Entain Achieves 6% Revenue Increase in First Half of 2024
Entain achieved a 6% increase in net gaming revenue in the first half of 2024, reaching £2.56 billion. Key contributions to this result came from international markets, particularly Brazil and Central and Eastern Europe.
Financial Highlights for H1
The company’s online NGR grew by 9%, excluding the U.S., attributed to a 13% rise in active customers. This surge was largely driven by strong performances in international markets. When assessed in constant currency terms, the company recorded a 10% increase in NGR.
Notably, Brazil was a standout performer, reporting a remarkable 28% rise in NGR, while Australia exhibited steady growth. In contrast, the UK & Ireland saw a 6% decline in NGR, primarily due to regulatory changes and a weaker retail sector.
Performance in Central and Eastern Europe
The Central and Eastern Europe (CEE) region also contributed positively to Entain’s overall performance, with a 12% increase in pro forma NGR. Particularly, SuperSport in Croatia, part of Entain’s CEE operations, reported a 17% boost in NGR, further bolstering the region’s contribution to the company’s financial success.
Entain’s financial results also highlighted a narrowed net loss after tax of £47 million ($60 million), a significant improvement from the previous year’s loss of £502.5 million ($637 million). The group’s EBITDA rose by 5% to £524 million ($664 million), with online EBITDA reaching £445 million ($564 million). However, retail EBITDA experienced a decline of 11%, totaling £140 million ($177 million).
In the United States, BetMGM, Entain’s joint venture, continued to show progress with a 9% increase in Q2 NGR. The joint venture has maintained a stable 13% market share and is poised to benefit from additional investments planned for the latter half of the year.
