Entain, one of the world’s leading sportsbook providers and the part-owner of BetMGM, has released its financial results for the first quarter of 2022.
A mixed set of results sees the gaming stalwart’s online net gaming revenue fall by 8%, while group net gaming revenue rose by 31%. These results are in line with the company’s predictions.
As the North American gaming market continues this period of unprecedented growth, BetMGM, Entain’s jointly owned sportsbook, has also seen a boost.
Q1 saw the brand launch in four new markets during Q1, including Ontario in April, thus increasing its market share to 24%.
“We have started the year with a good performance across all areas of our business, driven as ever by the strength of our platform. We have delivered strong performances in all of our major markets, and I am pleased to report that Retail is performing well with customers returning for our in store experience,” noted Jette Nygaard-Andersen, Entain’s CEO.
“In the US, BetMGM is firmly established as the number two operator, and our market launches during Q1 mean that we now have access to over 41% of the US adult population,” she added.
As BetMGM expands its influence throughout North America, Entain hopes that it will reach positive EBITDA by 2023.
“As a growing business we continue to invest in and build our business around our customers to provide them with the best experiences whilst also capturing the many opportunities ahead.
“Given the strength and continuing momentum of our underlying business, coupled with our proven ability to grow both organically and through M&A, we remain confident in our financial performance for FY22 and beyond,” the CEO concluded.
More details regarding BetMGM’s financial results for Q1 are set to be announced on May 12, 2022.
