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Jerome García April 18, 2023 3 min read
Entain Posts Strong First Quarter Results with Revenue Up 22%
The new trading update reveals that Entain enjoyed a strong start to the year with a significant increase in the number of active customers and net gaming revenue
The global sports betting, entertainment and gaming group, Entain, released its latest trading update, outlining a strong performance of the company for the first quarter of 2023. The group released its report for the trading period between January 1 and March 31, 2023, pointing to a significant growth in net gaming revenue (NGR), complemented by an increase in active customers.
Judging by the recent report, NGR in Q1, excluding the company’s US operations, grew by 15%. A breakdown of this result showed a significant increase in the online gaming segment that saw NGR increase by 25%. Online sports operations also performed well during the first quarter with revenues increasing by 8%. Additionally, Entain reported growth in retail NGR, which increased by 14% for the first quarter.
The company’s joint venture in the US, BetMGM, reported strong growth for the first quarter. Overall, BetMGM’s total NGR in Q1 this year increased by 94%. Adding this result to the overall performance of the Group reveals that the total NGR for the period increased by 22%.
The Company Enjoys a Stellar Start of 2023
Jette Nygaard-Andersen, Entain’s CEO, explained that the company enjoyed a strong start to 2023 and acknowledged it has gained positive momentum. “We are delivering both financially and strategically, with a record number of active customers enjoying our products, and we are executing on growth opportunities to further diversify and expand across regulated markets,” she explained.
“2023 is off to a strong start, with continuing underlying momentum across our operations around the world.“Jette Nygaard-Andersen, CEO at Entain
Focusing on the US market, Nygaard-Andersen said that BetMGM grows in line with Entain’s expectations. Additionally, she pointed out that the brand enjoyed a successful quarter with its results receiving a boost from March Madness, as well as the Super Bowl. Finally, Nygaard-Andersen said: “Looking ahead, we remain confident that our customer focus, diversification and proven ability to grow organically and through M&A will enable us to demonstrate further progress against our strategy.”
Besides strong growth in revenue, Entain reported an increase in its number of active customers when compared to Q1 in 2022. Overall, the Group reported a record level of active customers, marking a 19% increase for the first quarter this year when compared to the corresponding period last year.
Recently, Entain also boosted its growth via new partnerships and acquisitions. The company expanded its online presence and customer appeal via the acquisition of 365scores. Additionally, the FTSE100 gambling group signed a strategic partnership with TAB New Zealand.