Entain has posted a brief trading update for the second half of 2024, noting that UK&I Online returned to year-over-year growth “earlier than expected”.
The H2 trading update has been published by the company ahead of the investor meetings scheduled to take place this week.
Following on from its H1 financials in August, where interim CEO and Chair Designate Stella David stated that the results provided “clear evidence” that its operational performance is working, Entain has now stated that it continues to make “strong progress” as its focused execution is “bearing fruit” across its operational performances.
The company reported that online net gaming revenue growth so far in H2 is currently ahead of its expectations, while International and CEE regions “continue to perform well” and retail performance across regions “remains in line with expectations”.
As for the previously mentioned UK&I Online returning to YoY growth “earlier than expected”, Entain accredited this to “accelerated recovery across gaming and sports, with sports NGR benefiting from both stronger volumes and margins”.
The FTSE100 company also confirmed that Gavin Isaacs began his new role as Chief Executive Officer on 2 September, as well as further progress being made for its joint-venture BetMGM in the US with MGM Resorts International.
Isaacs was announced as Entain’s next CEO back in July, replacing David who will step into the role of Chair of the company at the end of September, as current Chair Barry Gibson will be retiring.
As for progress in the US, the company noted that ahead of the NFL season, BetMGM launched enhanced parlay and player prop offerings powered by Angstrom’s differentiated market pricing capabilities, in addition to streamlined live betting and bet slip features.
The BetMGM sports betting app also rolled out its Single Account Single Wallet, which offers Nevada bettors seamless, nationwide connectivity through a single, digital wallet.
Entain noted that it will be providing further details on the company’s trading performance and its outlook for the year in its third quarter update on 17 October 2024.