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Highlights:
Entain reports an 8% increase in total net gaming revenues for Q3, surpassing forecasts.
Strong performance in online revenues, particularly in the UK & Ireland, which rose by 6%.
New CEO Gavin Isaacs emphasizes strategic and operational improvements following the strong Q3 results.
Gambling and gaming group Entain (LSE:ENT) has raised its full-year outlook following a strong performance in the third quarter. The company, which operates well-known brands such as Ladbrokes, Coral, and SportingBet, reported a total net gaming revenue (NGR) increase of 8% for the three months ending September 30. When adjusted for constant currency, this growth rate is 10%.
The company’s partnership with MGM Resorts International through BetMGM also contributed positively, with reported NGR rising by 10%. Within the UK and Ireland market, NGR grew by 2%, bolstered by a 6% increase in online revenues, which effectively counterbalanced a 2% decline in retail performance. Similarly, international online NGR improved by 7%, while retail operations saw a slight dip of 1%.
The results exceeded market forecasts, prompting a revision of the company’s full-year outlook. With greater confidence regarding the remainder of the year, Entain anticipates mid-single-digit positive growth in online proforma NGR on a constant currency basis. As a result, the group’s earnings before interest, tax, depreciation, and amortization (EBITDA) is now projected to be towards the upper end of the previously communicated guidance range.
Gavin Isaacs, who recently took on the role of chief executive, remarked on the company's strategic and operational improvements. He noted that the robust performance in the third quarter reflects the progress made thus far and highlights Entain's commitment to enhancing its operational capabilities. The company’s focus on improving online offerings continues to drive positive momentum across various markets, setting a promising foundation for future growth and success.
