Entain FY24 results: Brazil NGR up 41%

Entain has released its financial results for FY24. In total, net gaming revenue (NGR) excluding the US was up 7% year-over-year to £5.16bn ($6.66bn), with gross profit following a similar trajectory, also up 7% to £3.12bn. Underlying EBITDA meanwhile was up 8%, totaling £1.09bn.  

Despite this growth, underlying operating profit was down 4% year-over-year to £616.6m, though loss after tax decreased from last year £878.7m to £461m.

Stock prices have reacted well to the report, with prices up over 27% at the time of writing (10am GMT) to 772.8 GBp.

BetMGM 

BetMGM is a joint venture between MGM Resorts and Entain. When accounting for Entain’s 50% share of BetMGM, its FY24 NGR was up 6%, or 4% on a proforma basis. It delivered a net revenue of $2.1bn, up 7%, with a 22% market share in iGaming and 8% market share in online sports. 

For further details, check out BetMGM’s FY24 results. 

Brazil and International 

Entain’s international segment includes territories such as Australia, Italy, Brazil and New Zealand. 

Up 6% in total, revenue came to £2.57bn, with sports accounting for £1.52bn, up 8%, and gaming accounting for £1.04bn, up 1%. Sports wagers totaled £12.38bn, up 3%. 

Underlying profit for the segment came to £407m, up 5%. 

Notable in this segment is a 41% increase in online NGR from Brazil – a market that became legal and regulated at the start of this year. Other territories of note include Georgia, where NGR was up 13%, and the Netherlands, where NGR fell 13% on a proforma basis. Australia, Italy and New Zealand grew by under 5%, while Germany remained stagnant. Other markets saw year-over-year growth of 8%.  

UK and Ireland 

On both a standard and pro forma basis, Entain’s UK and Ireland NGR remained stagnant. This is a result of a decrease in NGR of 6% in H1 and an increase of 7% year-on-year in H2, balancing results for the operator. It is also the result of online NGR being up 2%, while retail was down 1%. 

H2 growth may in part reflect the appointment of Gavin Isaacs as CEO, who took the role in September, though having resigned in February of this year, it is unclear whether this growth will continue into H1 2025.  

FY24 also saw active customers up 11% year-on-year. 

CEE (Croatia and Poland) 

The segment with the most significant year-on-year growth for Entain, however, was its CEE segment. Here, sports wagering was up 76% to £1.58bn, with sports NGR up 92% and gaming NGR up 12%, coming to a 62% increase overall at £488m. In total, gross profit for the segment was up 54% to £278.9m, with underlying operating profit coming to £152.9m, up 34% year-over-year.  

For further analysis of Entain’s UK, Ireland and CEE results, see our report on Gambling Insider.

Beth Turner

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