Entain records profit as online gaming jumps during pandemic

Entain committed to paying out dividend once uncertainty clears

Entain (LON:ENT), owner of Ladbrokes and Party Poker, made a profit in 2020 as online gambling rose during the pandemic.

The group confirmed an operating profit of £530m, up by 2% from 2019, with 89% of EBITDA coming from online business.

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The revenue generated from online gaming came in at £2.7bn, as 75% of the company’s revenue is now online.

Entain’s EBITDA increased by 11% during 2020 to £843.1m, while the company stated its commitment to paying out dividends once there is more clarity over the future impact of the pandemic.

The company’s share price is down by 1.77% on early morning trading.

Entain non-executive chairman Barry Gibson commented on the company’s results for the year-gone:

“It is a great testament to the quality of our people and the strength of our business model that the group’s growth continued during 2020, despite the Covid-19-related sporting cancellations and retail closures that were necessary at times during the year.”

“We have long talked about the importance of having a truly diversified business model and of not being overly reliant on any one product, brand, territory, or channel, and it was this approach that mitigated the impacts of the pandemic on our business so effectively.”

Earlier this month, Arena Racing Company and Entain confirmed a new long-term horseracing media rights deal as well as the creation of a greyhound racing joint venture.

The horseracing media rights element of the deal covers races from Arc’s 16 UK racecourses, which include Doncaster, Newcastle, Chepstow and Lingfield, along with content from South Africa and Australia and is based on turnover for both online and retail.

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