.

The CEO commented Entain’s total addressable market is expected to “more than triple” to over $160 billion, driven by the opportunity in the US, growth plans in other new and existing markets, and the company’s strategy of entering into “new areas of interactive entertainment.”

FY2021 Group EBITDA is expected to be in line with previous guidance of £850m – £900m, an uplift from strong Q3 trading performance offset by the previously announced impact of the licencing process in the Netherlands.

About Etain

Entain plc (LSE: ENT) is one of the world’s largest sports-betting and gaming groups, operating both online and in the retail sector. The company has licenses in 27 countries, the Group employs a workforce of more than 24,000, in 20 offices across five continents.

The Group owns a comprehensive portfolio of established brands; Sports Brands include bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds International and Sportingbet; Games Brands include CasinoClub, Foxy Bingo, Gala, Gioco Digitale, partypoker and PartyCasino. The Group owns proprietary technology across all of its core product verticals and in addition to its B2C operations provides services to third-party customers on a B2B basis.

In the US the Group operates BetMGM, a joint-venture with MGM Resorts, created to capitalise on the opportunities presented by the regulation of sports betting and gaming.

In 2018 Entain completed the acquisition of Ladbrokes Coral Group PLC, the Group’s first move into retail operations. This came two years after the acquisition of the international online operator, digital entertainment plc, in 2016.

In December 2020, the London-listed gaming operator, rebranded their Group name from GVC Holdings to to Entain PLC as the company sets out a new strategy focused on “sustainability and growth.”