Entain Revenue Grows in Line with First Quarter Expectations
In its latest trading update, Entain reported a 3% year-over-year increase in revenue for the first quarter of 2024, notwithstanding declines in the UK and Ireland.
Entain first quarter revenue proves in line with expectations.
LISTEN TO THIS ARTICLE:The company’s performance was in line with its expectations, as it continued to see strong growth in several key markets.
The primary driver of the revenue increase was Entain’s operations in Central and Eastern Europe (CEE), where reported revenue climbed 124%. This was boosted by the company’s acquisitions of STS in Poland and Croatia’s SuperSport during 2023, with the latter performing particularly well in Q1.
Positive Performance in International Markets
Entain’s international business, excluding CEE, the UK, Ireland, and the US, also saw growth, with reported revenue up 4%. However, this was partially offset by weakness in markets such as Australia, the Netherlands, and Germany.
The company’s US joint venture with MGM Resorts International, BetMGM, continued to perform well, with a 2% increase in net gaming revenue (NGR). BetMGM maintained a 14% market share across sports betting and iGaming, though customer-friendly sports betting margins impacted the results.
In contrast, Entain’s UK and Ireland operations struggled, with reported revenue declining 7% due to the ongoing effects of regulatory changes. Both online and retail revenue fell in these markets.
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Commenting on the results, Stella David, Entain’s interim CEO, said that Q1 met the company’s expectations.
Our Q1 performance was in line with our expectations. Growth reflects 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. Also, 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.
Looking ahead, David said Entain remains confident in its ability to drive organic growth into 2025 and beyond, with a focus on operational improvements, product enhancements, and greater organizational agility and efficiency.
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