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Stoyan Todorov October 12, 2021 2 min read
Entain Sees Online Growth in Q3 Report, Confirms Addressable Market to Exceed $160B
Entain Plc is emerging from another strong quarter with the company’s corporate growth beating expectations and well on track to accomplish all pre-determined objectives for 2021. The third-quarter update revealed a company that developed strongly during the three-month period concluding on September 30.
Net gaming revenue climbed 4% year-over-year, retaining a lot of the company’s momentum from the second quarter. Net gaming revenue from online operations increased by another 10% during the period and marked the 23rd consecutive quarter in which the company has posted double-digit growth.
The online net gaming revenue, excluding Germany, was reported as 18%, and there has been particularly strong performance in Australia and Brazil. Retail markets remained moribund, although the company registered a 1% growth in net gaming revenue for the sector.
BetMGM Continues to Build up Momentum in the US
Meanwhile, BetMGM continued to report strong growth in the sports gambling market in the United States. The company holds a 23% market share of the interactive sports gambling and iGaming market in August in the country.
Entain said that it had made significant efforts across the United States to ensure that BetMGM’s visibility has increased, particularly with NFL marketing campaigns and American comedian and singer Jamie Foxx.
Entain is confident that its Group EBITDA guidance of £850 million – £900 million ($115 million – $122 million) will be reached given present results. Company CEO Jette Nygaard-Andersen also commented on the results and said:
“These results demonstrate Entain’s continuing ability to deliver sustainable, consistent, and diversified growth. Our powerful Entain platform provides customers with great products and experiences, which enables us to grow ahead of our markets as demonstrated by 23 consecutive quarters of double-digit online growth.”Entain CEO Jette Nygaard-Andersen
Nygaard-Andersen reaffirmed Entain’s position on responsible gambling and consumer protection, arguing that the company remains committed to safeguarding player bases through its innovative ARC program, using academic research.
The executive is confident that the company’s addressable market is going to triple and exceed $160 billion. This will be occasioned by the significant market opportunities made available in the United States as well as growth plans in existing and new markets, Nygaard-Andersen explained.
Entain’s strength, she noted, was to offer consumers products that they find engaging and use technology to scale and ensure that the company’s offering continues to expand and improve. As a result, Nygaard-Andersen feels confident in Entain’s future prospects.