POSITION: WTGBET > Online Casino Games > Entain Q3 2023: Group NGR increases by 7%
Hot News

Entain Q3 2023: Group NGR increases by 7%

Updated:2024-03-20 10:17    Views:94

Entain has shared its Q3 2023 results for the period from 1 July to 30 September 2023, reporting a total group (including US) net gaming revenue (NGR) increase of 7%.

Group NGR (excluding US) also increased by 7%. However, sports NGR only reported a small 1% increment on last year’s figures for the same period; this could partly be attributed to a 6% decline in wagers.

Meanwhile, online NGR rose by 9%; and retail NGR increased by 4%. Online continued a strong growth in active customers rising by 26% year-on-year.

Entain’s collaboration with MGM Resorts' BetMGM continues to perform strongly with a Q3 NGR of approximately $458m, up 15% from Q3 2022.

The report also stated that Entain has an 18% market share in markets where it operates (excluding New York) in sports betting and online gaming.

The company stated that it is on track for FY2023, with NGR at the upper end of $1.8-$2bn guidance, and it looks to also be EBITDA positive in H2 2023. Additionally, the 2024 online EBITDA margin is expected to be between 24%-25% for FY2024.

Future goals include: driving US market share to 20-25% ‘through investment in product and pricing capabilities, customer acquisition and maximising the omnichannel opportunity’. Additionally, Entain also wishes to return to organic growth in line with its markets from 2025.

Delivery of Project Romer will support expansion of Online EBITDA margin to 28% by 2026 and 30% by 2028.

Entain also plans to appoint four new non-executive directors, including Amanda Brown’s appointment from 8 November 2023.

Jette Nygaard-Andersen,Online Casino Games Entain’s CEO, commented:

“Entain has undergone a profound transformation over the last few years, and now has strong foundations from which to move into its next phase of growth. We have made significant investments in responsible gambling initiatives. While these steps have impacted EBITDA, they are unquestionably the right thing to do to improve our long-term prospects.

“From here, we have a clear plan to focus our portfolio for organic growth, drive our market share in the US, improve our operational leverage, and increase our EBITDA margins. The wide range of initiatives that are underway will cement our position as a customer-focused industry leader, enable us to achieve our strategic ambitions, and deliver enhanced returns for all our stakeholders.”



----------------------------------