Online gaming revenues at Ladbrokes owner Entain were in advance of expectations in the first quarter, helped by an increase in customers even as the British gambling group grappled with stiff competition and regulatory pressures in its main markets.

Gambling companies have repeatedly flagged regulatory pressures, with Entain expecting its annual profit to take a hit from some regulations in the UK and Netherlands at a time when competition in online gaming has stiffened.

The Flutter Entertainment rival, which is searching for a new CEO after the abrupt departure of Jette Nygaard-Andersen in mid-December, posted a 7 per cent fall in total revenue in its largest market, UK & Ireland.

The owner of Ladbrokes, Coral and Partypoker said online net gaming revenue inched lower 2 per cent in the three months ended March 31st, while total group net gaming revenue was up 6 per cent.

Consensus provided by the company showed that analysts on the sell-side expected online net gaming revenue on a pro forma basis to be down between 4 per cent and 6 per cent. – Reuters

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