By Dave Sawyer Jul 7, 2022
The Entain Group who number heavyweight brands including the likes of Ladbrokes, Coral and bwin, have today posted their latest trading update to the London Stock Exchange, with FTSE 100 listed company reporting a slowdown in net gaming revenue.
Entain’s Q2 results for 2022 covering the period 1 April to 30 June 2022 as well their half year results covering the period 1 January to 30 June 2022 were released this morning, which showed net gaming revenue down by 7% for both Q1 and H1.
The company explaining the downturn shown by the update, said: “Performance continues to reflect tough 2021 comparators driven by Covid lockdowns, closure in Netherlands ahead of licensing and the implementation of tighter affordability measures in the UK.”
Furthermore the group further added: “A weaker macro-economic environment is reducing customers’ rate of spend, moderating overall Online growth versus our previous expectations.”
However, Entain stressed that the underlying performance of the group remained strong and that Q2 net gaming revenue was ahead of the previous quarter.
Chief Executive Officer of Entain Jette Nygaard-Andersen, commenting on the trading update said: “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.”
“Our leadership in responsibility and sustainability has seen us implement further player safety measures alongside ARCTM, particularly in the UK, as well as respond to regulatory changes as markets implement regulation.”
“The macro-economic outlook is uncertain, however the underlying performance of our business remains strong. With an increasingly recreational customer base and relatively resilient revenue, we remain confident that our customer focus, diversification and proven ability to grow both organically and through M&A will enable us to deliver further progress against our strategy.”