Entain Reports Strong FY24 Performance

Return to Growth and Strategic Expansion

In FY24, Entain saw its total Group Net Gaming Revenue (NGR), including its 50% share in BetMGM, increase by 6%, with a 9% increase on a constant currency basis. The Group’s performance excluding the U.S. showed even stronger results, with NGR up by 7% and online NGR outside the U.S. growing by 9%, reflecting improving trends throughout the year.

Entain’s online business outside the U.S. posted an impressive 13% NGR growth in Q4, surpassing expectations. This strong result was partially driven by favorable sports margins, particularly in key markets such as the UK and Brazil. In the UK & Ireland, online NGR grew by 21% in Q4, a clear sign of the company’s ability to recover quickly after a challenging start to the year.

Growth Across Key Markets

Entain’s growth was particularly noticeable in high-priority markets. Brazil, for example, saw a remarkable 41% increase in NGR year-over-year, with growth accelerating through Q4. The UK & Ireland showed a solid recovery, with online NGR growing by 14% in H2, driven by enhancements in the customer journey. Meanwhile, the company’s Central and Eastern Europe (CEE) operations continued their strong performance, contributing to the overall growth.

In the U.S., BetMGM’s performance remains a significant driver of Entain’s confidence for the future. BetMGM achieved NGR of $2.1 billion, up 7% year-over-year, and its progress in both iGaming and online sports has strengthened its position in the market. Entain is optimistic about BetMGM’s path to positive EBITDA in 2025 and its longer-term potential to reach $500 million in EBITDA.

Financial Performance and Operational Efficiency

Entain’s total Group EBITDA for FY24 reached £1,089 million, in line with the company’s upgraded guidance, marking a 12% increase year-over-year. Online EBITDA stood at £941 million, representing an 11% increase, while retail EBITDA decreased by 11%. Despite a reported loss after tax of £461 million due to one-off charges related to regulatory changes and impairments, the company’s adjusted diluted earnings per share (EPS) was 29.9p.

Entain continues to prioritize operational efficiency, with its Project Romer efficiency program on track to deliver annual net savings of £100 million by 2026. The company’s robust balance sheet, with £1 billion in available cash, ensures financial stability as it continues to expand.

Looking Ahead: Confident Outlook for 2025

With a strong start to 2025, Entain remains confident in its ability to continue its growth trajectory. The company anticipates mid-single-digit growth in online NGR for the year, supported by favorable sports margins and increased scale. Entain also expects the impact of regulatory changes, particularly in Brazil, to be manageable. BetMGM’s performance is also expected to remain strong, contributing to the company’s positive outlook.

The company’s pathway to generating over £0.5 billion in annual adjusted cash flow in the medium term further underscores Entain’s commitment to delivering long-term value to shareholders. Additionally, Entain’s proposed second interim dividend of £60 million highlights its shareholder-friendly approach.