After a long period of closure, the betting shop reopened on Monday
Ladbrokes owner Entain (Lon:Ent) confirmed that revenue declined in the first quarter as betting store closures outweighed online revenue growth.
The FTSE 100 company’s net gaming revenue rose by a third in the first quarter, ending March 31, but achieved digital growth for the 21st consecutive quarter, while the company’s overall revenue was 13 It has decreased by %.
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The Entain storm, which includes corals and radbroke, remains closed from January to March as a result of the UK lockdown.
Harry Barnick, senior analyst at Third Bridge, commented on Entain’s results and Outlook.
“With betting stores currently open in the UK, the ability to utilize the barn’s summer sports is considered essential to recovering retail revenue.”
“In the UK, investors’ sentiment will remain cautious while gambling law reviews are underway, which means a significant reduction in revenues on online channels as strict restrictions are imposed on betting restrictions. It could lead to.
“The US market has grown faster than punters expected. Entain’s future growth will depend on its ability to gain market share in the region. This will result in strong competition with Draftkings and Fanduel. When you think about it, it poses a huge challenge.”
Entain’s CEO Jette Nygaard-Andersen commented on what she described as a strange year while looking forward to normalcy when the shop reopened.
“This was a very successful and productive quarter, with outstanding progress across many of our strategic priorities, and this is the effort of our people across all aspects of our business. and a testament to dedication. We are delighted that they have the opportunity to share Entain’s future success through our new share save plan,” she said.
“We have achieved outstanding growth in all major markets other than Germany, where regulatory changes are affecting the market. BetMGM continues to show significant momentum with impressive market share growth. BET .PT and ENLAB acquisitions support further developments in strategic expansion into new regulated markets.”
“We are pleased to welcome our customers as COVID restrictions have been eased. It’s only been a few days since it reopened in parts of the UK on April 12th, but we have been working on the whole business. I look forward to returning to more normal trading.”
Entain rejected the acquisition approach from its US partner MGM Resorts International in January. MGM walked away after Entain said the proposal was a major underestimation of its outlook.
The betting store was allowed to open as of this Monday after a long period of closure.
Entain’s stock price rose 1.33% to 1,628p at 08:26 GMT.
