The net gaming revenue, also known as NGR, of Entain for the third quarter of 2023 has reportedly increased by 7%. This is compared to the numbers posted in the same quarter of last year. This is imperative to understand because there has been a significant increase in the holdings of the key members of the Entain Board.
Members include the Chairperson, Senior Independent Director, and Chief Executive Officer.
According to the casino news, Barry Gibson, the Chairman of the Board, has increased their shareholding by 93,700, for an estimated worth of £870,000. This is one of the most notable purchases in recent development. Stella David, the Senior Independent Director, now holds 95,000 shares after acquiring shares worth approximately £900,000.
Another major increase is in the holdings of the brand’s Chief Executive Officer, Jette Nygaard-Andersen. They have doubled their holdings from 31,000 to 65,400. As a matter of fact, this is more than double what they had earlier.
The overall holdings have gone up by 380,145 company shares, for a total of 665,682. This is merely 0.1% of the issued share capital.
NGR is one of the factors that may have caused this spike. Another factor is an increase in holdings by Dodge & Cox. The US-based fund management group now has a 10.3% stake compared to what it previously had, which was 5.2%. Members believe that this is their confidence in the brand following a successful quarter.
Jette has echoed a similar tone, stating that the brand has undergone a profound transformation in the last few years, adding that Entain has a strong foundation to help them in the next phase.
Moving forward, Entain plans to launch initiatives in Brazil, the US, and New Zealand to accelerate its growth.
The development comes days after the Corporate Affairs Director of Entain, Grainne Hurst, interacted with iGaming Express. Topics at the center of the discussion were responsible gambling, player protection, customer communication, and legal regulations.
Hurst highlighted that responsible gambling is at the heart of the brand’s operations, adding that they constantly review their initiatives in practice and work to identify areas where they can pursue growth and innovation. She expressed her pride in playing a pivotal role, exemplifying that RG means business.
As for communication, Hurst said that the brand favors strong regulation, and for that, they work with the government and regulators to ensure that the region is ideal for their operations.
A good Q3 performance reflects those sentiments, encouraging key board members to increase their holdings substantially. All eyes are now on its upcoming growth strategies in the three regions stated above, the results of which are likely to be reflected in the concluding quarter of this year.
