(Alliance News) - Entain PLC on Wednesday said its first-quarter performance was in line with expectations, the betting operator having had "successful" Super Bowl and 'March Madness' events in the US.
The National Football League's Super Bowl was held in early February and National Collegiate Athletic Association's basketball tournament in late March and early April.
The Isle of Man-based bookmaker, which owns Ladbrokes and Coral, noted however that its UK & Ireland net gaming revenue was lower on-year, and "customer-friendly win margins" kept a lid on the success at its BetMGM joint-venture in the US.
Total net gaming revenue, including Entain's 50% share of BetMGM, rose 3% on-year, or 6% at constant currency.
UK & Ireland net gaming revenue fell 7% on both a reported and constant currency basis.
"We continue to experience the effects of our regulatory implementation," Entain explained.
It added: "Our actions that are driving operational improvements together with the levelling of the UK regulatory landscape will position our brands well for growth into 2025."
In the US, BetMGM's first-quarter net gaming revenue rose 2% at constant currency, but fell 2% on a reported basis.
Entain said: "Continuing iGaming strength [was] offset by customer-friendly win margins across online and retail sportsbooks; adjusting for impact of sports margin estimated Q1 NGR1 would have been high single digit positive."
Interim Chief Executive Stella David said: "Our Q1 performance was in line with our expectations, with growth reflecting both strong performances in many of our markets as well as known challenges in others. We are particularly encouraged by the level of customer engagement in the US following a successful Super Bowl and March Madness, as well as our return to growth in Brazil following the changes we implemented. Overall, we are pleased with the progress being made against our plan to accelerate Entain's operational performance. There is still more to do, but the team is fully engaged in delivering operational improvements, product enhancements, as well as greater organisational agility and efficiency."
Shares in Entain were up 1.5% to 818.40 pence each in London on Wednesday morning.
By Sophie Rose, Alliance News senior reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
Entain (ENT)
