The interim results for the six months ending on June 30, 2024 (H1) were disclosed by Entain plc, a prominent gaming and sports wagering group, on August 8, 2024.
The Total Group Net Gaming Revenue (NGR), which included 50% BetMGM share, was up by +6%, +8%cc2, and 0%cc2. Online NGR excluding the US was also up by +9%, +11%cc2, +1%cc2.
The H1 results showed a stronger picture for Q2, outperforming the expected Euro win margin.
The online NGR performance showed positive growth from -2%cc2 YoY in Q1 to +5% cc2 YoY for Q2, while Brazil delivered a growth of +28% cc2 in H1.
Project Romer identified further efficiencies, projecting an increased net saving target for 2026 from £70 million to £100 million.
BetMGM accelerated its performance to deliver sequential revenue growth for the quarter and stabilized its market share prior to its increased expected investment.
Stella David will take over as chairperson on September 30 after Gavin Isaacs joins in the first week of September.
The results of FY24 are more robust than those anticipated in Q2. Stella David, the Interim CEO and Chair Designate, asserts that the H1 results of Entain are conclusive evidence of their diligent efforts to improve the operational performance of the Group.
It is anticipated that additional progress will be made, building upon the strong foundation established in H2 and beyond.
Gavin Isaacs’ appointment as the new CEO is anticipated to contribute to the Group’s enhanced operational momentum, as the team’s emphasis on execution enhances its performance.
Entain CEE continues to perform with NGR +12%, while Croatia’s SuperSport performs strongly at +17%cc2 YoY. BetMGM also delivered increased net revenue momentum in H1 and a stabilizing market share of 13%cc2. Angstrom-powered NBA and MLB offerings have shown positive results, and their expansion into various NFL sportsbooks is expected to drive further success in 2024.
