In its FY2020 trading update, Entain posted gross profit of £2.3bn, a 3% decline from the prior-year period, with earnings rising 10% to £862.1m.
Entain highlighted BetMGM’s joint venture with MGM Resorts as a major point of growth for 2020, with its market share growing 18% across the 12 states it is now active in the US. The venture was the number one operator in online gaming across the US in January 2021, posting full year revenue of $178m.
“Today’s results demonstrate the extraordinary resilience and professionalism of our people, as well as the importance of having a truly diversified business model that is not overly reliant on any one product, brand, territory, or channel,” said Entain CEO Jette Nygaard-Andersen (pictured). “The strong underlying momentum within our business, the rapid growth of our US joint-venture, and our continuing international expansion mean that we are as confident as ever in the long-term prospects for Entain.”
Entain also looked to the future in the update, noting its plans for further expansion into regulated markets with the launch of bwin in Colombia, and the planned acquisitions of Enlabs AB in the Baltics and Bet.pt in Portugal.
“We are a digital entertainment company with a clear strategic focus on growth and sustainability," added Nygaard-Andersen. “As such, we have a fantastic platform from which to use our proprietary technology to expand into new markets and reach new audiences around the world.”
