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Gambling company Entain upgraded its outlook on profitability as revenue grew in the fourth quarter of the year, led by a boost from retail growth.
Fiscal 2021 Earnings before interest, taxes, depreciation, and amortisation, or EBITDA, was expected to be in the range of £875 million to £885 million, ahead of previous expectations.
For the period from 1 October to 31 December 2021, net gaming revenue was up 4%, as retail grew 60% year-on-year, offsetting a 9% decline in online gaming revenue, which was due to 'particularly strong comparatives,' the company said.
For the full-year 2021, net gaming revenue rose 7%, with online growth up 12% offsetting a 3% decline in retail growth amid the impact of pandemic restrictions.
'All of our major markets have performed well. BetMGM, our hugely exciting business in the US, has been a particular highlight with FY21 net gaming revenue ahead of expectations and an upgraded outlook for 2022,' the company said.