Entain sees record-breaking year for Formula 1 betting

Entain said it has seen a surge in popularity in betting on Formula 1 and expects to see a record-breaking year.?

The group, which said the rise in popularity was helped by Netflix series Drive to Survive, said the total number of clients betting on F1 has jumped by 50 percent from 2018 to 2021.?

It said the total number of bets on each season is up by 30 percent.?

According to Entain, most customers betting on the races during the period were from the U.K., at 35 percent, followed by Brazil and Germany at 17 percent.?

The group said with four races yet to go in the 2022 season, it has seen a gain of 18 percent in the number of clients betting, with a 121 percent increase for the The British Grand Prix held in July.?

?According to Formula 1, it was the fastest-growing major sports league in terms of follower growth in 2021. Followers on social media platforms increased 40 percent to 49.1 million, with video views up 50 per cent to 7 billion and total engagement up 74 per cent to 1.5 billion.

Netflix drives interest

“Our customers are finding Formula 1 an increasingly exciting sport to participate in – numbers are growing year on year, in line with the popularity of the sport,” Dom Grounsell, chief commercial officer at Entain, said. “ This has no doubt been helped by the hugely successful Netflix Formula 1 Drive to Survive series.”

The U.K-based company also put out a 3Q22 trading statement on Thursday, Entain said that net gaming revenue overall was up 2 percent, though was flat in constant currency terms. Online NGR was up 1 percent, while retail NGR grew 10 percent.

The company said its BetMGM venture in the U.S. now has a 23 percent market share and the group is on track for full year NGR of more than $1.3 billion. It said it expects to reach sustainable positive EBITDA next year.?

“Our business continues to perform well with good underlying momentum across the group, including in BetMGM,” CEO Jette Nygaard-Andersen said. “This illustrates the effectiveness of our growth strategy, the unique capabilities of the Entain platform, and the underlying strength of our diversified global business.?

?“We have healthy momentum across the business and look forward to a strong finish to the year which includes the World Cup.? Looking ahead, we remain vigilant of the economic backdrop. However, our diversified revenue base and robust business model enable us to remain confident in our ability to deliver on our growth and sustainability strategy.”

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