Entain reports that the group's Net Gaming Revenue (NGR) for the third quarter of 2024 increased by 8%, thanks to the online growth of its US joint venture, BetMGM.
The company's trading update covers the period from July 1, 2024, to September 30, 2024, showing that online NGR grew by 10%, with significant contributions from international markets such as Brazil, Central and Eastern Europe (CEE).
In the UK and Ireland, online NGR grew by 6% due to the digital business performing beyond expectations. However, retail NGR in the region declined by 2%, reflecting weaker performance in physical stores.
In international markets, driven by strong growth in online business, NGR in Central and Eastern Europe increased by 11%, while retail business in the region grew by 2%.
The joint venture between Entain and MGM, BetMGM, which each hold a 50% stake, performed exceptionally well with an NGR increase of 18%. This growth is attributed to product improvements, including enhanced betting options for the 2024 NFL season.
Following better-than-expected results for the third quarter, Entain has raised its full-year performance forecast, now expecting EBITDA to reach between £1.04 billion ($1.3 billion) and £1.09 billion.
It is worth noting: The operator stated that the continued growth in its core markets and positive trends in both online and retail businesses are reasons for its increased confidence.
Earlier this year, Entain completed a strategic review of its Georgian brand Crystalbet, but due to its strong growth potential, the company has now decided to retain the business.
The operator has also enhanced BetMGM's services, including new betting features launched during the NFL season, aimed at increasing customer engagement.
Looking ahead, Entain expects this year's online NGR to grow by a mid-single-digit percentage, with full-year EBITDA expected to reach between £1.04 billion and £1.09 billion.
