Entain Surpasses Expectations with Strong Q3 2024 Performance
The company reported growth across all key markets, with its online segment leading the way.
Entain delivered an impressive 8% year-on-year increase in total group net gaming revenue (NGR) for Q3 2024, including its share of BetMGM. This strong performance exceeded expectations, prompting the company to upgrade its full-year 2024 outlook. Entain raised its FY24 EBITDA guidance to the upper end of the previously announced range.
The company reported growth across all key markets, with its online segment leading the way. Excluding US operations and BetMGM, online NGR saw a 10% year-on-year rise. In the UK and Ireland, Entain returned to year-on-year growth ahead of schedule, with a modest 2% increase in NGR.
BetMGM stood out as a key performer, reporting an 18% year-on-year increase in NGR on a constant currency basis. Additionally, BetMGM stabilized its US market share at 15%, with particular strength in iGaming (22%) and a smaller 8% share in online sports betting.
Entain’s international operations also flourished, with Brazil’s NGR surging by 48% and Central and Eastern Europe (CEE) recording an 11% year-on-year growth on a pro forma basis.
CrystalBet Remains a Core Asset
In tandem with its Q3 results, Entain announced that it had concluded a strategic review of CrystalBet, deciding not to pursue a sale of the Georgian brand. The company cited CrystalBet’s continued strong growth and cash generation as reasons for retaining the asset.
“Third party interest did not exceed its value to Entain as an attractive part of our global portfolio,” the company stated. Initially identified as the only “non-core” asset in the group, CrystalBet was under strategic review, but its strong performance reaffirmed its place within Entain’s portfolio.
CEO Gavin Isaacs on Entain’s Future
Gavin Isaacs, who assumed the role of CEO in September 2024, expressed confidence in Entain's future and the progress made.
“My first few weeks as CEO of Entain have reaffirmed my view that this is a very good business operating in a highly attractive global industry,” Isaacs said. “Entain has great brands, an enviably diverse global portfolio, and is bursting with talent, ambition, and opportunities.”
He added, “We are at the beginning of the journey, and I’m looking forward to accelerating our progress, leading the business in our next growth chapter, and capturing the many exciting opportunities ahead.”
