Entain Closes 2024 with £5.16B Revenue as Online Gambling Rebounds

Entain ended 2024 on a strong note, posting a 7% rise in net gaming revenue (NGR) to £5.16 billion, driven by a sharp rebound in online gambling across the UK and Ireland.

Online revenue jumped 9%, outpacing the company’s 2% growth in the land-based sector. Meanwhile, EBITDA* climbed 8% to £1.09 billion, with online EBITDA surging 11% to £941 million. Retail, however, saw an 11% decline in EBITDA (settling at £261 million).

The reported figures exclude Entain’s US joint venture, BetMGM. When factoring in the company’s 50% stake, total group NGR rose 6% to £6 billion.

A major growth driver was Central and Eastern Europe, where revenue surged 62%, largely due to Entain’s acquisition of Poland’s STS.

On a pro forma basis, the region’s revenue rose 12%, with Poland’s online and land-based gambling revenues up 8% and 12%, respectively. Croatia also delivered solid gains, with online revenue up 19% and retail up 5%.

Interim CEO Stella David emphasized the company’s renewed momentum, stating, “Our return to growth for both organic NGR and EBITDA is clear evidence that our operational transformation is succeeding.”

Looking ahead, Entain forecasts mid-single-digit online revenue growth in 2025 and aims for an online EBITDA margin of around 25%, with cost efficiencies helping to mitigate the impact of Brazil’s new tax framework.

It’s worth noting that at the time of writing, Entain’s stock was up 3.1%.

* EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is a measure of a company’s profitability before accounting for these financial costs.