Punters returning to high street bookies give Entain a sales boost

BETTING GIANT Entain has hailed a “strong start” to 2022 as rebounding sales from its high street bookies offset an online slowdown as pandemic restrictions relaxed.

The Ladbrokes and Coral owner said net gaming revenue increased by 31 per cent for the three months to March 31 compared with the same period last year. The firm said this was driven by its retail business, which was “up strongly year-onyear” due to Covid-19 closures a year earlier.

It said the high street arm has seen trading settle between 5 per cent and 10 per cent below prepandemic levels.

Online gaming revenues dipped 8 per cent for the past quarter as it failed to keep up with a strong lockdown performance. The group also reported an improvement in its BetMGM unit in the US as it continued to benefit from the expansion of relaxed sports betting regulations.

Jette Nygaard-Andersen, Entain’s chief executive, said: “We have started the year with a good performance across all areas of our business, driven as ever by the strength of our industry-leading platform. 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 in-store experience.

“As a growing business, we continue to invest in and build our business around our customers to provide them with the best experiences whilst also capturing the many opportunities ahead.”

Elsewhere, gambling rival 888 has announced a bookbuild which will see it issue more than 70 million new shares to help finance its acquisition of William Hill’s European business.

888 confirmed on Thursday that it has agreed a reduced price of £1.95bn to buy the William Hill business, which includes its UK betting shops, having previously sealed a £2.2bn move last year. The new price was agreed by US seller Caesars Entertainment and is set to be reviewed by the gambling watchdog.

We have delivered strong performances in all of our major markets. Jette Nygaard-Andersen, Entain chief executive

PLACE YOUR BETS: Entain said its high street arm, which includes Ladbrokes and Coral, has seen trading rebound as restrictions are relaxed.