Global sports betting brand Entain plc has noted significant progress made by its US-facing business in its interim results for the six-month period ending 30 June 2021 published today.
BetMGM – the group’s joint venture in the US with MGM Resorts – continues to perform strongly, said the firm, and is well positioned for further success in H2 having generated H1 net gaming revenue of $357m.
According to Entain, that performance has cemented its status as the number two operator for sports-betting and igaming across the US with 22% market share, and as the number one operator in igaming, extending its leadership with 30% market share.
As announced on April 21, total combined investment in BetMGM by joint venture partners is expected to reach $660m by the end of 2021.
Turning to Entain’s headline figures, the firm registered group revenues of $2.48bn, up 11% on corresponding 2020’s results of $2.23bn.
Period growth was attributed to improved online trading across all markets (except Germany), as Entain’s multi-brand portfolio benefitted from a normalized sporting calendar and longer winter lockdown restrictions enforced across a number of key markets.
Interim operating profits came in at $1.57bn (H1 2020: $1.39bn) driving a group-wide EBITDA increase to $555.9m, up 12% on 2020 results of $497.6m. Total online net gaming revenue was $2.19bn, up 28% on 2020 interim results of $1.68bn.
Entain’s online growth was reflected in a 55% increase in group sportsbook revenues to $1bn (H1 2020: $672.3m) – as its sportsbook portfolio registered $9.7bn in wagers.
CEO Jette Nygaard-Andersen commented: “Entain’s platform continues to deliver. The quality and diversification of our businesses has enabled us to deliver our 22nd consecutive quarter of double-digit online growth, while also making excellent progress on our strategic priorities.
“This performance is not only a result of our industry leading technology, but also the hard work and dedication of our talented teams of people around the world, and I would like to take this opportunity to thank them.
“In the US, BetMGM goes from strength to strength with our position as number 2 operator firmly established in the fast-growing sports-betting and igaming market. We expect to be operational in around 20 states, representing 33% of the US adult population, over the next 12 months.
“Entain has a long runway for sustainable growth built into our core business. In addition, our unique powerful platform puts us at the heart of the convergence of media, entertainment and gaming, providing us with exciting opportunities in interactive entertainment that we believe will further power our growth for many years to come.”