Entain, an international sports betting and gambling company, has posted its interim results for the first half of the year. The results show that the company continues to grow and evolve.
The Company’s Business Is Doing Great
According to Entain’s results, its gross profits increased by 17% to $1.61 billion. Group EBITDA improved by the same factor and is currently at $574 million. The company projects EBITDA of $1.12 billion to $1.18 billion for the year.
Entain’s net gaming revenue experienced significant growth of 18% to around $2.6 billion. Meanwhile, online net gaming revenue experienced a slight decline of 7%. Entain noted that this is because people are returning to retail gambling now that the pandemic measures are eased up.
Although Entain’s online verticals underperformed, as expected, the company’s retail performance surpassed all expectations. The gambling giant noted that its new betting machines are driving record-breaking engagement.
Furthermore, Entain remains cemented as a leading iGaming operator with a whopping 30% market share. In the US, Entain is second only to BetMGM which is more popular in most jurisdictions, excluding New York.
At the end of the first half of the year, Entain’s net debt sits at $2.8 billion and has a net debt to EBITDA ratio of 2.3x.
Entain Plans to Continue Expanding
Entain also reported how its strategy has benefitted the company. According to its statement, the company’s focus on a broader recreational customer base has led to a record level of actives. For reference, the company’s actives were 57% higher than during the first half of 2019.
Moreover, the introduction of new products and tools has helped to engage more customers than ever before. This is increasingly important as Entain continues to grow and reach new regulated markets. On that topic, Entain just announced the creation of a branch focused on Central and Eastern Europe – a largely untapped market for the company. The operator also just announced the acquisition of the Croatian company SuperSport to support its expansion in the region.
Speaking of acquisitions, Entain previously acquired BetCity to secure itself Netherlands market access. It also acquired the Canadian brand Avid Gaming, the Latvian brand Klondaika and the Polish brand Totolotek.
Entain also emphasized that it is expanding carefully and remains committed to safer gaming. The company pointed out that it was recently awarded GamCare’s Advanced Safer Gambling Standard and has also received other rewards for protecting its customers.
Entain’s CEO Lauded the Progress
Entain’s chief executive officer, Jette Nygaard-Andersen, spoke on her company’s results. She said she is delighted by the results and is happy to see Entain’s business maintain its momentum. She is also happy to see more customers pick the brand’s exciting products. Nygaard-Andersen is also happy with the five transactions during H1.
As ever, I would like to thank each and every one of our talented colleagues around the world for their hard work and dedication in helping deliver these results. We have established a meaningful runway for sustainable and high-quality growth.Jette Nygaard-Andersen, CEO, Entain
In other news, Entain’s sports betting vertical recently marked a new milestone with a record-breaking number of bets placed on women’s soccer.