2020 was a stellar year for Entain, according to the company’s most recent financial year report. After observing a 27% growth of online net gaming revenue, the company enters 2021 with good momentum.
Entain Reveals Its Q4 2020 and Financial 2020 Update
The global sports-betting and gaming entertainment company, Entain plc released its trading report for the period from October 1 to December 31 (Q4 2020) as well as the financial year report to December 31, 2020 (FY20). The company’s online net gaming revenue (NGR) marked a 27% growth for the full year. On the other hand, in the fourth quarter of 2020, the total online NGR marked a 41% increase. According to the company’s report, the quarter marked the 20th consecutive quarter with double-digit NGR growth.
“Strong delivery across the year with continued momentum into 2021 Q4 marks the Group’s 20th consecutive quarter of double-digit online NGR growth,”said Entain in its Q4 2020 Trading Update
The company acknowledged that the closures due to COVID-19 impacted the retail operations in the UK, Italy, Belgium, and the Republic of Ireland. Consequently, the UK retail NGR marked a 36% decrease and the European retail marked a 38% decrease for the year. Once Entain’s shops were allowed to reopen, the company “saw trade rapidly return to within single digits of pre-pandemic levels“. The company explained that this means that the customers continue to enjoy the in-store betting and gaming services.
Strong Results Observed across Multiple Markets
Excluding Germany, the company noted that all major markets delivered double-digit growth. Entain outlined that significantly strong performance was observed in Australia, Italy, Brazil, the UK, and Georgia. As a result of the retail closures due to the pandemic, the company observed a significant uplift in its results of online operations.
The company’s joint venture with MGM Resorts, BetMGM also brought success for Entain. By now, BetMGM sportsbook is live in 11 U.S. states following the launch in Iowa earlier this month. Furthermore, the company is also expecting the launch in Michigan on January 22. The company acknowledged that the launch of BetMGM in Tennessee in November was a great success. Focusing on BetMGM’s online NGR, Entain revealed that it increased over 130% and the expectations are that it would deliver a total NGR of $175m – $180m for 2020.
Entain Enters 2021 with Good Momentum
The global sports-betting and gaming entertainment company outlined that the results which it observed in 2020 demonstrated the resilience of its diversified product and geographic portfolio. Furthermore, Entain added that the quality, resilience, and adaptability of the company’s team also contributed positively. Besides the good results from 2020, the company acknowledged that it entered 2021 with good momentum, especially when it comes to growth areas in the U.S. and core markets.
“Geographic and product diversification demonstrates the strength of the Group’s operating model,”Entain plc
Entain’s outgoing CEO, Shay Segev, stressed that 2020 was an exceptionally challenging year. However, Entain’s strong performance was driven by a highly diversified business model and a wide range of products, added Segev. Furthermore, Segev said that the company is aware of the responsibility to provide its clients with the safest possible experience. In conclusion, Entain’s outgoing CEO stressed that the company remains confident of its longer-term prospects.