Entain: revenue increases in second quarter
Performance was largely bolstered by BetMGM’s leadership in the US market.
Entain parent company of BetMGM (with MGM Resorts), reported strong underlying performance with the customer base reaching record levels, up 60% since the same period in 2019. The company released its second quarterly trading report for the period of 1 April to 30 June 2022 (Q2).
Positive momentum has propelled results to overshadow Entain’s Q1, with Q2’s net gaming review (NGR) markedly ahead of Q1’s by 8%. The company remains on tracks for a NGR of over $1.3bn for the financial year 2022.
However, this positive showing was curtailed by a drop in NGR online performance which fell by 7% in Q2. There are numerous reasons for this drop, including the company’s closure in the Netherlands as well as tighter affordability measures in the UK.
BetMGM helped Entain achieve a positive performance this quarter. It established itself as the number two operator in all its markets, with almost a quarter of the market share in its areas of operation, including 15 US states.
Entain continued to dominate the iGaming market with a 29.3% market share. Many factors can be attributed to this strong performance in North American markets. These include its partnerships with Carnival Corporation, the cruise operator, as well as Sony Pictures and IGT.
Entain CEO Jette Nygaard-Andersen commented, “I am very pleased to see that more customers are choosing to play with us, reflecting our focus on recreational players and putting the customer at the heart of everything we do.
“We continue to expand our growth opportunities through complementary acquisitions with four transactions so far this year. Underpinned by the Entain Platform, BetMGM continues to demonstrate its leadership in the US with a 24% market share.”
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