William Hill, Entain FY results show strength of US market
British gaming operators, William Hill Group and Entain, have both posted FY results that serve to highlight the growing importance of the US market.
The FTSE-100 listed companies both reported strong performances for their US and online verticals, with the ever-growing market providing a degree of revenue respite from Covid-afflicted retail operations.
William Hill saw its year-on-year net revenue drop 16% to $1.84bn, largely due to the ongoing pandemic, but made impressive gains across its online properties.
William Hill US operations saw a 21% increase in amounts wagered year-on-year, and net revenue of $232m, a 32% increase on 2019’s total of $176m.
“We took 63% of handle through online channels (2019: 55%), directly as well as indirectly in our capacity as a service provider, and we concluded the year with 19% pro-forma market share, adjusted to incorporate Caesars and CG Technology,” the company stated in its FY report.
2020 saw the company absorb the operations of Caesar Entertainment’s in-person sportsbook onto its platform, and now expects the US operator’s full acquisition of the group to be concluded in the second quarter of 2021.
This expansion into the US market through strategic partnerships also led UK-based Entain to strong revenue progress.
The company’s BetMGM joint venture with MGM Resorts International ended the year ahead of expectations. The company reported full-year revenues of $178m for the platform which currently holds an approximate 18% share of live markets in the 12 states it is currently operational in.
Despite this progress in the US, Entain failed to make tangible gains on its 2019 net gaming revenues, posting a flat $5bn.
Recently-appointed CEO, Jette Nygaard-Andersen, commented: “The strong underlying momentum within our business, the rapid growth of our US joint-venture, and our continuing international expansion mean that we are as confident as ever in the long-term prospects for Entain.”
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