Betting giant Entain posts growth amid strong Super Bowl betting
Shares in the group, which owns Ladbrokes and Coral, moved higher on Tuesday morning after bosses hailed a “strong start” to 2023.
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Your support makes all the difference.Gambling giant Entain has revealed a jump in revenues and “record” customer numbers as it was boosted by punters betting on the Super Bowl.
Shares in the group, which owns Ladbrokes and Coral, moved higher on Tuesday morning after bosses hailed a “strong start” to 2023.
The firm told shareholders that net gaming revenues increased by 15% over the three months to March 31, compared with the same period last year.
It said online revenues showed “strong momentum” as the number of active customers grew by 19% against the same quarter in 2022, to a new record.
Meanwhile, net gaming revenue in its retail operation, which includes high street betting shops, improved by 14% as it benefited from Britons returning to the high street after pandemic restrictions eased.
Entain is also among betting firms to have been buoyed in recent years by growth across the US as many states have relaxed sports betting restrictions.
The company’s US BetMGM business saw net gaming revenues shoot 76% higher to around 470 million dollars (£378 million) for the quarter.
Demand was supported by customer growth as it cheered a “successful Super Bowl and March Madness” college basketball season.
Jette Nygaard-Andersen, Entain’s chief executive officer, said 2023 is “off to a strong start, with continuing underlying momentum across our operations around the world”.
She added: “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.
“In the US, BetMGM continues to grow in line with expectations and enjoyed a successful quarter which included the Super Bowl and March Madness.”
Shares were 4.9% higher at 1,369p on Tuesday morning.