Ladbrokes and Coral owner Entain says that takings at its UK and Ireland division have fallen 7% due to Government measures aimed at making gambling safer.
It said that net gaming revenues from its UK and Irish betting shops had fallen 6% during the first quarter, while its online takings had dropped 9%. It blamed the drop in its UK and Ireland revenues on its preparation for regulatory changes, such as the imposition of stake caps on online slot games.
Entain also saw a 2% revenue decline in the US, where it has BetMGM, a 50:50 joint venture with casino operator MGM. Although BetMGM saw good growth in its customer numbers, helped particularly by the Super Bowl, it said that it had been hit by a run of “customer friendly” sports results.
However, group gaming revenues overall rose 3%, thanks to growth in markets like Australia, the Netherland and Germany, while takings in central and Eastern Europe more than doubled.
Interim chief executive Stella David said: “Our first quarter performance was in line with our expectations, with growth reflecting both strong performances in many of our markets as well as known challenges in others.”
Entain has been searching for a chief executive since December, following the abrupt departure of Jette Nygaard-Andersen. David will move up to chairman once a new chief executive is in place.
