StockMarketWire.com - Entain's net gaming revenue grew 11% for the six month period to the end of June 2021, despite the changing regulatory regime in Germany having an impact on the market.

Online net gaming revenue was up 38%, according to the interim results, driven by strong underlying performances in all key markets, a full sporting calendar and longer lockdown restrictions.

Retail net gaming revenue was down 46% reflecting estate closures through much of the period offset by encouraging early trends as shops re-open.

The company's net debt of £1.9bn at 30 June 2021, with net debt to EBITDA ratio of 2.2x following an active M&A programme and increased investment in BetMGM.

During the period, Entain successfully renewed its five year £590m Revolving Credit Facility and a new $1.1bn First Lien Term Loan B refinancing.

Jette Nygaard-Andersen, Entain's CEO, said: 'The quality and diversification of our businesses has enabled us to deliver our 22nd consecutive quarter of double-digit online growth, while also making excellent progress on our strategic priorities.

'In the US, BetMGM goes from strength to strength with our position as number two operator firmly established in the fast-growing sports-betting and iGaming market. We expect to be operational in around 20 states, representing 33% of the US adult population, over the next 12 months.'

He added: 'Entain has a long runway for sustainable growth built into our core business. In addition, our unique powerful platform puts us at the heart of the convergence of media, entertainment and gaming, providing us with exciting opportunities in interactive entertainment that we believe will further power our growth for many years to come.'

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