Entain posts £5.16bn NGR for 2024 amid UK&I recovery, global expansion
Isle of Man-headquartered sports betting and iGaming major Entain plc has reported a 7 percent year-on-year increase in net gaming revenue (NGR) for 2024, reaching £5.16 billion ($6.6 billion). This growth is primarily attributed to a strong performance in its online segment and a notable recovery in the UK and Ireland markets.
Online segment fuels growth
The online division emerged as a significant growth driver, with compared to the previous year. This uptick is credited to effective customer engagement strategies, innovative product offerings, and enhanced cost efficiencies. Consequently, online earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 11 percent to £941 million ($1.22 billion), pushing the online EBITDA margin to 25.3 percent, surpassing initial projections.
UK and Ireland markets rebound
After facing regulatory challenges in the first half of 2024, leading to a 6 percent decline in NGR, the UK and Ireland markets rebounded with a 7 percent growth in the second half. This recovery is attributed to simplified customer experiences and a more streamlined operating model.
International expansion and challenges
Entain’s international operations experienced a 6 percent increase in NGR, with Brazil standing out by posting a 41 percent rise, driven by heightened customer activity. However, markets like Australia and Italy recorded single-digit growth due to challenging conditions. Central and Eastern Europe showcased impressive performance, with total NGR soaring by 62 percent, partly due to the acquisition of STS in Poland.
Financial highlights
- Revenue: Increased by 6.7 percent to £5.09 billion from £4.77 billion in the previous year.
- Operating Loss: Reported an operating loss of £250.1 million, primarily due to non-cash amortisation and impairment charges.
Leadership changes
The year witnessed significant leadership transitions. In December 2023, CEO Jette Nygaard-Andersen stepped down amid shareholder criticism over the company’s performance. She was succeeded by Gavin Isaacs, who resigned in February 2025 after only five months in the role, reportedly due to irreconcilable differences with the board over strategic decisions.
Stella David, a non-executive director, has since taken over as interim CEO.
Entain also faced legal challenges, including an investigation by the Financial Reporting Council into KPMG’s audits of the company’s 2022 accounts. Additionally, the company dealt with regulatory scrutiny over alleged bribery in its Turkish business and court action in Australia concerning anti-money laundering failures.
Entain Plc’s shares were trading 0.19 percent lower at 722.20 GBX on the London Stock Exchange. The company’s shares dropped close to 3 percent in the last month, falling short of the FTSE 100 Index, which dropped close to 1.3 percent during the said period.
