Entain, the global sports betting and gaming group, today releases trading for the period 1 January to 31 March 2024.
In a note the Group states that it continues to “make good progress by improving the operational performance of the business to drive organic revenue growth.
- Group performance in line with our expectations Total Group Net Gaming Revenue (“NGR”), including BetMGM's 50% share, up +6% on a pro forma basis
- Proforma Group Online NGR (ex US) -2%, supported by 11% growth in active customers
- UK & Ireland NGR is down -7%, (Online -9%, Retail -6%) as we continue to experience the effects of our regulatory implementation
- Our actions that are driving operational improvements alongside the leveling of the UK regulatory landscape will position our brands well for growth in 2025.
- International NGR rose +8%, -2% on a pro forma basis (Online -1%, Retail -8%)
- Positive performance in many of our markets, partly offset by Australia, the Netherlands and Germany
- Encouraging return to good year-on-year growth in Brazil, driven by ongoing operational improvements starting in 2023
- Despite strong volume growth, NGR in Italy was impacted by sports margins to customers
- Strong growth in customer acquisition, supported by Super Bowl success and March Madness engagement, and improved app and product features
Stella David, interim CEO of Entain, commented:
“Our first quarter performance was in line with our expectations, with growth reflecting both strong performance in many of our markets. We are particularly encouraged by the level of customer engagement in the US following a Super Bowl and March Madness, as well as our return to growth in Brazil following the changes we have implemented.
Overall, we are pleased with the progress made against our plan to accelerate Entain's operational performance. There is still much to do, but the team is fully committed to delivering operational improvements, product enhancements, as well as greater organizational agility and efficiency. We look forward to building on this momentum as we focus on our strategic priorities of organic revenue growth, margin expansion and winning in the United States. We remain confident that our continued focused execution will drive organic growth in 2025 and beyond.”
In Italy Entain operates through various brands (e.g. Eurobet and GiocoDigitale).
