Following the positive trading forecast by BetMGM, its US sportsbook partner, UK-based Entain has shown strong revenues in its fourth quarter and for the full year.
The group has also pledged an investment of £25m into its "new opportunities" business segment this year to support the launch of its first esports skill-based wagering products.
The group said that it had enjoyed a strong full year with net gaming revenue up seven per cent for the year to December 31, 2021.
All major markets had reported net gaming revenue up, totalling 18 per cent, excluding Germany, where the new regulatory regime is impacting the market. Retail revenues were down by just three percent, reflecting Covid-19 restrictions.
Entain has a 50 per cent share in the BetMGM joint venture, which showed a rise of 14 per cent.
In the final quarter online revenues were down nine per cent ahead of expectations, but with most of its bookmaking shops open for the full period, retail was up 60 per cent.
Said Jette Nygaard-Andersen (pictured), Entain CEO: “2021 has been a successful and eventful period for Entain and our market-leading platform has driven another year of strong, sustainable and diversified growth.
"All of our major markets have performed well. BetMGM, our hugely exciting business in the US, has been a particular highlight with FY21 net gaming revenue ahead of expectations and an upgraded outlook for 2022.
“We continue to see significant growth opportunities ahead of us, with a total addressable market of around $160bn across our new and existing markets, as well as in emerging areas of interactive entertainment.
"We believe these opportunities will enable us to at least treble the size of our business. As a result, we remain confident in our prospects for the year ahead and beyond.”
