Entain Plc Reports Strong Momentum in Q1 2023

Entain Plc, a global sports betting, gaming, and interactive entertainment group, has reported strong momentum in its operations around the world, with record levels of active customers. The company’s financial highlights show that its Q1 Group Net Gaming Revenue (“NGR”) was up by 15% (+11%cc1), with online NGR up by 16% (+11%cc1), demonstrating a strong momentum in line with expectations.

Entain’s Q1 performance was boosted by its acquisition of 365scores, which broadened customer appeal and supported online growth. The company has also partnered with TAB New Zealand (“TAB NZ”) to provide wagering operations in New Zealand. Entain’s strategic focus on growth opportunities has further diversified and expanded across regulated markets and products.

The company’s Q1 NGR for retail was up by 14% (+13%cc1), while its BetMGM platform continued to grow strongly, delivering in line with guidance of $1.8-$2.0bn for 2023. BetMGM had a Q1 NGR of approximately $470m, up by 76%, following successful Super Bowl and March Madness campaigns. The platform’s player economics continue to support state cohort profitability, and it remains on track to deliver positive EBITDA in the second half of 20234.

Entain’s iGaming leadership was also confirmed, with 28%3 market share and established amongst leading operators with 17%2,3 share in sports-betting and iGaming markets where BetMGM operates. The company’s commitment to sustainability and responsible gaming was also evident, with ongoing progress across its sustainability strategy. Entain is the only global operator with 100% revenue from regulated or regulating markets, and its two-year programme with Gordon Moody Charity will continue to fund responsible gaming support.

Entain’s CEO, Jette Nygaard-Andersen, expressed her confidence in the company’s customer focus, diversification, and ability to grow organically and through M&A. She noted that Entain’s Q1 performance was a strong start to 2023, with underlying momentum continuing across the company’s operations globally. The company expects to demonstrate further progress against its strategy as it focuses on growth opportunities and diversification in regulated markets.

“2023 is off to a strong start, with continuing underlying momentum across our operations around the world. We are delivering both financially and strategically, with a record number of active customers enjoying our products, and we are executing on growth opportunities to further diversify and expand across regulated markets. In the US, BetMGM continues to grow in line with expectations and enjoyed a successful quarter which included the Super Bowl and March Madness.

Looking ahead, we remain confident that our customer focus, diversification and proven ability to grow organically and through M&A will enable us to demonstrate further progress against our strategy.”