FILE PHOTO: A pedestrian walks past a branch of Ladbrokes in London, Britain December 22, 2017. REUTERS/Simon Dawson
January 20, 2022
(Reuters) -British gambling firm Entain’s quarterly revenue from online betting slipped after years of steady growth, while betting activity at its physical shops bounced back on easing of coronavirus restrictions.
Entain said on Thursday its online net gaming revenue fell 9% year-over-year in the fourth quarter ended Dec. 31, as it reported particularly strong numbers a year earlier.
The fall marked the first decline after more than 20 consecutive quarters of double-digit growth.
Entain, home to Ladbrokes and Coral betting shops, said its retail net gaming revenue surged 60%, helped by easing of pandemic-related curbs. Overall net gaming revenue, a measure of revenue from betting before taxes, climbed 4%.
Entain also provided a new outlook range for annual core earnings between 875 million pounds ($1.19 billion) and 885 million pounds, compared with a previous forecast of 850 million pounds to 900 million pounds.
The results are the company’s first after a year in which it was the subject of two separate takeover approaches, from casino operator MGM and U.S. rival DraftKings, both of which failed to result in any deal.
The takeover interests came during a year of rapid growth for the online betting business during the lockdowns.
($1 = 0.7337 pounds)
(Reporting by Sachin Ravikumar in Bengaluru; Editing by Shounak Dasgupta)
Source: One America News Network
