There was a largely muted response to Entain PLC (LSE:ENT)’s quarterly update as shares marked time after the gambling group said trading was in line with expectations.
The owner of PartyPoker hailed a return of punters to its Coral and Ladbrokes betting offices as it reported a 31% increase in net gaming revenue for the three months ended March 31 2022.
This did, however, come with a little sting in the tail – an 8% decline in its online business.
“We have delivered strong performances in all of our major markets, and I am pleased to report that retail is performing well with customers returning for our instore experience,” said Jette Nygaard-Andersen, chief executive.
In the statement, Entain said iBetMGM, its North American sports betting joint-venture with the casino group MGM Resorts, is now the number-two operator.
It is live in 23 markets, the latest being Ontario, and is on track to be EBITDA positive next year.
The shares, up almost 12% in the last month, opened down 1% at £15.97.