Online gaming was the driving factor behind a profit at gambling company Entain, which owns Ladbrokes, Foxy Bingo and Party Poker.
The business saw an operating profit of £530m in 2020, up two per cent on £521m, with some 89 per cent of EBITDA coming from its online presence.
EMBITA grew 11 per cent at the business last year to £843.1m. Entain said it was “committed” to returning to dividends “once the uncertainty caused by Covid-19 subsides”.
Online net gaming revenue stood at £2.7bn. Three-quarters (75%) of the betting business now operates online.
Entain non-executive chairman Barry Gibson said: “It is a great testament to the quality of our people and the strength of our business model that the group’s growth continued during 2020, despite the Covid-19-related sporting cancellations and retail closures that were necessary at times during the year.
“We have long talked about the importance of having a truly diversified business model and of not being overly reliant on any one product, brand, territory, or channel, and it was this approach that mitigated the impacts of the pandemic on our business so effectively.”