Entain Plc has declared that it is “well-positioned” to achieve all 2023 corporate objectives, as it reports on a period of record levels of active customers, boosting its financial results, whilst demonstrating continued momentum across worldwide operations.
This morning, the FTSE100 gambling group published its Q1 trading update, covering the period from January 1 to March 31, 2023. Headline results saw group Net Gaming Revenues (NGR) increase by 15% (11% in constant currency), with online NGR growing 16% (11%cc).
Period trading saw the group’s online portfolio saw a record 19% year-on-year increase in active customers (14% proforma). Headline growth was further assisted by the continued recovery of its Retail unit which experienced a 14% NGR growth,
US joint-venture BetMGM continues to ‘deliver on high expectations’, reporting a Q1 NGR of approximately $470m (+76%). Entain and MGM Resorts maintain its JV guidance for 2023 at $1.8-$2.0bn.
BetMGM holds a 28% market share in iGaming and a 17% share in sports-betting and iGaming markets where it operates.
Group CEO Jette Nygaard-Andersen, cited confidence in achieving full-year targets: “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.”
Further period highlights saw Entain announce a strategic partnership with TAB New Zealand to provide wagering operations in the country and the acquisition of sports data app 365scores, aimed at broadening customer appeal and supporting online growth.
Entain’s commitment to sustainability and responsible gaming remains strong, with 100% of its revenue coming from regulated or ‘soon to be regulated markets’.
Bolstering its safer gambling agenda, the company has pledged a two-year commitment to the Gordon Moody Charity through the Entain Foundation, focusing on responsible gaming support.
As such, it was reported that its Advanced Responsibility and Care (ARC) programme provides industry-leading player protection, delivering ‘over 3.7 million customer interactions to date’.
Of significance, Entain achieved an AA rating by MSCI ESC, for showcasing its continued leadership in environmental, social, and governance matters.
Providing a forward outlook, leadership stated that “Entain is well-positioned to maintain its strong results, driven by a focus on customer satisfaction, diversification, and growth through both organic and M&A strategies.”