One of the leaders in the world’s sports betting industry, Entain, published a financial report for the first quarter of 2024, from January 1 to March 31, 2024.
Successful quarter across key markets:
According to the official press release the company published, they’re satisfied with the progress regarding operational performance and revenue growth. Overall, the performance and the results Entain achieved during the first quarter met the expectations.
Net Gaming Revenue (NGR) increased by six percent. However, the results from the UK and Ireland weren’t so great, since new regulations took place in these markets and it caused the revenue to drop by 7%. However, Entain is preparing for huge growth in the UK in 2025 since operational improvements were noticed in the market.
On top of that, the company saw a huge success in Brazil after operational improvements were conducted in 2023. The changes were seen in the Italian market as well since new customer-friendly sports margins were incorporated.
Entain saw a huge increase in the Croatian market thanks to a recently established deal with SuperSport, so net gaming revenues increased by 11%.
According to the source, BetMGM also saw an annual increase of 2%, as well as a 14% higher market share when it comes to the sports betting and iGaming market where the company is present. Thanks to increased interest in Super Bowl and March Madness events, the app’s engagement and product capabilities increased, which led to a huge improvement in customer acquisition.
Improving position in the global market:
Furthermore, Entain worked hard on improving the overall player experience, so the players will be able to enjoy a range of advanced products developed by Angstrom, and BetMGM will continue to invest in further development across all markets.
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 organizational 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 US. We remain confident that our continued focused execution will drive organic growth into 2025 and beyond.”
Entain is one of the leaders in the sports betting industry market. The company is present in both offline and online worlds, with several successful brands it operates, including sports betting leaders such as BetCity, Ladbrokes, Sportingbet, Sports Interaction, and many more. There are also gaming brands, including Ninja Casino, Optibet, Partycasino, and others. The biggest company’s project is BetMGM, one of the biggest sportsbooks in the US.
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