Entain Reports Strong Q4 Online Gaming Growth, Names New CEO
Entain, the UK-based gambling company that partnered with MGM Resorts International to form BetMGM, on Thursday reported strong online gambling performance while noting that its retail operations, such as Ladbrokes, were affected by the challenges posed by the COVID-19 pandemic.
Also Thursday, Entain announced a new CEO, Jette Nygaard-Andersen, who had been serving as an independent director. Nygaard-Andersen replaces Shay Segev, whose future departure was announced earlier this month. Nygaard-Andersen is reportedly the first female CEO of a UK-based gambling company. Segev is joining the DAZN Group, a digital sports media company.
Earlier this month, MGM Resorts International made a bid to purchase its partner outright with an offer of $11 billion. Entain rejected the offer as too low. MGM Resorts subsequently said it was giving up the effort.
Partial lists of Entain holdings on the sports brand side include bwin, Ladbrokes and Sportingbet, and on the gaming brands side include CasinoClub, partypoker and PartyCasino.
While bricks-and-mortar betting shops have faced closings because of the pandemic, online wagering has thrived.
Entain, in its recent financial report for both the fourth quarter of 2020 and for the full year, noted that “in the full year, there were an average of 3,024 shops in the estate, compared to an average of 3,341 in the same period last year.”
Entain Online Gaming Growth
However, the picture was rosier online. The fourth-quarter online net gaming revenue showed growth of 41% and Entain has now delivered 20 consecutive quarters of double digit online NGR growth.
For the full year, group core earnings were expected to be in the range of £825 million to £845 million (approximately $1.13 billion-$1.16 billion). For its U.S. business, the full-year net revenues were expected to be in the range of $175 million to $180 million.
In November, GVC Holdings announced it was renaming to Entain and said it would embark on an ambitious plan for growth and sustainability for the next five years. BetMGM is a key component of that growth, especially in the U.S.
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