Ladbrokes owner Entain has reported soaring online revenues offsetting losses in its retail arm, as the FTSE 100 betting giant pursues US growth under new boss Jette Nygaard-Andersen.

The company, previously GVC Holdings, said that in the year to end December it saw online revenues up 28% on 2019 to £2.7 billion - taking it to more than 20 consecutive quarters of double-digit online growth. But revenues across its retail estate fell 40% to £875 million.

Entain, which is also behind betting brands including Coral and Sportingbet, said group underlying operating profit was up 2% on 2019, to £529.5 million. The firm's 2020 US revenues were up more than 130% to $178 million (£128 million).

London-listed sports gambling operators are all focusing on US growth as the country sees a boom in the sector following a 2018 Supreme Court ruling allowing states to decide on legalising sports bets.

Entain is currently the third-largest operator in the space behind Paddy Power owner Flutter and US firm Draft Kings, offering BetMGM - a joint venture with Nevada-based casino operator MGM Resorts.

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Finance chief Rob Wood told the Standard the firm expects the total addressable market in the US to exceed $20 billion in annual revenues, and that it is targeting a 15-20% share. He said Entain currently has an 18% market share, and has Draft Kings "firmly in our sights".

The firm recently rejected an approach from MGM that valued the business at £8.1 billion, saying that it "significantly undervalues the company and its prospects”. MGM has to wait six months before it can return with another offer.

Wood said the firm is now "in expansion mode" and that executives "are delighted with our online trading around the world".

The betting giant's former chief executive Shay Segev stepped down in January after less than six months to join sports media firm DAZN, to be swiftly replaced by Andersen - the first female boss of a major listed betting company.

Andersen joined Entain after a long period at Swedish e-sports and gaming group MTG. Wood said the firm is "very proud" to be one of just a handful of FTSE 100 companies with a female chief executive, saying that it is "fantastic internally" and "good for the reputation of the industry".

Analysts at Peel Hunt said they believe Entain's US success is "not yet reflected in the share price".

Shares were down 0.2% on Thursday morning

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