(Sharecast News) - Gambling group Entain said first-quarter revenues rose by a third after a strong performance from its retail shops as Covid lockdown curbs were eased.
The company, which owns the Ladbrokes and Coral betting shop chains, on Thursday also said online net gaming revenue fell 8% in the three months to March 31, in line with expectations versus strong 2021 comparators.
"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 instore experience," said chief executive Jette Nygaard-Andersen.
Entain added that iBetMGM, its North American sports betting joint-venture with the casino group MGM Resorts, was now the number-two operator in the region, was now live in 23 markets and on track to be EBITDA positive next year.
AJ Bell investment director Russ Mould said amid growing concerns of a slowdown in the global economy as consumers face the cost of living crisis, "gambling might be one of the few industries to see resilient demand. In tougher times many people will try and bet what money they can spare in a bid to strike it lucky and win a bounty that can help pay the bills".
"Whether that is a wise move is another matter, but Entain is unlikely to be as concerned about the current backdrop than other consumer-facing firms such as electronic goods and fashion retailers," he said.
Entain (ENT)