Entain recovers from pandemic with US company fueling gaming group profits
After-tax profits at gaming and betting specialists Entain have soared 142% this year to £275.6million as pandemic restrictions eased.
Revenue rose 8% to £3.83bn while underlying EBITDA rose 5% to £881.7m, at the high end of the company’s guidance.
Total retail gaming net revenue across all markets largely recovered, with its strong overall performance supported by its expansion in the United States.
BetMGM – the group’s joint venture in the United States – saw its revenue quintuple to $850 million for the year as a whole.
Jette Nygaard-Andersen, Managing Director of Entain, said: “All of our major markets performed well. In particular, BetMGM in the United States has increased its net gaming revenue fivefold over the previous year, and is poised to challenge for the number one position in the markets in which it operates. Elsewhere, our retail business has recovered strongly and volumes are now back to 90% of pre-Covid levels as restrictions ease and customers return to our stores. »
Entain is also set to repay £44million received under the coronavirus retention scheme and reported year-end net debt of £2.1billion.