Home » Entain bounces back with strong online gambling growth as new CEO settles in

Entain bounces back with strong online gambling growth as new CEO settles in

Entain bounces back with strong online gambling growth as new CEO settles in

Entain, the gambling group behind Ladbrokes and Sportingbet, has reported a quicker-than-anticipated return to year-on-year growth in its British online revenues, thanks to strong performance in the second half of the year.

The company’s unscheduled update revealed positive momentum continuing into the third quarter, driven by increased engagement from events such as the Euro 2024 football championships and the Paris Olympic Games.

Shares in Entain, which had plummeted over 40% this year, rebounded by 33¾p, or 5.3%, to close at 673¼p following the announcement. This strong showing offers a reassuring start for Gavin Isaacs, who took the helm as CEO last week. To support Isaacs during his transition, former interim CEO Stella David will remain with the company until the end of the month before assuming the role of chair, succeeding Barry Gibson.

Entain’s focused strategy has borne fruit, with its online net gaming revenue exceeding expectations in the second half so far. The UK and Ireland online sectors saw accelerated growth in gaming and sports, benefiting from increased volumes and improved margins. Internationally, central and eastern European markets also performed well, while retail operations met expectations across all regions.

Entain, one of the largest sports betting and gaming groups globally, boasts a diverse portfolio of brands including BetCity, Bwin, Coral, Eurobet, Ladbrokes, and Crystalbet. Its gaming brands feature popular names like Foxy Bingo, Gala, Ninja Casino, Partypoker, and Partycasino. The group also runs TAB NZ through a strategic partnership and holds a 50-50 joint venture in the US with BetMGM, which has recently introduced new live betting and bet slip features.

Ricky Sandler, an activist investor from Eminence Capital who holds a 6.5% stake, has recently joined Entain’s board following the sudden exit of former CEO Jette Nygaard-Andersen last December. Sandler had previously urged the board to consider selling parts of its BetMGM stake but has since adopted a more collaborative approach, aiming to create “lasting value for shareholders” during his three-year tenure as a non-executive director, though he is not classified as independent.

Isaacs is set to meet with investors this week, with analysts at Jefferies noting that his engagement with shareholders and the early positive momentum in his leadership are sending a “highly constructive message” to the market.


Jamie Young

Jamie is a seasoned business journalist and Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops to stay at the forefront of emerging trends.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs, sharing their wealth of knowledge to inspire the next generation of business leaders.