Jan 21, 2021

Ladbrokes owner Entain grows online despite sports disruption

Ladbrokes owner Entain, which recently rejected an $8bn takeover approach, has reported its 20th quarter of double-digit online revenue growth despite the widespread disruption to sports during the coronavirus pandemic. In a trading update on Thursday, the company said that net revenue online increased 27 per cent in the year to the end of December compared with 2019, while retail sales fell by more than a third in the UK and Europe. MGM, Entain's joint venture partner in the US, this week dropped its attempt to buy the UK gambling company after disagreements over the value and structure of the deal and this month's shock departure of Entain's chief executive. Entain said on Wednesday that Shay Segev, the outgoing chief executive, would be replaced by Jette Nygaard-Andersen, a non-executive director on the Entain board who joined the group in 2019. In a statement Mr Segev said that 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".

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