Entain, a major gambling company, announced that its net gaming revenue for Q3 has increased by 7%, with growth seen across all segments of its business. The company shared its financial highlights for the three months ending on September 30, including its revenue from online gaming and sports betting, as well as its retail operations in various countries.
In the online business segment, revenue was 9% higher compared to the same period last year, driven by a 14% increase in revenue from online gaming. However, revenue from online sports betting only grew by 1%, attributed to a 6% decline in wagers despite a 0.5 percentage point increase in sports margin.
The company also reported a 4% increase in revenue from its retail operations in the UK, Ireland, Italy, Croatia, Poland, and New Zealand. In the US, net gaming revenue from the BetMGM joint venture with MGM Resorts was 8% higher, reaching approximately $458 million in Q3. BetMGM holds an 18% share of the markets where it operates, excluding New York, and a 26% share of the US market for igaming.
Entain forecasts full-year revenue for BetMGM to reach between $1.80 and $2.00 billion with expectations for the segment to be EBITDA-positive in the second half. CEO Jette Nygaard-Andersen highlighted the company’s strategic transformation over the past three years and outlined key initiatives to further improve its operational strategy.
The company is committed to a market portfolio optimized for organic growth, focusing on high-return markets like the US, Brazil, and Eastern Europe. Entain also aims to achieve an online EBITDA margin of 30% by 2030 and is implementing Project Romer to simplify the group, drive cost efficiencies, and achieve cross cost savings of £100 million by 2025.
Additionally, Entain is improving its governance by appointing new non-executive directors and has made significant investments in responsible gambling initiatives. Nygaard-Andersen emphasized the company’s plan to focus its portfolio for organic growth, drive market share in the US, and increase EBITDA margins, while cementing its position as a customer-focused industry leader.