Industry giant Entain, has today released its financial and trading reports for the period ending September 30, 2021.
Overall, the company’s net gaming revenue saw a 4% increase against a period of high growth in the prior year.
The company’s jointly owned sports betting platform, BetMGM, has continued its strong performance during Q3. The venture currently has a 23% market share throughout the US sports betting and iGaming segments.
“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,” said Jette Nygaard-Andersen, CEO at Entain.
As of the end of Q3, BetMGM is live in 16 regions throughout the US, this period saw the company launch in Arizona, Wyoming, and South Dakota. Furthermore, the company began its country-wide NFL ad campaign, featuring Jamie Foxx.
Outside of sports betting the Entain Foundation agreed a research partnership with the University of Nevada, Las Vegas and released an app designed to encourage responsible gambling with the American Gaming Association.
“As we announced on 12 August, our total addressable market is expected to more than triple to over $160bn. This will be driven by the significant opportunity in the US, where we are now challenging for the number one market position, our growth plans in other new and existing markets, and our strategy of entering into new areas of interactive entertainment,” continued Anderson.
“By offering customers ever more engaging products, while leveraging our scale and technology, we will drive the flywheel effects of secular growth dynamics that can triple the size of our business. As a result, we remain very confident in Entain’s future prospects.”
These results have been released amid speculation regarding DraftKings’ $22bn attempted acquisition of the British company. Made up mostly of shares, the impressive offer would place Entain’s jointly owned BetMGM in an unknown position, as it is unlikely its other owner, MGM Resorts, would accept a sale to a competitor. More information is set to come to light later this month as DraftKings are required to propose a formal offer in accordance with UK law.
