Global sports betting and entertainment group Entain plc has published its Q1 trading update for the period from January 1 to March 31 2021, citing a strong start to the year with growth across major online markets.
The firm, which said it was ready to challenge for number two status in sports betting and igaming across the US, reported online net gaming revenue ahead by 33%, marking its 21st consecutive quarter of double digit NGR growth.
A strong performance across all markets was, it added, hindered only by Germany due to the impact of regulatory changes there, while sports NGR continued to benefit from favorable margins.
BetMGM – Entain’s US sports betting joint venture with MGM Resorts – continued to demonstrate strong momentum, said the firm. It currently has an overall market share where it operates of 19% and a 23% share of the igaming sector across the whole of the US.
CEO Jette Nygaard-Andersen commented: “This has been another very successful and productive quarter with Entain making excellent progress across a number of our strategic priorities. This is testament to the hard work and dedication of our people across all aspects of our business. I am delighted that they will now have the opportunity to share in the future success of Entain through our new Share Save plan.
“We saw excellent growth across all our major markets other than Germany where regulatory changes have impacted the market. BetMGM continues to exhibit outstanding momentum with impressive market share growth. Our acquisitions of Bet.pt and Enlabs underpin further progress on our strategic expansion into new regulated markets.
“With some easing of Covid restrictions, we are delighted to be welcoming customers back into our shops. In line with our expectations, the momentum from the end of 2020 has carried into 2021. Although Covid creates some near-term uncertainty, by maintaining our focus on the customer, providing them with great products and services, we remain confident and excited in our long-term prospects.”