Entain reported a 7% year-on-year rise in net gaming revenue (NGR) to £5.16 billion ($6.6 billion) in 2024, as strong online growth helped drive a faster-than-expected recovery in the UK and Ireland.
The online segment saw a 9% rise in NGR, while retail revenue increased by 2%. Earnings before interest, tax, depreciation, and amortization (EBITDA) grew 8% to £1.09 billion ($1.41 billion), boosted by an 11% increase in online EBITDA to £941 million ($ 1.21 billion). However, retail EBITDA declined 11% to £261 million.
Including its U.S. joint venture with MGM Resorts, BetMGM, Entain’s total group NGR was up 6% to £6 billion ($7.75 billion).
Entain’s UK and Ireland operations rebounded in the second half of the year, reversing earlier declines with a 13% revenue jump in the fourth quarter. This recovery helped offset a 7% decline in the first quarter, which was largely due to regulatory changes impacting customer engagement.
Internationally, Entain saw strong growth across multiple markets:
• Brazil: NGR surged 41%, driven by a 42% increase in active players.
• Central and Eastern Europe (CEE): Total NGR soared 62%, partly due to the acquisition of Polish betting firm STS.
• Australia: Returned to growth with a 1% increase in online NGR despite challenging market conditions.
• Italy: NGR climbed 3%, with online revenue up 2% and retail revenue increasing by 4%.
Interim CEO Stella David, who reassumed the role in February, described 2024 as a turning point for the company.
“Our return to growth for both organic NGR and EBITDA is clear evidence that our operational transformation is succeeding,” David said. “However, there is plenty of hard work still to do—delivering the brilliant basics that drive customer acquisition and retention and enhance player experiences.”
Entain has started 2025 on a strong footing and expects mid-single-digit online NGR growth this year. The company is targeting an online EBITDA margin of approximately 25%, with operational efficiencies helping to counter the financial impact of new tax regulations in Brazil.
The company also believes it has overcome major regulatory hurdles that previously weighed on performance. Management remains confident in achieving over £500 million in annual adjusted cash flow in the medium term.
Meanwhile, BetMGM is projected to generate revenue between $2.4 billion and $2.5 billion in 2025, marking its first year of positive EBITDA.
Entain expects upcoming UK regulations, including online slots stake limits set to take effect in April and May, to disproportionately impact smaller operators rather than its own business.
“They do disproportionately well with those higher-value players. But going forward with the new limits, the player experience isn’t as good and there’s definitely going to be some churn in customers who want to play with better product experiences, which I think is a gentle tailwind for ourselves,” David said.
The company continues its search for a permanent CEO following the departure of Gavin Isaacs in February. David has committed to leading the company until a successor is found.
“I’m here as long as it takes,” she said. “The key thing is ensuring continuity and building on our momentum.”
Original article: https://www.yogonet.com/international/news/2025/03/07/97401-entain-posts-66-billion-ngr-in-2024-amid-uki-return-to-growth-global-expansion
