Entain publishes latest quarterly trading update
Entain’s latest financial update has highlighted a 7% increase in the business’s net revenue in the third quarter of 2023.
The latest update’s headline figure includes revenues generated by all of Entain’s operations across the globe, although excluding its US operations, which consist of primarily the firm’s BetMGM joint venture, results in the same growth rate of 7%. The company broke down its revenue growth rates by operating vertical, which showcased that Entain’s online operations experienced the most growth at 9%.
The update further detailed the company’s online operations, mentioning that excluding the impacts of several regulatory changes, the online vertical could have experienced a revenue growth of 17%. The segment was further impacted by unfavorable sports results in the quarter, although it experienced a 26% year-over-year increase in its active customer base.
Entain then reported the growth of its land-based operations and BetMGM joint venture, which achieved 4% and 15% increases in revenue in the three months respectively. The latter generated around 458 million dollars and controlled around a quarter of the markets it operates in across the US. The business also mentioned that BetMGM is on track with its full-year revenue guidance of 1.8 billion to 2 billion dollars and is expected to generate a positive EBITDA figure by the end of 2023.