Entain posts 22% revenue growth in Q1 2023
Entain has recently published its financial analysis covering the first quarter of the year, which highlighted an increase in revenue by 22%.
The headline figure comes from revenue increases across all of the firm’s operations, including its 50% share of BetMGM. Without the latter, which experienced a massive 94% increase in its revenue, Entain recorded a slightly lower jump of 15% in comparison to 2022’s first quarter.
BetMGM saw other increases in addition to its revenue, which went up to 470 million dollars in the quarter and set the subsidiary on track with its year-end target revenue of up to 2 billion dollars. The firm has retained its strong dominance in the jurisdictions it operates in, leading at 28% market share in iGaming and 17% in online sports wagering.
Breaking down the company’s in-house operations by vertical, the retail and online ones saw increases of 14% and 16% respectively. Additionally, the latter saw an increase of nearly 20% in its total active player numbers in comparison to the prior year’s first quarter.
Other noteworthy events highlighted in the report include the group’s successful execution of its expansion strategies, with two of the most significant contracts of the quarter being Entain’s partnership with Tabcorp NZ and its acquisition of 365scores for 120 million Pounds.
Lastly, the company also highlighted some of its sustainability efforts in the period. Entain mentioned that it’s the only global gambling operator to generate revenue exclusively from markets with established or developing regulatory frameworks and highlighted its commitment to funding charitable programs aimed at providing gambling support.
Moreover, the firm also launched a unique women’s STEM returnship initiative in the quarter with the McLaren Formula 1 team, which further expanded Entain’s sustainability efforts.