Nygaard-Andersen confirmed as new Entain CEO
Jette Nygaard-Andersen has been confirmed as being the new CEO of gaming and sports betting group Entain with immediate effect, replacing former CEO Shay Segev who is to become co-CEO of international sports streaming platform DAZN.
Confirmed in the role after joining as an independent non-executive director in 2019, Entain has also announced that Rob Wood, CFO, has had the role of deputy CEO added to his current role, and Sandeep Tiku, Entain’s COO, will be appointed to the board later in 2021.
“I am very excited to have the opportunity of continuing the extraordinary momentum that Entain has in its existing markets, as well as helping it enter new regulated markets and reach new audiences. I am delighted that Rob has agreed to take on broader responsibilities and that the importance of our proprietary technology is recognised through Sandeep’s appointment to the board. I am deeply wedded to Entain’s commitment to providing industry-leading levels of player protection, and to its philosophy that the most sustainable business in our industry will be the most successful business in our industry. I cannot wait to get started.”
This news came after the firm revealed a trading report for Q4 and full-year of 2020, applauding a powerful performance that was “driven by a business model that is highly diversified across a wide range of products”.
Praising constant effort across the four key areas of US leadership, growth in important markets, entry into new markets, and sustainability, full year 2020 group EBITDA is anticipated to be ahead of Q3 estimations of £770m-£790m to end up within the range of £825m-£845m.
The full-year online net gaming revenue is awaited to be over 28%, with Q4 anticipated to surge 41%, representing a 20th successive quarter of double digit online NGR growth. Online gaming is set forth as showing 28% and 29% increased across Q4 and FY, with its sports segment surging 59% and 24%, respectively.
Placing the performance to “geographic and product diversification” and even strong sports margins, UK and European retail keep showing major declines because of restrictions and shop closures that have been required all throughout the year due to the COVID-19 pandemic.
In the United States, Entain’s BetMGM joint venture with MGM Resorts International, which this week dropped its chase of the group, owns a market share of approximately 18% across all live markets and a 130% boost in online revenue all throughout the year.
Right before its nearing Michigan launch scheduled for tomorrow, the firm says that US net revenues are now anticipated to be in the range of $175m-$180m, before the third quarter guidance of $150m-$160m. Moreover, Entain, which applauds its October purchase of Bet.pt, also documents its proceeding pursuit of Baltics gambling group Enlabs, even though shareholders who own a combined 10% interest in the firm have been stating their objection to the SEK 2.8bn (£250m) proposal.
Entain claims that both transactions “are entirely aligned with our strategy of expanding into new markets that are either regulated or regulating, in order to support our international growth ambitions.”
Shay Segev, Entain’s outgoing CEO, also said: “In an exceptionally challenging year, our strong performance has been driven by a business model that is highly diversified across a wide range of products, brands, territories and channels. Q4 has been another successful period for us, and we are particularly pleased with the momentum that we are seeing in the US. BetMGM continues to go from strength to strength and is now live in 11 states, plus Michigan will be launching online tomorrow.
“As ever, we remain deeply aware of our responsibility to provide our customers with the safest possible experience while using our products, and to that end our new technology-based advanced responsibility and care programme is heralding a new era in player protection. While the short-term outlook remains uncertain as a result of the ongoing impacts of COVID-19, we have entered 2021 with good momentum and remain as confident as ever in Entain’s longer term prospects.”