Entain momentum holds up in strong first quarter

Entain said momentum continued into 2021 as the gambling group experienced a strong first quarter of online trading.

Online net gaming revenue rose 33% in the three months to the end of March with sturdy trading in all markets except Germany, where regulatory changes affected the market. Excluding Germany, revenue rose 44%.

Retail revenue at Ladbrokes and other bookmakers was wiped out, plunging 99%, because of Covid-19 restrictions closed almost all shops during the quarter. Entain said group performance matched its expectations.

The FTSE 100 group said BetMGM, its US joint venture, had strong momentum with market share of 19% in markets where it operates.

Chief Executive Jette Nygaard-Andersen said: "In line with our expectations, the momentum from the end of 2020 has carried into 2021. Although Covid creates some near-term uncertainty, by maintaining our focus on the customer, providing them with great products and services, we remain confident and excited in our long-term prospects."

Entain rejected a takeover approach from MGM Resorts International, its US partner, in January. MGM walked away after Entain said the proposal significantly undervalued its prospects.