Entain has reported growth in total group net gaming revenue, excluding US operations, in 2024 to over £5bn, following “a year of transformation” for the group as described by interim CEO Stella David.
David added that the group’s “strategic and operational improvements are translating into strong performance” and that 2025 has begun “strongly” too as the operator builds on its “return to organic growth”.
FY24 results
For FY24, Entain stated that total NGR, including its 50% share in BetMGM in the US, was up 6% year-over-year to £6bn.
Ex US, total NGR rose by 7% YoY to £5.16bn (FY23: £4.83bn), while revenue increased by the same percentage to £5.09bn (FY23: £4.77bn) following the “benefit of annualisation of 2023 acquisitions, strong underlying performance” in several key markets and a return to growth in the UK.
Online NGR increased by 9% YoY to £3.72bn (FY23: £3.41bn), while retail NGR grew by 2% to £1.46bn (FY23: £1.43bn).
Group EBITDA rose by 8% YoY to £1.09bn (FY23: £1.01bn) which was driven by proforma EBITDA growth of 5% and the annualisation of 2023 acquisitions. Online EBITDA increased by 11% to £941m (FY23: £846m), while retail EBITDA declined by 11% to £261m (FY23: £293m).
The group’s loss after tax in FY2024 was £461m, compared to a £878.7m loss after tax in FY2023, which the operator says reflects “separately disclosed items charge of £876m which include impairments following known regulatory changes and heightened competitor activity in certain smaller markets”.
Entain also highlighted that adjusted earnings per share were 29.9p (46.9p excluding US) and a second interim dividend of c£60m is proposed, bringing the total dividend for the year to £119m.
As of 31 December 2024, the group’s adjusted net debt was £3.34bn and available cash was over £1bn.
In addition, Entain said that its Project Romer efficiency programme was “on track with upgraded annual net savings target of £100m in 2026”.
David commented: “2024 has been a year of transformation for Entain. I am delighted to see that our strategic and operational improvements are translating into strong performance; clear evidence that our strategy is delivering. I want to thank all my colleagues for their tremendous hard work and resilience.
“Entain has a high quality portfolio of iconic brands with podium positions in attractive markets. Our return to organic growth is the beginning of our rebuild journey; our momentum continues, and we have started the year strongly. I am incredibly proud of our achievements so far and look forward to our opportunities ahead.”
Segment performance
Per segment, Entain noted that its UK & Ireland NGR was flat on the year at £2.05bn, reflecting the group’s “accelerating recovery through the year with Q1 -7% to Q4 +13%”.
UK&I online NGR increased by 2% YoY to £984.6m (FY23: £964.3m) following “customer journey simplification and improving player experiences”, while retail NGR dropped by 1% to £1.07bn (FY23: £1.08bn) as strong sports margins and the completion of the Kascada cabinet rollout were offset by “some softness in the retail gaming market”.
International NGR rose by 6% YoY to £2.64bn (FY23: £2.49bn) following “strong underlying performance” in key markets. Online NGR increased by 6% to £2.33bn (FY23: £2.19bn), while retail NGR grew by 4% to £309.6m (FY23: £296.4m).
Brazil NGR increased by 41% YoY with Entain stating that they “remain confident that SportingBet is well placed for growth” in the market. Australia NGR grew by 1% “despite softness in the underlying market”, while Italy NGR rose by 3%.
Entain noted that its CEE operations (Croatia and Poland) “continued to perform well” as NGR increased by 62% YoY to £488m (FY23: £301.1m), reflecting its STS acquisition in H2 2023. Online NGR increased by 63% to £404.9m (FY23: £247.7m), while retail NGR rose by 56% to £83.1m (FY23: £53.4m). On a proforma basis, CEE total NGR rose by 12%.
BetMGM’s net revenue was up 7% YoY to $2.1bn with “strengthened sports product and increased iGaming marketing investment driving acceleration in growth and player engagement metrics through the year” and market share stabilisation at 14% – iGaming at 22% and online sports at 8%.
Outlook
Looking ahead, Entain has stated that it has started 2025 strongly. The operator noted: “Trading year to date reflects the benefit from operator friendly sports margins, and volumes in line with our expectations. In the US, BetMGM’s accelerating performance has also continued into 2025 including record SuperBowl results.”
In terms of guidance, the group said it has now passed “the most significant operational impacts of previous regulatory changes which created performance headwinds” and now expects “mid-single-digit percent growth in Online NGR in 2025” in line with its weighted average for underlying markets.
The group stated: “Entain remains comfortable with market expectations for FY2025. 2025 Online EBITDA margin is expected to be c25%, broadly flat year on year, with our increasing scale and operational efficiencies offsetting the impact of Brazil now operating in the newly regulated and locally taxed market from 1 January 2025.
“Continued operational and strategic progress underpin our confidence in Entain’s pathway to generating over £0.5bn of annual adjusted cash flow in the medium term.
“As previously announced, BetMGM expects FY25 to deliver revenue of $2.4-$2.5 billion and positive EBITDA.”
