15 percent spike in Q1 revenue marks a positive start of 2023 for Entain
Author:
Muhammad Gregory
One of the world’s biggest iGaming and sports betting operators, Entain, recently shared its first quarterly report of the new year. The numbers have been quite pleasing for the Isle of Man-based entity as it recorded a 15 percent increase in revenue between January and March of 2023. Both online and retail gambling segments recorded a significant revenue increase. The iGaming revenue was up 16 percent, while retail roped in numbers that marked a 14 percent increase.
Entain recently shared its first quarterly report of the new year.
?Micha? Parzuchowski/Unsplash
Apart from offering iGaming and sports betting services to its players via multiple brands, Entain is the owner of proprietary technology in all its primary segments that has helped the operator establish a B2B vertical on its portfolio. The entity has strengthened its sports betting segment with established brands like BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Sportingbet, SuperSport, and more. The iGaming segment has also reported strong and consistent growth after the post-pandemic recovery of global markets. Entain offers iGaming services in regulated markets via brands like Foxy Bingo, Gala, Ninja Casino, Optibet, PartyCasino, and more. The performance of Entain across the European continent has been quite impressive, while BetMGM, a joint venture with MGM Resorts International in the United States, continues to grow steadily year after year. Entain has one of the biggest operations worldwide, as it is present in over 40 jurisdictions, most of which have regulated gambling markets.
According to the roadmap for growth and sustainability revealed by Entain about two years ago, the operator stated its intent to exit all jurisdictions where all forms of gambling are not regulated. Entain is working on this move because it intends to rope gambling revenue in exclusively from regulated gambling markets of the world and wants to minimize and eventually eliminate revenue from harmful gambling. In regulated gambling markets, the gambling supervisory authorities establish a set of ground rules to comply with. Licenses are issued to gambling operators for that particular jurisdiction, and in order to retain that license, all operators are obligated to follow the set rules of that particular jurisdiction. These rules include information about various gambling operation-related activities like advertising limitations, player safety, and responsible gambling. Player safety regulations are included to detect harmful gambling traits in individuals and prevent them from gambling.
That is the primary reason behind Entain’s decision to exit all unregulated gambling markets by the end of this year. In addition, the operator has also committed to becoming a carbon net zero company by 2035. Exiting unregulated gambling markets has not affected Entain’s Net Gaming Revenue (NGR) and the number of active users. The operator closed the previous year with another positive quarterly report that marked a 12 percent increase in NGR. The surge remains significant and steady as the operator started the new year with another positive quarterly report. In Q1 2023, Entain’s NGR was up 15 percent. The segment of online gambling reeled in revenue which recorded a 16 percent growth, while the retail segment was up by 14 percent. A record-high number of customers are now active on the operator’s platform after the active users count increased by 19 percent between January and March this year. Strategic partnership with TAB New Zealand and the acquisition of 365scores have aided Entain’s growth in the revenue and active users’ sectors.
Entain’s Chief Executive Officer (CEO), Jette Nygaard-Andersen, was happy with the operator’s performance and promising start to the new year. She summarized the entity’s operations and expectations for the future.
“2023 is off to a strong start, with continuing underlying momentum across our operations around the world. We are delivering both financially and strategically, with a record number of active customers enjoying our products, and we are executing on growth opportunities to further diversify and expand across regulated markets. In the US, BetMGM continues to grow in line with expectations and enjoyed a successful quarter which included the Super Bowl and March Madness. Looking ahead, we remain confident that our customer focus, diversification, and proven ability to grow organically and through M&A will enable us to demonstrate further progress against our strategy.”
100th Entain Digi-Hub launched
Entain’s worldwide expansion continues worldwide, with significant activity coming from Europe. In the latest development, the operator launched another one of its Digi-Hubs in Muirhouse, Scotland. The launch of this specific Digi-Hub was special for Entain because it was the operator’s hundredth Digi-Hub in the world.
These Digi-Hubs present customers with a modern and digital-focused atmosphere. They are equipped with more digital touchpoints, betting, and iGaming terminals with interactive displays to give customers an engaging and unique experience. The trial run of Digi-Hubs began in 2019 when Entain launched the first one.
The 100th Digi-Hub has transformed the shops of Coral and Ladbrokes. Both these brands are wholly owned by Entain. Additionally, after the launch, the operator also announced new funding for its Gordon Moody charity. Lastly, a partnership with esports giant BLAST was also confirmed.
In addition, the commencement of the new campaign coincided with Problem Gambling Awareness Month in March this year. The campaign ran on all advertising mediums, including print, television, radio, mobile app, and more. BetMGM also entered a collaboration with GameSense, which is a responsible gaming program that primarily provides educational tools and responsible gambling measures and resources.
BetMGM’s intention behind boosting its player safety and responsible gambling measures is to become the industry leader in Responsible Gambling Awareness. The operator’s CEO, Adam Greenblatt, announced that the entity was committed to leading the industry in promoting responsible gambling.
