The global sports betting and gaming company, Entain, released its financial results for the third quarter of 2022.
Entain Releases Q2, 2022 Results
In its latest trading update, Entain revealed that its group net gaming revenue (NGR) grew by only 2% for the period between July 1 and September 30, 2022. On the other hand, the company’s online NGR marked only a 1% increase which was “broadly in line with expectations and demonstrating positive underlying momentum.” A further breakdown of the NGR shows that online sports NGR in Q3 increased by 1%, while online gaming NGR showed a similar 1% increase as well. While online NGR grew by 1% for the period, this was not the case for retail. According to the latest trading update, Entain’s retail NGR in Q3, 2022 marked a strong growth of 10%.
Focusing on year-to-date results, between January 1 and September 30, 2022, Entain’s total group NGR increased by 12%. Primarily, this result was boosted by significant growth within Entain’s retail operations which reported an increase of 102%, while the total online NGR marked a decrease of 5%.
The Company Enjoys Growth in the Number of Customers
Jette Nygaard-Andersen, Entain’s CEO, acknowledged that the recent results reaffirm the effectiveness of the company’s growth strategy. Additionally, she pointed out that the company has a unique platform that enables it to diversify its business around the globe and offers strong capabilities.
“Our business continues to perform well with good underlying momentum across the group, including in BetMGM. This illustrates the effectiveness of our growth strategy, the unique capabilities of the Entain platform, and the underlying strength of our diversified global business.“Jette Nygaard-Andersen, CEO at Entain
The third quarter of 2022 brought a record-high level of active customers for Entain. This marked a strong 6% growth when compared year-over-year. Addressing that result, Nygaard-Andersen said that it is delightful to see an increase in the number of customers of the company on a global scale. She revealed that this strong result reaffirms Entain’s commitment to offering quality products and content for its customers.
“We have healthy momentum across the business and look forward to a strong finish to the year which includes the World Cup,“added Nygaard-Andersen
Entain’s CEO said that the company sees strong progress in the US, where BetMGM continues to hold a leadership position within the iGaming market. She added that this position is further complemented by the strong start of the NFL season.
Speaking about the future, Nygaard-Andersen said that Entain expects to see strong results until the end of the year, further boosted by the World Cup. At the same time, she said that the company remains vigilant in light of the uncertain economic conditions. In conclusion, Nygaard-Andersen said that Entain’s diversified revenue base will help it grow further in the future.