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The parent company of Ladbrokes and Coral has enjoyed a good start to 2023 according to a trading update published on Tuesday, reporting a record number of active customers in the first quarter of the year.
Entain said group net gaming revenue (NGR) for the first three months of 2023 was up 15 per cent, driven by a strong performance in both online and in retail.
Online NGR rose by 16 per cent, in line with expectations, with active customers 19 per cent higher than the previous year. Retail NGR was up 14 per cent.
Entain's US joint venture BetMGM recorded first quarter NGR of around $470 million (approx £379m/€429m), up by 76 per cent and in line with guidance for the full year of $1.8-$2 billion.
The company said BetMGM had a 17 per cent share in the sports betting and iGaming markets where it operates and was on track to become profitable in the second half of 2023.
Chief executive Jette Nygaard-Andersen said: "2023 is off to a strong start, with continuing underlying momentum across our operations around the world. 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.
"Looking ahead, we remain confident that our customer focus, diversification and proven ability to grow organically and through M&A will enable us to demonstrate further progress against our strategy.”
The parent company of Ladbrokes and Coral has enjoyed a good start to 2023 according to a trading update published on Tuesday, reporting a record number of active customers in the first quarter of the year.
Entain said group net gaming revenue (NGR) for the first three months of 2023 was up 15 per cent, driven by a strong performance in both online and in retail.
Online NGR rose by 16 per cent, in line with expectations, with active customers 19 per cent higher than the previous year. Retail NGR was up 14 per cent.
Entain's US joint venture BetMGM recorded first quarter NGR of around $470 million (approx £379m/€429m), up by 76 per cent and in line with guidance for the full year of $1.8-$2 billion.
The company said BetMGM had a 17 per cent share in the sports betting and iGaming markets where it operates and was on track to become profitable in the second half of 2023.
Chief executive Jette Nygaard-Andersen said: "2023 is off to a strong start, with continuing underlying momentum across our operations around the world. 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.
"Looking ahead, we remain confident that our customer focus, diversification and proven ability to grow organically and through M&A will enable us to demonstrate further progress against our strategy.”
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£1390 up 7% was down as low as 1200 in march, but white paper expected which could down the price initially but who knows as some of the bad news already built into the price, gamble where its going but should be at 1700 without this white paper imo and looks ripe for a takeover in the future or a listing in the usa imo
this white paper speculation leaks suggest its not as bad as first feared the price this morning 1,436 which is up, so we await the real report and who knows, i thought it might dip and thought about selling last week to buy back lower at the dip but didnt as this white paper fear was already built into the price, its gambling share holding but a few hundred insiders will already know whats in the white paper so im just holding and if its true not a lot happening then it will get to the better share prices thats its worth in the future imo
The White Paper did not sound too frightening unless online slots are your main profit source.
entain take over nz tab operations shares up to 1490 steady increases must mean we will be ripe for a takeover soon, live in hope
The deal will see Entain, whose brands include Ladbrokes, take over the TAB's betting and broadcast operations for the next 25 years and guarantee the racing industry pay-outs of $900 million over five years.
The deal will see Entain, whose brands include Ladbrokes, take over the TAB's betting and broadcast operations for the next 25 years and guarantee the racing industry pay-outs of $900 million over five years.
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