Entain sees Q1 losses as online revenue fails to cover NGR drop
Entain has witnessed a decrease in its net gaming revenue during Q1 of this year, as it reported on Thursday suffering a hit due to the closure of retail shops, and the failure of online platforms making up for that loss during the UK lockdowns.
The gambling group based in the United Kingdom, owning and operating Coral and Ladbrokes, claimed that total NGR dropped down to 13%, even though online revenue was up by over 30%.
The company’s shares had increased by 1.6% when the firm stated that it had been anticipating the reopening of betting shops and gambling venues across the country on Monday, as the drive of its online operations kept going. Once lockdown restrictions are eased, however, online gambling levels are expected to drop.
Rob Wood, Chief Financial Officer, said:
“There are competing leisure activities, with restaurants and cinemas opening up. It is a real shame that shops couldn’t be open for it. It typically attracts customers who don’t necessarily have an online gambling app on the phone.”
Last weekend’s Grand National was the largest ever online sports betting event in all of the United Kingdom, since due to the pandemic, all bettors had to rely on mobile apps to bet on the world-renowned horse racing event.