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(Alliance News) - Entain PLC announced on Thursday that it has performed well in all its major markets and ended the year ahead of expectations in earnings.
The Isle of Man, UK-based sports betting and gaming operator said net gaming revenue rose by 7% in 2021, or by 8% at constant currency, from the year before.
Online net gaming revenue was up 12%, or 13% on a constant currency basis. Entain said this figure rises to 18%, or 20% at constant currency, when excluding Germany where it says a new regulatory regime is impacting the market.
Retail new gaming revenue was down 3%, reflecting the impact of Covid-19 restrictions.
In the fourth quarter alone, net gaming revenue was up 4%, or 6% at constant exchange rates. Online new gaming revenue in the fourth quarter down was 9% - down 6% at constant currency - which Entain said was ahead of expectations.
However, with most shops open during the period, Entain said that fourth quarter net gaming revenue in retail was up 60%, with volumes returning to within 10% of pre-Covid levels.
For 2021, earnings before interest, tax, depreciation and amortisation is expected to be GBP875 million to GBP885 million, ahead of previous expectations.
In the US, Entain said BetMGM expects net revenue from operations to be more than USD1.3 billion in 2022 and expects to be Ebitda positive in 2023.
"2021 has been a successful and eventful period for Entain, and our market-leading platform has driven another year of strong, sustainable and diversified growth," said Chief Executive Officer Jette Nygaard-Andersen.
"All of our major markets have performed well. BetMGM, our hugely exciting business in the US, has been a particular highlight with 2021 net gaming revenue ahead of expectations and an upgraded outlook for 2022."
Shares in Entain were down 0.2% at 1,707.00 pence on Thursday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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