Entain Reports Steady Q1 2024 Performance
Entain plc has announced its first quarter results for 2024, covering the period from January 1 to March 31. The Group’s performance has aligned with expectations.
Recently, Entain has faced significant challenges. The multi-million dispute with BetCity, changes in executive positions, the search for a new CEO, and suggestions that the company might be sold have certainly not improved its standing. Despite these issues, Entain announced decent financial results for the first quarter of 2024.
Key Highlights of the Quarter
The first quarter saw Entain achieving a 6% increase in Net Gaming Revenue (NGR) on a constant currency basis, with a slight 3% decrease on a pro forma basis. These figures reflect both the strength and challenges within the industry, with significant contributions from strategic markets and operational initiatives.
- UK & Ireland NGR: The region saw a decrease of 7% in NGR, influenced by regulatory changes. However, strategic improvements are expected to position Entain’s brands for growth moving into 2025.
- International NGR: Showed an 8% increase, with positive performance offset by challenges in Australia, Netherlands, and Germany. Notably, Brazil demonstrated strong year-on-year growth due to operational enhancements.
- Central and Eastern Europe (CEE): This region continued to perform exceptionally well with an 11% increase in NGR, driven by strong results from SuperSport in Croatia.
BetMGM’s Performance and Market Position
BetMGM, a key part of Entain’s portfolio, reported a 2% increase in NGR year-over-year, maintaining a 14% market share in sports betting and iGaming in its operational markets.
Brand saw strong growth in customer acquisition and engagement, particularly during major events like the Super Bowl and March Madness.
Executive Insights
Stella David, Interim CEO of Entain, commented on the quarterly results: “Our Q1 performance was in line with our expectations, with growth reflecting both strong performances in many of our markets as well as known challenges in others. We are particularly encouraged by the level of customer engagement in the US following a successful Super Bowl and March Madness, as well as our return to growth in Brazil following the changes we implemented.”
Entain is committed to accelerating its operational performance with a keen focus on organic revenue growth, margin expansion, and winning in the U.S. market. The company is confident that its focused execution will drive growth into 2025 and beyond, building on the momentum of operational improvements, product enhancements, and organizational agility.
