Entain Plc has lauded its diversified business model as the FTSE100 gambling group achieved 22 consecutive quarters of double-digit online growth.
Publishing its Interim 2021 trading results (period ending 30 June), Entain registered group revenues of £1.79 billion, up 11% on corresponding 2020’s results of £1.61 billion.
Period growth was attributed to improved online trading across all markets (except Germany), as Entain’s multi-brand portfolio benefitted from a normalised sporting calendar and longer winter lockdown restrictions enforced across a number of key markets.
Further headline results saw Entain declare interim operating profits of £1.13 billion (H1 2020: £1bn) with the outcome resulting in a group-wide EBITDA increase to £401 million, up 12% on 2020 results of £359 million.
Providing a breakdown of unit performance, Entain registered a period online NGR of £1.58 billion, up 28% on 2020 interim results of £1.21 billion.
Online growth reflected a 55% increase in group sportsbook revenues to £751 million (H1 2020: £485m) – as Entain’s sportsbook portfolio registered £7 billion in wagers with strong contribution from its newly acquired European brands of Bet.pt and Enlabs.
Despite facing tough COVID-19 comparatives, Entain’s gaming unit maintained its growth profile by registering a period NGR of £825 million, up 10% on corresponding 2020 results of £752 million.
Entain highlighted the performance of its UK gaming brands that registered a 14% NGR increase – underlining Foxy Bingo’s ‘dominance of the UK online market’ and the brand’s ability to convert recreational players.
Period online NGR growth saw Entain achieve online operating profits of £989 million (H1 2020: £780m) as online units delivered an underlying EBITDA of £497 million (H1 2020: £369m).
Observing lockdown restrictions enforced across the UK and the markets of Belgium and Italy, Entain’s Retail division recorded combined operating losses of £120 million, approximately £277 million behind 2020 results in which Entain’s Retail segment was buoyed by the positive outcome of its UK VAT dispute.
H1 operational highlights saw Entain pledge £100 million to launch its new group-wide innovation programme – which aims to become a cost-neutral benefit by 2023 trading.
Meanwhile, all projects and underlining objectives continue to be developed under the firm’s corporate responsibility charter, which sees Entain commit to becoming a net-zero carbon emissions company by 2035 – with the FTSE100 company being further upgraded to AA index by MSCI Rating Agency on corporate sustainability directive
Group 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.
“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.”
Speaking in the latest edition of the SBC Leaders Magazine, Jette Nygaard-Andersen discussed the significance of technology and expansion in the US market, among other industry topics. The Entain CEO will also be appearing at the SBC Summit Barcelona, where she will deliver a keynote address.