It seems that the appointment of entain veteran Stella David as the new permanent CEO in April has proved a master stroke as the growing success of the group’s U.S. BetMGM joint-venture with MGM Resorts International brings the British betting giant back from the dead.
Undermined by successive years of torment over multiple money laundering scandals and a carousel of hot musical Chairs, entain’s shares had surged by 14.96 percent to GBX 863.80 by end of play yesterday on the news that the BetMGM sports book and iGaming site is poised to deliver an extra US$100 million (£73.64m) of net growth this year.
Full year net revenue is now expected to be US$2.6 billion in 2025 (£1.91bn), up from a previous estimate of US$2.5 billion (£1.84bn), the owner of blue chip Ladbrokes Coral, bwin, Sportingbet, PartyPoker and a clutch of other top international brands, posted in an unscheduled Trading Update.
“[We] remain excited about the significant opportunities ahead,” asserted the FTSE100 company.
“BetMGM’s strengthened business, revised strategic approach and performance momentum further reinforce confidence in future growth prospects and pathway to US$500 million EBITDA in the coming years,” entain said in a statement.
Money Laundering
BetMGM is now well on track to maintain its first quarter growth rate of 34 percent, year-on-year, into Q2, ending June 30.
Half-year results are scheduled to be published at the end of next month, July, said the company formerly known as GVC Holdings.
GVC, forged into an iGaming heavy-hitter by gambling “legend” Kenny Alexander, was brought to its knees by a money-laundering scandal involving its Turkish affiliate between 2011 and 2017.
Then in December 2024 entain’s Australia affiliate was also hit by a money laundering scandal.
Leadership
This, exacerbated by shareholder dissatisfaction, promoted rumours of a corporate take-over.
But this appears to have been headed-off by 62-year-old Stella David, a veteran entain executive, who was awarded leadership of the wounded gaming giant in April after serving as acting Chair and interim CEO — with the express aim of bringing back stability and consistent profitability.
And David appears to be succeeding admirably.
Founded in 2018 soon after the repeal of PASPA by the U.S. Supreme Court, which effectively greenlighted online sports gambling in the country, today BetMGM is generally considered to be the third most successful sportsbook and iGaming provider in The States, behind market leaders Flutter Entertainment’s FanDuel and Massachusetts-based DraftKings.
With online sports gambling now legal in 27 of the 50 U.S. states, all three books are surging to very significant profitability; although they are having to keep a sharp eye on their rearview mirrors to monitor fast-approaching prediction market sites, such as Kalshi and Robinhood, who are looking to disrupt and usurp sports betting action in the world’s biggest arena.
