Entain plc, the owner of Australian betting operators Ladbrokes and Neds, has released a business update for Q3, the period between 1 July and 30 September 2023. The sports betting and gaming group reported that its Net Gaming Revenue (NGR) was up 7 per cent, while online NGR was up 9 per cent compared to the same period last year. The Q3 update shows a year-on-year increase in almost all financial parameters in addition to these two financial highlights for the business.
Year-to-date results are Impressive too
The 9 per cent increase in the online betting business was driven by an impressive 14 per cent growth in online gaming revenue. Revenue generated by retail betting operations was up 4 per cent, while the online betting segment also experienced marginal growth, with online sports betting revenue up by 1 per cent compared to last year.
Entain’s Year to Date (YTD) results, for the period from 1 January to 30 September, are quite impressive too. They show that revenue generated from online sports betting increased by 4 per cent year-on-year, while online gaming revenue was up 19 per cent. Total group revenue for the period was up by 11 per cent.
Strong Foundations Allowing Entain to Move to the Next Phase of Growth
Jette Nygaard-Andersen, Entain’s CEO, said that the group underwent “a profound transformation” recently, but now had “strong foundations” which would allow the Ladbrokes and Neds owner to move into the next phase of growth.
Nygaard-Andersen also touched on the subject of responsible gambling, saying Entain invested significantly in safe wagering initiatives, which even though impacted the group’s EBITDA, was “the right thing to do,” as it improved Entain’s “long-term prospects.”
Entain’s CEO said they were now going to focus on several aspects, starting with the group’s “organic growth” and improving operational leverage to increase the US market share and EBITDA margins.
Nygaard-Andersen thought that the “wide range of initiatives” that Entain has started would fortify the group’s status of “a customer-focused industry leader” and enable Entain to achieve its goals, as well as provide stakeholders with “enhanced returns.”