Comment on Entain H1 trading update

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Neil Shah, Managing Director at Edison Group, comments:

“Entain’s H1 trading update shows a solid set of results, with total Group net gaming revenue up 11% to approximately $350m and an increase of 28% in online performance. Sports betting in particular saw notable growth of 55% as pandemic restrictions lifted and professional sports activity returned to our screens. The Group’s H1 performance was largely driven by increased momentum in Q2, which saw a total NGR rise of 42% thanks to strong performance in global markets excluding Germany, which the company noted is still feeling the impact of regulatory changes.

Despite revenue growth of 47%cc in online gaming, the group recognised that this reflected only 1% increase on a challenging comparative year prior to 2019. Elsewhere, a 359% increase in Q2 retail NGR was not enough to offset overall losses in the sector, with retail NGR down 42% in the half.

Nevertheless, the company is in good stead to maintain momentum, and the announcement that the group will be doubling its investment into in-house games studios signals a commitment to strategic expansion. Investors will find confidence in the group’s expectations that FY21 EBITDA will be ahead of current consensus in the range of £850m – £900m.”

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