Entain plc, a global leader in sports betting and gaming, recently unveiled its unaudited financial report for the third quarter of 2023, shedding light on the company’s performance between July 1 and September 30, 2023.
Entain reported a remarkable 7% increase in its total group net gaming revenue (NGR), encompassing its US-facing operations. Even when excluding the US market, the company’s NGR still showed an impressive 7% growth. A deeper dive into the numbers reveals notable growth in both retail and online operations. Retail revenue surged by 4% during Q3, while online operations witnessed a substantial 9% increase. Further analysis indicates that iGaming operations were the standout performers, growing by 14%, whereas online betting saw a 1% uptick during the third quarter of the year.
BetMGM’s Success in the US Market
The report highlighted the success of BetMGM, a key player in Entain’s US operations. BetMGM’s Q3 NGR reached a remarkable $458 million, marking an 8% increase as indicated in the trading update. In addition to this, BetMGM claimed an impressive 18% market share in the iGaming and sports betting sectors where it operates, excluding the New York market.
Entain attributed some of BetMGM’s success to the start of the NFL season, which had a positive impact on its performance. The company emphasized its commitment to delivering unmatched and engaging experiences to its customers.
Entain’s CEO, Jette Nygaard-Andersen, highlighted the company’s transformative journey over the past few years, which has laid a solid foundation for future growth. She also emphasized the company’s dedication to responsible gambling and its significant investments in this area, acknowledging that such steps may have affected EBITDA but are essential for long-term prospects.
Nygaard-Andersen expressed her confidence in Entain’s future growth and its ability to achieve significant milestones while delivering value to its stakeholders. She stated, “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.”
Looking beyond the third quarter, Entain disclosed that for the first nine months of 2023, its revenue had grown by a substantial 15%. This growth encompassed its BetMGM operations, which reported a remarkable 41% increase in revenue during the same period. Entain’s strong performance throughout the year underscores its position as a key player in the global sports betting and gaming industry.
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