Entain Posts Strong Growth with Group NGR Up by 7% In Q3

The global sports betting and gaming group, Entain plc, released its latest unaudited financial report, revealing insights regarding the company’s performance for the third quarter of 2023. The new update encompasses the trading period between July 1 and September 30, 2023. Overall, Entain reported a 7% increase in total group net gaming revenue (NGR), including its US-facing operations. Excluding the US market, the company’s NGR was up 7%.

A breakdown of the total NGR without Entain’s US-facing operations shows an uptick within its retail and online operations. Retail revenue grew by 4% in Q3 this year, while the total online operations were up 9%. A further breakdown reveals that while iGaming operations were up 14%, online betting marked 1% growth for the third quarter of this year.

Focusing on the US market, Entain acknowledged the growth of BetMGM. The company said the brand continues to perform well with Q3 NGR hitting $458 million. This result represents an increase of 8%, reveals the newly released trading update.

In its Q3 report, Entain revealed that BetMGM holds approximately an 18% market share within the iGaming and sports betting markets where it operates. It’s important to note that this figure excludes the market in New York. According to the leading gaming and betting company, the recent start of the NFL season positively impacted the performance of BetMGM, while at the same time, enabling customers to benefit from unrivaled and engaging experiences.

A Bright Future Lies Ahead for the Company

Jette Nygaard-Andersen, Entain’s CEO, revealed that in the last couple of years, the company has gone through a transformative period. According to her, this transition helped it build a solid foundation that would propel Entain’s growth.

Moreover, Nygaard-Andersen underlined the importance of responsible gambling, confirming that the company has made significant investments in such initiatives. “While these steps have impacted EBITDA, they are unquestionably the right thing to do to improve our long-term prospects,” she added. Finally, Nygaard-Andersen predicted that by growing and expanding, Entain would be able to achieve important milestones while delivering value for its stakeholders.

“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.“

Jette Nygaard-Andersen, CEO at Entain

Focusing on the bigger picture, Entain uncovered details regarding its performance for the first nine months of 2023. For the period between January 1 and September 30, 2023, Entain’s revenue grew by 15%. This includes its BetMGM operations which saw an uptick of 41% in revenue for the first nine months of the year.