With Q3 Results just in, finally some good news for beleaguered U.K. gambling giant Entain.
The owner of storied Ladbrokes Coral, PartyCasino, Sportingbet and bwin, among others, now affirms it is on track to exceed its financial guidance for FY24 and is expecting EBITDA of up to £1.09 billion (US$1.41bn).
Group Net Gaming Revenue (NGR) increase by eight percent in the quarter ending September 30, bolstered by a 10 percent growth in Online NGR outside the US.
Standout Brazil
The UK and Ireland returned to year-on-year growth earlier than anticipated, while all key markets reported NGR increases.
BetMGM, the group’s US joint-venture with MGM Resorts International posted an 18 percent rise in NGR and experienced stabilisation in its market share, with notable growth in iGaming — featuring enhanced parlay options and player prop offerings, supported by Angstrom’s pricing technology.
Internationally, Entain’s NGR grew by nine percent with a standout 48 percent increase in Brazil and robust growth in Croatia through SuperSport.
Entain continues to deliver on its strategic priorities, including revenue growth, margin expansion, and a focus on the US market, said the Omnichannel in a press statement.
New Leadership
Now under new leadership, with Gavin Isaacs as CEO and Stella David as Chair, the company has refined its focus on core product and technology advancements, driving improvements in customer experiences and platform capabilities.
A review of strategic options for Crystalbet, Entain’s Georgian brand, concluded with a decision to retain the asset due to its growth potential within Entain’s portfolio.
Commented Gavin Isaacs: “My first few weeks as CEO of Entain have reaffirmed my view that this is a very good business operating in a highly attractive global industry.
“Entain has great brands, an enviably diverse global portfolio and is bursting with talent, ambition and opportunities.
“[We are] already on a path of strategic and operational improvement, with the strong Q3 performance demonstrating the progress achieved so far.
“We are at the beginning of the journey and I’m looking forward to accelerating our progress, leading the business in our next growth chapter and capturing the many exciting opportunities ahead.”
