Entain Plc has stated confidence in achieving its 2021 growth objectives, despite COVID-19 restrictions hampering the performance of its Ladbrokes Coral retail unit.
Publishing its Q1 trading update, Entain reports a 13% decline in group net revenues, attributed to its restricted retail unit, which recorded a 99% decline in NGR as ‘almost all estates were closed during the quarter’.
The FTSE100 gambling group underscored that COVID restrictions had created ‘some near-term uncertainty’ as the company prepares to operate all business units during H1 trading.
“With some easing of COVID restrictions, we are delighted to be welcoming customers back into our shops. While it has only been a handful of days since the re-opening in parts of the UK on the 12 April, we look forward to returning to more normal trading across our whole business,” commented Group CEO Jette Nygaard-Andersen.
Mitigating its retail woes, Entain continued to focus on its digital growth strategy, as its online gambling division delivered its ‘21st consecutive quarter of double-digit growth’ – reporting a period NGR increase of +33%.
Maintaining its strong digital momentum, Entain declared that continued double-digit growth momentum was maintained ‘across all major online gambling markets, excluding Germany.’
Supporting its 2021 objectives, Q1 trading saw Entain complete the acquisitions of Bet.pt in Portugal and leading Baltics operator Enlabs AB – assets that will continue to underpin Entain’s strategic expansion across regulated markets.
Entain would underscore its strong US growth prospects, as its BetMGM joint-venture continues to increase its market share (19%) across regulated states – as ‘BetMGM ready to challenge for the #2 position for Sports betting and iGaming across the US’
“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, “ Nygaard-Andersen continued.
“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.”