Online gambling operator Entain PLC released its latest quarterly financial report revealing that net gambling revenue increased by 2% in the third quarter of 2022 in line with full year earnings and revenue forecasts for 2022.
The report also revealed that online gambling revenues grew by 1% across all iGaming verticals while revenues from the company’s retail businesses grew by 10% during the same period.
Overall, Entain’s net gambling revenue increased by 18% during the first half of 2022 (Q1 and Q2) to £2.12 billion (€ billion). Meanwhile the company also stated that it expects its online revenues to continue to grow through the final three months of 2022. As a result, Entain expects to achieve its forecasted revenue goal of £925 million EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for 2022.
Speaking of the results, Jette Nygaard-Andersen, Entain’s CEO, commented:
“Our business continues to perform well with good underlying momentum across the group, including in BetMGM. This illustrates the effectiveness of our growth strategy, the unique capabilities of the Entain platform, and the underlying strength of our diversified global business.
I am delighted that we have welcomed even more customers to our brands across the world. This is a testament to our relentless focus on the customer, as well as the quality of our products, content and talented people.
In the US, BetMGM continues to be the clear leader in the iGaming market, and the successful start to the NFL season also highlights the strength of our growing US sports betting offer.
We have healthy momentum across the business and look forward to a strong finish to the year which includes the World Cup. Looking ahead, we remain vigilant of the economic backdrop. However, our diversified revenue base and robust business model enable us to remain confident in our ability to deliver on our growth and sustainability strategy.”
The company’s positive results for Q3 come despite a record fine of £17 million (€20.2 million) issued by the UK Gambling Commission during the same period. An investigation uncovered social responsibility and anti-money laundering failures at its online and land-based businesses.
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.