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Entain lifts lower end of FY guidance as Covid curbs ease

By Frank Prenesti

Date: Thursday 20 Jan 2022

Entain lifts lower end of FY guidance as Covid curbs ease

(Sharecast News) - Ladbrokes and Bwin owner Entain raised the lower end of core earnings guidance despite a 9% fall in fourth-quarter online net gaming revenue against a tough 2020 comparator.
Retail net gaming revenue surged 60% in the three months to December 31, boosted by the easing of Covid-19 related curbs. Entain said it now expected core earnings between £875m - £885m, compared with previous guidance £850m - £900m and expected to treble the size of the business.

The company said it benefited from "strong growth" in all its markets online during 2021, apart from Germany where new laws have imposed limits on how much gamblers deposit and caps on online slot stakes.

Entain on Wednesday said BetMGM, its US joint venture with casino group MGM, would swing to a profitable in 2023 despite large marketing costs in the battle for customers in newly de-regulated states.

The results are the also company's first after a year in which it was the subject of two separate takeover approaches, from MGM and US rival DraftKings, both of which failed to result in any deal.

"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," said chief executive Jette Nygaard-Andersen.

"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."


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