Entain share price was among the best-performing stocks in UK’s benchmark FTSE 100 index on Tuesday, off the back of better-than-expected Q1 results. The FTSE 100 index was trading higher, following a jump in mining and banking stocks which were boosted by China’s economic recovery and Wall Street earnings, respectively. At press time, the ENT stock price was trading 5.63% higher at 1377.5p.
Entain Tops Expectations
Entain plc is an international sports betting and gambling company. The company has several operations, including Online, UK Retail, European Retail, Corporate, and Others which include betting and gaming activities. Entain is the parent company of Ladbrokes, the biggest betting company in the United Kingdom.
The British betting and gambling company was in the limelight on Tuesday after publishing its results for the first quarter of 2023. Entain reported higher quarterly net gaming revenues for Q1, on the back of acquisitions and an increase in the number of gambling customers in the UK.
Gambling companies have been reaping from the reopening of betting shops over the past year. Even so, stiff regulation, as well as the continued rise in the cost of living crisis, has continued to weigh on the sector.
Entain said on Tuesday that net gaming revenues (NGR) rose 15% during the first quarter. The company’s online NGR rose 11% on constant currency for the three months ending March 31. Entain reported a 19% increase in its active customers from a year earlier and a jump in demand for its retail units. Its net retail gaming revenue rose 13% over the quarter, while its total net gaming revenue jumped 17% on constant currency.
“2023 is off to a strong start, with continuing underlying momentum across our operations around the world. We are delivering both financially and strategically, with a record number of active customers enjoying our products, and we are executing on growth opportunities to further diversify and expand across regulated markets.”Jette Nygaard-Andersen, Entain chief executive
Entain Share Price Outlook
Entain share price has staged a strong comeback in the past few weeks, climbing more than 16% from its lowest level this year. The ENT stock has managed to move above the 25-day and 50-day moving averages on the daily chart. Its Relative Strength Index (RSI) has moved higher to 66.
Therefore, the Entain share price is likely to continue moving higher in the ensuing sessions as buyers eye the next resistance level at 1415p. The stop-loss for this trade will be 1315p.