Entain PLC has released a trading update for the quarter ending on March 31st 2024 revealing Net Gaming Revenue (NGR) fell by 3% while revenues in UK and Ireland fell by 7%.
The company noted that the impact of regulatory implementation has adversely affected the UK & Ireland markets in particular.
The report also revealed positive results for BetMGM with revenues increasing by 2% and the operator claiming a 14% market share in the iGaming and sports betting markets it currently operates in.
No exact revenue figures were released in its trading update.
Q1 2024 Highlights
- UK & Ireland NGR – down 7%
- Online UK & Ireland – down 9%
- Retail UK & Ireland – down 6%
- International – down 2%
- Int. Online – down 1%
- Int. Retail – down 8%
- CEE – up 11%
- CEE Online – up 11%
- CEE Retail – up 9%
- BetMGM – up 2%
- Group NGR – down 3%
Stella David, Interim CEO of Entain, commented:
“Our Q1 performance was in line with our expectations, with growth reflecting both strong performances in many of our markets as well as known challenges in others. We are particularly encouraged by the level of customer engagement in the US following a successful Super Bowl and March Madness, as well as our return to growth in Brazil following the changes we implemented.
Overall, we are pleased with the progress being made against our plan to accelerate Entain’s operational performance. There is still more to do, but the team is fully engaged in delivering operational improvements, product enhancements, as well as greater organisational agility and efficiency. We look forward to building on this momentum as we focus on our strategic priorities of organic revenue growth, margin expansion and winning in the U.S. We remain confident that our continued focused execution will drive organic growth into 2025 and beyond.”
Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.