Net gaming revenue for Entain closed at $2.48 billion in H1 of 2021. This is according to interim results from the company. The company enjoyed a solid first half of 2021 despite the tough operating environment in Germany.
Entain PLC released intercom results for the first half of the year ending 30 June 2021. The report from the company shows a strong performance due to its diversified and robust business model.
The gaming, interactive entertainment, and sports betting grouped recorded $2.48 billion in net gaming revenue. This represented an 11% increase compared to the same period in 2020 when it closed at $2.23 billion.
This resulted in increased profits to close the first six months at $1.57 billion. That’s an 11% jump from the $1.42 billion raked during the same period in 2020. The earnings before interest, taxes, depreciation, and amortization hit $555.9 million. This represented a 12% rise compared to the same period last year when EBITDA stood at $479 million.
The Entain report also showed online net gaming revenue rose by 28% for H1 2021. This marked the company’s 22nd time in a row where it recorded double-digit online revenue growth. This is excluding Germany where restrictive rules impacted growth. Online net gaming revenue rose by 38%.
Solid performances in the company’s key markets were a key factor in the growth of online operations. The return of sports also played a part in the increased revenue as did the lowering of restrictions across retail venues.
Online operations raked $1.14 billion in revenue for H1 2021. This represented a 10% jump compared to last year’s $1.04 billion for the same period. Net gaming revenue from online sports climbed 55% to close at $1.04 billion. This was up from $671 million for the same period in 2020.
Jette Nygaard-Andersen expressed excitement after releasing the results. The Entain CEO said this testimony the company continues to deliver. They also acknowledged the hard work put in by employees at the company worldwide. Nygaard-Andersen also thanked employees at the company for their efforts.
UK retail operations at Ladbrokes and Coral UK saw declined revenue to close at $256 million. This represented a 46% drop. The interim results attributed the drop to closures instructed by the government to curb the spread of the coronavirus. But the company’s online business grew 31% for the H1 period this year.
Adjusted taxes and restrictive gambling regulations in Germany resulted in impacted financial results. But the company said the impact fell just about on its predicted estimates. The company also complained about the new rules saying it complied with them more than others in what it termed as an uneven market.
The US market also showed strong performance after Entain’s partnership with MGM. BetMGM performed well during the first half with the company stating the operator is in a position to experience even greater success for the remainder of the year. The brand cemented its position as the second-best operator in the US.