Entain PLC (LSE:ENT), the owner of Ladbrokes, partypoker and Foxy Bingo, has reported a rebound in online net gaming revenue (NGR) in the first three months of the year as well as strong growth in its US joint venture, BetMGM.
Despite a tough comparison last year, the FTSE 100-listed firm's NGR rose by 15% in the first quarter, compared to 12% for the whole of last year. Online NGR rose by 16%, helped by currency swings, compared to the 1% decline seen for the whole of 2022.
When the company's 50% of BetMGM is included, NGR growth rose to 17% at constant currency rates.
BetMGM on its own grew NGR 76%, which Entain said was in line with full-year guidance for US$1.8-2.0bn, with a 28% iGaming market share and 17% share in sportsbetting and iGaming markets where it operates.
Entain chief executive Jette Nygaard-Andersen said there was “continuing underlying momentum across our operations around the world” and highlighted a record number of active customers using the group’s products.
“Looking ahead, we remain confident that our customer focus, diversification and proven ability to grow organically and through M&A will enable us to demonstrate further progress against our strategy," he said in the Q1 trading update.
Entain shares rose 2.5% to 1,337.5p in early trading.