Entain reports 13% decline in NGR for Q1 2021
Entain has reported a 13% drop in total net gaming revenue (NGR) for the first quarter of 2021, despite online NGR growing 33%.
The group, which owns the Ladbrokes and Coral brands, announced a “strong start to the year,” with the figures marking its 21st consecutive quarter of double-digit online NGR growth. Retail was, however, heavily impacted by Covid-19 restrictions, with shops almost all entirely closed for the quarter.
Entain highlighted the completed acquisitions of Bet.pt in Portugal and Enlabs AB in the Baltics, as well as the continued strong momentum of BetMGM. Further details on BetMGM’s progress will be reported in a business update on 21 April 2021.
“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,” said Entain CEO Jette Nygaard-Andersen (pictured).
“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.
“In line with our expectations, the momentum from the end of 2020 has carried into 2021. Although Covid creates some near-term uncertainty, by maintaining our focus on the customer, providing them with great products and services, we remain confident and excited in our long term prospects.”
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