Entain has released its Q1 trading report, showing a strong 31% increase in overall net gaming revenue despite a small decrease in online net revenue.
Entain’s CEO, Jette Nygaard-Andersen, said in the report that their subsidiary BetMGM is now the number two sportsbook operator in the United States.
LONDON – Entain, the parent company of BetMGM, released its Q1 trading report this week. In it, CEO Jette Nygaard-Andersen claimed that BetMGM is now “firmly established as the number two operator” in the United States, helping them achieve impressive overall Q1 figures.
Net Gaming Revenue Up In Q1 Due To Return Of Retail
In the first quarter of 2022, Entain reported an encouraging 31% increase in net gaming revenue. This is primarily due to the return of retail sportsbooks: Entain’s retail sportsbooks saw a 1000% increase in net retail gaming revenue in Q1 of 2022 compared to Q1 of 2021.
Despite this dramatic increase in retail sports betting revenue, the group’s online net gaming revenue dropped 10% compared to 2021.
While this is slightly alarming, the return of retail sports betting eases those worries. Moreover, despite the overall slight decrease in online net gaming revenue, the group says that they still gathered momentum in key online markets.
“We have started the year with a good performance across all areas of our business, driven as ever by the strength of our industry-leading platform,” said Nygaard-Andersen. “We have delivered strong performances in all of our major markets, and I am pleased to report that retail is performing well with customers returning for our in-store experience.”
BetMGM Established As Number Two U.S. Operator, According To CEO
According to the report, BetMGM has established a 24% market share in North American markets in which the sportsbook is active to go along with a 29% overall North American market share.
The sportsbook is now live in 23 U.S. markets after launching in four new markets in 2022, including Illinois.
“In the US, BetMGM is firmly established as the number two operator, and our market launches during Q1 mean that we now have access to over 41% of the US adult population,” said Nygaard-Andersen.
International Expansion Sets Seeds For Further Growth
BetMGM is also making a splash in Canada’s legal sports betting market, recently launching their sportsbook in Ontario on April 4 and acquiring Deis Ltd., owner of Canadian sportsbook Sports Interaction, for $300 million CAD.
These launches and acquisitions complement Entain’s international launches in Latvia and Poland.
“Our strategy of expanding into new markets is continuing at pace, having acquired businesses in Canada, Latvia, and Poland during Q1. Given the strength and continuing momentum of our underlying business, coupled with our proven ability to grow both organically and through M&A, we remain confident in our financial performance for FY22 and beyond,” said Nygaard-Andersen.
News tags: BetMGM | Canada | Deis Ltd | Entain | Illinois | Jette Nygaard-Andersen | Latvia | Ontario | Poland | Sports Interaction
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