Entain Reports Increase in Revenue

Entain Reports 42% Increase in Revenue in Q2 Thanks to Resumption of Sporting Events! (Image from entaingroup.com)

In positive news following a torrid year and a half due to the COVID-19 pandemic, Entain, the company that owns Ladbrokes Coral, has reported a 42% increase in revenue for Q2!

The firm reported NGR (net gaming revenue) growth which is up 11% during the first half of the year, and 42% for the second quarter of 2021. Much of this growth has been attributed to the increase of sporting events now allowed to run. A good example is Euro 2020, which is now taking place a year late in 2021. Entain has also stated that it plans to double investment at its in-house game studios. The firm now expects its EBITDA (earnings before interest, taxation, depreciation, and amortisation) to be around £850-£900 million for 2021.

This growth has been driven by sports betting and reflects the effect that the COVID-19 pandemic has had on sports during the previous year. Many events were cancelled. In 2021, many events that were previously cancelled, are now taking place. An example being Euro 2020, an event that was scheduled for last year. It is now taking place and will come to an end today with the culmination of the final between England and Italy.

Most of this growth was down to a strong online performance which was reported to have an increased NGR of 28%. Retail, on the other hand, was down 42% for the same period. However, Entain has been encouraged by early trends seen in betting shops across the UK as restrictions have gradually eased. Volumes are reported to be just 10% lower than those recorded pre-pandemic.

Chief Executive Jette Nygaard-Anderson stated:

Following our strong first half, we are upgrading our expectations for the full year and we remain confident and excited by the breadth and scale of the long-term sustainable growth opportunities ahead of us.

Entain to Build on Increase in Revenue by Doubling Headcount at In-House Studios

In a bid to take advantage of the firm’s strong online performance, Entain will double the headcount at its three in-house studios to around 300. This is to speed up the creation of new and exclusive products and experiences for its customers. Entain has offices in the UK, Italy, and India, and each will now have new roles to fill as part of the increased investment.

One such experience is free to play slots tournaments, something that has proved exceptionally popular with punters at Entain’s Coral brand. The company reported 30,000 people signed up to take part in June. These tournaments let people enjoy slot games with the potential for winning cash prizes along the way.

Entain is also creating Formula 1 themed casino content for its members at PartyCasino and PartyPoker, exclusive content for customers of BetMGM, and adapting core products popular in the UK, to appeal to members in other countries around Europe.

Nygaard-Anderson added:

By widening our offer with new and exclusive games, such as free-to-play tournaments, we give existing and new customers more reasons to use our products.