Entain reports “strong performance” in H1 trading update

Entain has reported a “strong performance across the group” in its first half trading update for the period from 1 January to 30 June 2021.

The gambling firm reported an 11% increase in net gaming revenue (NGR) for H1 2021, and a 42% increase in NGR for Q2 2021. Entain said it has now delivered 22 consecutive quarters of double-digit growth in online, with Q2 online NGR up 22%, and H1 online NGR up 28%.

The company’s acquisitions of Enlabs and Bet.pt were completed at the beginning of Q2, and together contributed 4% to online NGR. Entain noted other highlights for the period, such as the five year £590m ($813.2m) Revolving Credit Facility (RCF) agreed, replacing its existing £535m RCF that was due to expire in March 2023, and an additional €300m term loan proposed to fund corporate development and M&A.

“We have delivered another strong performance across the group,” said Entain CEO Jette Nygaard-Andersen. “Our diversified business model has enabled us to grow our business in all key markets while navigating channel and product mix changes as retail re-opens and we annualise last year's restricted sports calendar.

“Following our strong first half, we are upgrading our expectations for the full year and we remain confident and excited by the breadth and scale of the long-term sustainable growth opportunities ahead of us.”

Entain noted that an investor event will be held on 12 August 2021 to provide a strategic and operational update, while it will separately announce later today a doubling of investment of its in-house games studios to accelerate the group’s ability to provide customers with new products and experiences.

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