Interim CEO Stella David said Entain is “fully engaged” in delivering “greater organisational agility and efficiency” as the group’s Q1 trading update revealed a six per cent rise in total group net gaming revenue.
Although, the six per cent rise on a constant currency basis came as group NGR, including the 50 per cent share of BetMGM, dropped by three per cent on a pro-forma basis.
Group pro-forma online NGR, excluding the US, dopped by two per cent on a constant currency basis but was supported by 11 per cent pro-forma growth in active customers across the period.
Stating Entain’s results were “in line with our expectations,” David said Entain is “particularly encouraged by the level of customer engagement in the US following a successful Super Bowl and March Madness,” and pointed to the group’s “return to growth in Brazil.”
Sticking with Entain’s International ventures, NGR in this segment was up by eight per cent on a constant curreny basis but down by two per cent on a pro-forma basis.
“Positive performance across many of our markets,” Entain said, was offset by “expected softness in Australia, the Netherlands and Germany.”
However, elsewhere in Europe, Entain’s CEE arm, which includes Croatian operator SuperSport and Polish operator STS, showed NGR growth of 11 per cent on a constant currency basis, with SuperSport “performing particularly strongly.”
Although, Entain’s UK and Ireland NGR for Q1 was down by seven per cent on a constant currency basis due to “the effects of our regulatory implementation,” Entain said.
“Overall, we are pleased with the progress being made against our plan to accelerate Entain’s operational performance,” David said.
“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 US.
“We remain confident that our continued focused execution will drive organic growth into 2025 and beyond."
