The financial group Entain reported growth in all areas of its business for the six-month period ending June 30th. Both online and retail revenue, excluding operations in the United States, showed a year-on-year increase. When factoring in the $944.0m in revenue from the BetMGM joint venture with MGM Resorts, net gaming revenue (NGR) was up by 19%. BetMGM also achieved positive EBITDA figures in the second quarter. Higher revenue led to an increase in pre-tax profit for Entain, although its overall financial performance was affected by a £585m provision set aside for deferred prosecution agreement (DPA) negotiations in the UK. CEO Jette Nygaard-Andersen expressed satisfaction with the company’s progress towards strategic goals and future growth prospects. Online revenue showed growth despite a decline in sports wagers. Retail revenue also saw an increase, attributed to the easing of Covid restrictions. Acquisitions have played a significant role in reshaping Entain, with recent deals including Sportsflare and Poland’s STS. BetMGM’s performance in the US has been strong, with NGR increasing by 65% and the brand expanding into new markets. Entain’s pre-tax profit rose by 88.7% for the half, although there was a net loss due to the HMRC settlement.
