Entain Post Flat Revenues For 2020
Entain the gambling firm which has Ladbrokes, Coral, Foxy Bingo and Bwin within its portfolio of companies has announced its full year results showing that online gaming grew 27% for the year and for the fourth quarter by 41% as the COVID-19 pandemic drove customers to online as the companies betting shop business was shuttered.
For the year ending 31st December 2020 the company posted full year pre-tax profits of £174.7 million compared to a loss in the previous year of £164.4 million. Total revenues were flat for the company coming in at $3.56 billion against 2019 revenues of £3.58 billion.
Announcing the results Entain said it would not be releasing a dividend to shareholders at present.
Shay Segev, Entain’s outgoing CEO, commented:
“In an exceptionally challenging year, our strong performance has been driven by a business model that is highly diversified across a wide range of products, brands, territories and channels. Q4 has been another successful period for us, and we are particularly pleased with the momentum that we are seeing in the US. BetMGM continues to go from strength to strength and is now live in 11 states, plus Michigan will be launching online tomorrow.
As ever, we remain deeply aware of our responsibility to provide our customers with the safest possible experience while using our products, and to that end our new technology-based Advanced Responsibility and Care programme is heralding a new era in player protection.
While the short-term outlook remains uncertain as a result of the ongoing impacts of COVID-19, we have entered 2021 with good momentum and remain as confident as ever in Entain’s longer term prospects.”
