Key points:
- Entain’s total NGR grew by 8% for Q3 2024
- Online NGR increased by 10%, with strong contributions from international markets
- BetMGM saw an 18% rise in NGR, driven by product enhancements
- Entain also concludes not to sell CrystalBet
Entain has reported an 8% increase in total group net gaming revenue (NGR) for the third quarter of 2024, driven by online growth in its US joint venture, BetMGM.
The company’s trading update, which covers the period from 1 July to 30 September 2024, revealed a 10% rise in online NGR, with international markets such as Brazil and Central and Eastern Europe (CEE) contributing significantly.
In the UK and Ireland, online NGR grew by 6% as the company’s digital operations outperformed expectations. Retail NGR in the region, however, declined by 2%, reflecting a weaker performance in physical venues.
In international markets, CEE saw an 11% increase in NGR, driven by strong online growth, while retail operations in the region rose by 2%.
BetMGM, Entain’s 50-50 joint venture with MGM, delivered a standout performance, with NGR up by 18%. This growth was attributed to product improvements, including enhanced betting options ahead of the 2024 NFL season.
Entain has upgraded its full-year guidance, now expecting EBITDA to be at the upper end of its £1.04bn ($1.3bn) to £1.09bn range, following stronger-than-expected results in Q3.
Good to know: The operator cited continued growth across its core markets, and positive trends in both online and retail operations as reasons for its increased confidence
Earlier this year, Entain completed a strategic review of its Georgian brand, Crystalbet, but it has now decided to retain the business due to its strong growth potential.
The operator has also enhanced BetMGM’s offerings, including new betting features launched in time for the NFL season, aimed at improving customer engagement.
Looking ahead, Entain expects online NGR to grow by mid-single digits for the year, with full-year EBITDA anticipated to reach the upper end of the £1.04bn to £1.09bn range.
