Entain reported a strong start to FY22 with Q1 revenue up 34%, benefitting from a 10x increase in retail revenues as volumes reached within 5-10% of their pre-Covid levels. As expected, online growth (-6%cc) was hurt by the previously-flagged regulatory headwinds.
BetMGM continued to gain momentum with market share at 24%. The JV re-iterated its target of reaching positive EBITDA in 2023.
We will upgrade our FY22 estimates marginally, to reflect the stronger than expected retail recovery.
07 Apr 2022
Q1 22: Solid retail recovery eats into online growth
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Q1 22: Solid retail recovery eats into online growth
Entain PLC (ENT:LON) | 814 -37.4 (-0.6%) | Mkt Cap: 5,200m
- Published:
07 Apr 2022 -
Author:
Virendra Chauhan -
Pages:
3
Entain reported a strong start to FY22 with Q1 revenue up 34%, benefitting from a 10x increase in retail revenues as volumes reached within 5-10% of their pre-Covid levels. As expected, online growth (-6%cc) was hurt by the previously-flagged regulatory headwinds.
BetMGM continued to gain momentum with market share at 24%. The JV re-iterated its target of reaching positive EBITDA in 2023.
We will upgrade our FY22 estimates marginally, to reflect the stronger than expected retail recovery.