Entain’s Leadership Increases Its Stake in the Company

Gambling group Entain recently published its Q3 results, inspiring trust in the company’s position and the value of its shares. As a result, many members of the company’s board of directors have purchased Entain shares.

The company’s chief executive officer Jette Nygaard-Andersen, for example, purchased more than doubled her shareholding from 31,000 shares to 65,400 shares. In the meantime, Barry Gibson, Entain’s chairman purchased a whopping 93,700 shares, worth over a million dollars. Senior independent director Stella David, on the other hand, bought a total of $1.1 million worth of shares.

Entain’s leadership bought a total of 665,682 shares, which represents approximately 0.1% of Entain’s total shares.

The move demonstrates Entain’s confidence in its position and comes right after US mutual fund company Dodge & Cox more than doubled its stake in the global sports betting and gaming group. This has firmly cemented Dodge & Cox’s position as one of Entain’s biggest shareholders, second only to The Capital Group Companies. For reference, the latter firm holds a whopping 14.81% of Entain’s share capital.

Entain’s Business Remains Mostly Stable

As mentioned, Entain just published its Q3 results, reporting a 7% increase in total group net gaming revenue, including its US operations. The company reported an uptick across most verticals with the online segment recording a significant growth of 9%.

In the United States, the BetMGM brand, jointly owned by Entain and MGM Resorts International, continued to grow. The brand now holds a stellar 18% market share in the markets where it operates, excluding New York.

However, a recent statement by CEO Nygaard-Andersen implied that the tie-up with MGM Resorts might not last. While the executive didn’t disclose more on the matter, some speculated that a takeover of Entain’s business might be on the table.

In early October, Entain also downscaled its Unikrn esports brand, saying that it no longer aligns with the group’s overall business strategy. Entain acquired Unikrn in 2021, marking its foray into the esports sector. The gambling group spent several months reworking the brand but was eventually forced to scale it down amid job cuts in the Australian sector.