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Entain reports 11% revenue growth for H1 2021

Entain has reported net gaming revenue (NGR) of £1.8bn ($2.48bn) for the six-month period ending 30 June 2021, an increase of 11% from the prior-year period.

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The sports betting, gaming and interactive entertainment group reported a 28% increase in online NGR, “driven by strong underlying performances in all key markets, a full sporting calendar and longer lockdown restrictions in retail.”

It is the 22nd consecutive quarter of double-digit online growth for Entain. Retail NGR was, however, down 46%, “reflecting estate closures through much of the period offset by encouraging early trends as shops reopen.”

Group EBITDA is up 12% to £401.1m, with group profit after tax for continuing operations up £69m to £91m. Full year group EBITDA is expected to be in the range of £850m-£900m.

BetMGM, Entain’s joint US venture with MGM Resorts, reported H1 NGR of $357m, and is the number two operator for sports betting and iGaming across the country with 22% market share.

“Entain’s platform continues to deliver. The quality and diversification of our businesses have enabled us to deliver our 22nd consecutive quarter of double-digit online growth, while also making excellent progress on our strategic priorities,” said Entain CEO Jette Nygaard-Andersen. “This performance is not only a result of our industry leading technology, but also the hard work and dedication of our talented teams of people around the world, and I would like to take this opportunity to thank them.

“In the US, BetMGM goes from strength to strength with our position as number two operator firmly established in the fast-growing sports-betting and iGaming market. We expect to be operational in around 20 states, representing 33% of the US adult population, over the next 12 months.

“Entain has a long runway for sustainable growth built into our core business,” added Nygaard-Andersen. “In addition, our unique powerful platform puts us at the heart of the convergence of media, entertainment and gaming, providing us with exciting opportunities in interactive entertainment that we believe will further power our growth for many years to come.”

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