(Reuters) -British gambling firm Entain reported a surge in first-quarter total net gaming revenue on Thursday, benefiting from a rebound at its retail shops even as online growth declined.
Entain, which owns Ladbrokes and Coral betting shops as well as bwin and partypoker online brands, said its total net gaming revenue rose 31% for the three months ended March 31.
Gambling firms profited especially during the lockdown as stay-at-home punters went online to entertain themselves. But online growth has slowed since economies gradually reopened and people ventured out again.
“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 instore experience,” Chief Executive Officer Jette Nygaard-Andersen said in a statement.
Entain, previously known as GVC Holdings, has withheld dividend payments in the past two years. Last month, the British gambling firm said it will use excess cash on acquisitions this year rather than shareholder payouts. Entain floated investments in January to develop products for the metaverse.
The company, which was the subject of two takeover offers over the past year, said revenue from online net gaming slipped 8% during the reported quarter.
(Reporting by Amna Karimi in Bengaluru; Editing by Sherry Jacob-Phillips)
