Entain Q1: CEE up over 100%, but UK&I falls; pro forma NGR down 3% overall

The UK and Ireland segment was down across online and retail, while these grew by over 100% in Central and Eastern Europe.  

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Entain has reported its financial results for the first quarter of 2024. Overall, total group net gaming revenue (NGR) including Entain’s 50% share in BetMGM, grew 3%, or 6% on a constant currency (CC) basis. On a pro forma CC basis, however, group NGR fell 3%.  

Only percentile changes were given in the report.  

Central and Eastern Europe 

The Central and Eastern Europe (CEE) segment experienced significant year-on-year growth for Entain. In total, reported NGR grew 124%, and 130% on a CC basis, with the online sector only slightly outperforming the retail sector – all still showing growth of over 100%. 

Online NGR grew 133% on a CC basis while retail grew 116% on the same basis. When looking at gaming NGR and sports NGR, which was only reported on a pro forma CC basis, gaming was up 30%, while sports was up 6%.

Entain's overall results have seen its share price rise 3% this morning.

Pro forma CC 

Pro forma results include all of Entain’s 2023 acquisitions as if they had been part of the company from the first day of 2023. The company was notably called out by various bodies including Eminence Capital for the rate of these acquisitions, with the acquisition of STS described as ‘tone deaf’ by the investment firm. 

On this basis, UK and Ireland figures remained the same at a decline of 9% in online NGR and 6% in retail NGR. Across reported, CC and pro forma CC results, overall NGR for this segment fell 7%.

While international NGR was up 8% on a CC basis, it was down 2% on a pro forma CC basis. Entain, excluding the US, saw a similar decline, up 6% on a CC basis but down 3% on a pro forma CC basis. 

The CEE segment was the area most affected by pro forma results, having grown only 11% on this basis while having originally grown 124% on a reported basis and 130% on a CC basis.  

We will provide a further analysis of these results in this week's GI Friday.  


Interim CEO Stella David, who took on the role following the departure of Jette Nygaard-Andersen in December, said of the results: “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 remain confident that our continued focused execution will drive organic growth into 2025 and beyond." 

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