Entain has reported “better than expected” Q1 results as the FTSE 100 operator also named Stella David as its permanent CEO.
Total group NGR, including the 50% share in BetMGM, was up 9%. BetMGM’s trading update published yesterday, 28 April, showed the JV was making strong progress.
Excluding US operations, revenue was up 8%, with a 10% jump in online revenue and a 2% uptick in retail – all on a constant currency basis.
Entain said the online gains, which tracked to a 6% rise on a reported basis, were due to strong volumes in the UK and operator-friendly results.
Those strong volumes, found in the UK and Ireland (UK&I) online arm, were offset by softer retail gaming performances in the market.
Staying with UK&I, NGR rose 10% on a constant currency basis, with a 23% leap in online and 1% dip in retail.
“UK&I online NGR beat expectations due to strong volume growth (+21%), which we anticipate will be ahead of the market,” the company said.
The online performance was powered by igaming, with NGR rising 24%, although sports NGR also rose 18% on the back of a 10% jump in total wagers.
In the international division, NGR was up 5%. Online NGR rose 4% year on year (YoY), while retail spiked 11% for the business.
Brazil remains the largest market within the division, with NGR up 31% YoY. The regulated Brazilian market launched on 1 January, with Entain able to maintain its performance levels.
However, Australian NGR was down 8% due to customer-friendly results.
Entain CEE, comprising STS in Poland and SuperSport in Croatia, reported a NGR rise of 12%, with online up 13% and retail rising 11%.
The BetMGM trading update revealed record igaming NGR for the JV, up 27%, and a 68% rise in online sports betting NGR.
While bosses said they were “encouraged” by the first three months of the year, they would be retaining the existing guidance.
The firm added: “Entain reiterates its expectation for online NGR growth of mid-single-digit percent in 2025 on a constant currency basis and remains comfortable with market expectations for full-year 2025 EBITDA.”
The Q1 trading update has coincided with Entain naming Stella David as its permanent CEO, with the exec stepping into the space left by Gavin Isaacs in February.
A board member since 2021, David will now be in charge of steadying the Entain ship after some years of turbulence.
David said: “We have made a strong start to 2025. Our improving operational execution saw us exit 2024 with clear momentum which has continued in Q1.
“Entain has a clear and compelling strategy with today’s results further evidence of its delivery. We are in the early stages of our journey of improvement and are driving ahead at pace.
“Entain’s portfolio of podium positions in attractive and regulated growth markets underpins the structural growth embedded in our business.
“We are confident that our current momentum and underlying growth will deliver quality and sustainable earnings with a clear pathway to generating over £500m of annual cashflow in the medium term.”
The post Entain Q1 performance “better than expected” on UK&I online and Brazil jumps first appeared on EGR Intel.
Operator says it will retain initial guidance for the time being, as Stella David gears up to lead the company on a permanent basis
The post Entain Q1 performance “better than expected” on UK&I online and Brazil jumps first appeared on EGR Intel.