Entain has provided a trading update on its early H2 performance, with online net gaming revenue (NGR) reportedly surpassing expectations.
This comes ahead of investor meetings scheduled for the week of 9 September 2024, where the company is expected to provide further updates on its strategic progress.
Naturally, the operator will have wanted to highlight the positives ahead of such a week. But the market has responded well; Entain's share price is up 7% to £6.86 ($8.98) at the time of writing.
Newly appointed CEO Gavin Isaacs, who officially assumed his role on 2 September 2024, will lead the discussions, with outgoing Chair Barry Gibson set to be succeeded by Stella David at the end of the month.
This leadership transition follows Isaacs' appointment in July 2024 and David has been working alongside Isaacs to ensure a smooth handover.
Entain's US joint venture, BetMGM, has reportedly been a key driver of the company’s growth, particularly with new features introduced ahead of the 2024 NFL season. These include enhanced parlay and player prop offerings, powered by Angstrom’s market pricing capabilities and streamlined live betting and bet slip functions.
BetMGM also became the first sports betting app to offer Nevada customers a nationwide digital wallet.
In terms of trading performance, Entain's momentum from the first half of the year has continued, with the company reporting better-than-expected results.
Online NGR for the UK and Ireland returned to year-on-year growth earlier than anticipated, driven by improved volumes and margins in both gaming and sports betting.
International and Central and Eastern European markets also contributed to the company’s positive performance, with notable growth in these regions.
Entain’s interim results for the first half of 2024, released in August, had already shown a 6% year-on-year increase in total group NGR, bolstered by stronger-than-expected win margins during the UEFA Euro Championship and a solid second-quarter performance.
