Operator News
Entain makes ‘good progress on operational improvements’ with six per cent increase in Q1
By Phil - 17 April 2024
Entain has said it has made ‘good progress improving the operational performance of the business to drive organic revenue growth’ from January 1 to March 31 with revenues up six per cent.
Whilst the UK & Ireland was down seven per cent due to the effects of regulatory implementation, positive performance across many markets, partly offset an expected softness in Australia, Netherlands and Germany. It said its actions in the UK were driving operational improvements, positioning its brands well for growth into 2025. There was also an encouraging return to good year on year growth in Brazil, driven by ongoing operational improvements initiated in 2023. In spite of strong volume growth, NGR in Italy was impacted by customer-friendly sports margins
Entain CEEÂ continued to perform well with NGR up 11 per cent with SuperSport in Croatia performing particularly strongly.
BetMGM was up two per cent year on year with a 14 per cent market share in sports betting and iGaming in the markets where it operates. The operator saw strong growth in customer acquisition, supported by successful Super Bowl and March Madness engagement and improving app and product capabilities. Entain said that with an enhanced player experience and exciting pipeline ahead, including more Angstrom powered offerings, BetMGM is well positioned to invest for future growth.
Stella David, Interim CEO of Entain, commented: “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.
“Overall, we are pleased with the progress being made against our plan to accelerate Entain’s operational performance. There is still more to do, but the team is fully engaged in delivering operational improvements, product enhancements, as well as greater organisational agility and efficiency. We look forward to building on this momentum as we focus on our strategic priorities of organic revenue growth, margin expansion and winning in the US. We remain confident that our continued focused execution will drive organic growth into 2025 and beyond.”
