Global sports-betting group
In the
Despite the strong results
Globally its online net gaming revenue rose by 28 per cent, partly supported by longer lockdown restrictions meaning purchases in stores were curbed.
Meanwhile retail net gaming revenue fell by 46 per cent – though
Underlying profits fell 12 per cent to £206m, as a good result in the core business was offset by a £78m loss related to Entain’s stake in BetMGM. Underlying cash profits rose 12 per cent to £402m.
The gaming group also reported its profit after tax for operations had jumped by almost £70m to £91m.
The delayed Euro 2020 competition helped it attract customers.
“The return of sports has been a welcome relief for Entain” commented
“The group’s focus on digital was a beacon of light in an otherwise gloomy year,” she continued, “but without sports betting in the mix enticing players was a challenge. The group’s high street shops have suffered as the majority of its estate was shuttered for most of the half, but players were happy to shift online which helped offset covid-related weakness.”
Hoy noted other difficulties
Hoy concluded: “The group looks to be on solid footing, but as the stock is currently priced to perfection, we’ll need more evidence to be fully convinced.”
“In the US, BetMGM goes from strength to strength with our position as number 2 operator firmly established in the fast-growing sports-betting and iGaming market,” Nygaard-Andersen continued: “We expect to be operational in around 20 states, representing 33 per cent of the US adult population, over the next 12 months.”
The betting firm said it expects its online gaming market to be larger post pandemic. Group EBITDA was up 12 per cent for the first half of the year, at £401m.
The board of
The post Ladbrokes owner
© City AM, source