Entain Q1 results: BetMGM NGR up 2%
Group revenue rises 3% year-on-year despite UK & Irish market hit. Entain does not give totals for Q1 reports, just percentile changes.
Entain has announced its Q1 financial results, indicating year-on-year growth with BetMGM revenues comprised of sports (online & retail) and iGaming up 2%.
The operator has posted an overall rise in net gaming revenue (NGR) of 3% year-on-year, or 6% on a constant currency basis, for Q1 2024. This figure includes the 50% share of BetMGM, Entain’s joint venture with MGM. Online NGR fell by 2% year-on-year, but was juxtaposed by an 11% growth in active customers.
BetMGM comprises 14% of the markets in which it currently operates, and has delivered a 2% rise in Q1 NGR for Entain year-on-year. It was a successful quarter in the US overall, with reports of increasing customer acquisition spurred on by major sporting events such as the Super Bowl and March Madness.
Growth was reported in Brazil, following ongoing investment in the region across 2023. In addition, the company’s investment in Central and Eastern Europe across 2023 – including the acquisition of STS which was labelled as ‘illogical’ by Eminence Capital at the time – has helped to boost reported revenue in the region by 124%, highlighting a substantial contribution to the overall results.
In the UK and Ireland, however, the news was not as encouraging, as the company continues to experience the effects of its regulatory implementation. In these regions, Entain has suffered a 7% decline in NGR – with retail revenue down 6% and online revenue down 9%.
Interim CEO of Entain, Stella David, commented on the results, saying, “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. Overall, we are pleased with the progress being made against our plan to accelerate Entain’s operational performances.”
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