Online gambling slows for Ladbrokes owner Entain as lockdown buzz fades and government review looms
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Online net gaming revenue dipped seven per cent Ladbrokes owner Entain as the gambling titan struggles to recapture lockdown momentum.
A weaker macro-economic environment is also reducing customers’ rate of spend during the first half of the year, moderating overall online growth versus previous expectations.
The closure of the Netherlands ahead of licencing has further sliced into Entain’s results and the implementation of tighter affordability measures in the UK continues to loom on as the government gears up to publish its white paper review.
However, group net gaming revenue was up 18 per cent in the first half of the year, with retail figures ahead of expectations.
Entain, which also owns Foxy Bingo and Coral, is set to complete its acquisition of BetCity. in the second half of the year, entering the newly regulated Dutch market.
Meanwhile, its Stateside venture BetMGM has established number two operator position with 24 per cent market share, behind rival Flutter’s Fanduel.
Commenting on the results, Jette Nygaard-Andersen, Entain’s CEO, said: “The macro-economic outlook is uncertain, however the underlying performance of our business remains strong.
With an increasingly recreational customer base and relatively resilient revenue, we remain confident that our customer focus, diversification and proven ability to grow both organically and through M&A will enable us to deliver further progress against our strategy.”
