Entain has reported a 7% increase in year-on-year revenue for Q4 2020, mainly due to a significant increase in online activity.
The Ladbrokes and Coral operator, previously known as GVC Holdings, saw its online net gaming revenue (NGR) improve by 41% for the period up until 31 December, compared to 2019.
In its trading update, the operator also saw its sports betting online revenue increase by 59% for Q4, and other gaming NGR up by 28% compared to the same period a year previously.
However, the coronavirus pandemic wreaked havoc to the operator’s retail business especially in the UK and Europe. Betting shops reopened in mid-June after being closed for nearly two months but were shut for much of Q4 in the UK as the country entered into lockdown again.
As a result, UK retail NGR was down 38%, with a 57% decline for its European retail business, pushing down the total group revenue rise to 7% for Q4.
In terms of full-year 2020, total online NGR was up 28% on a constant currency basis, with sports betting rising 26% compared to 2019. UK retail NGR was down 36% and fell 39% in Europe for the year.
Total group NGR for 2020 was in line with 2019’s figures, rising 1% on a constant currency basis. The operator said it expects its Group EBITDA to be in the range of £825m ($1.13bn) to £845m.
It was also announced earlier on 21 January that Jette Nygaard-Anderson has been appointed as the new CEO of Entain with immediate effect.
Outgoing CEO Shay Segev said: “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.
“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.”