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Entain surges as JV BetMGM expects return to profitability
(Sharecast News) - Entain surged on Tuesday after its US betting joint venture BetMGM reported a rise in revenue and said it expects to return to profitability. In an update for the fiscal year 2024, BetMGM said net revenue grew 7% on the previous year to $2.1bn, with growth and player engagement metrics accelerating through the year.
The company hailed record iGaming net revenue of $1.5bn, up 13%, while online sports revenue rose 4%.
The company posted an EBITDA loss of $244m, which it said was consistent with the fact it had been "a year of investment" and included a negative impact of around $50m from highly customer favourable sports results.
Nevertheless, the group said it expects to achieve positive EBITDA in 2025.
Chief executive Adam Greenblatt said: "2024 was a year of investment and rebuilding of momentum for BetMGM. Our successful strategic refinement saw BetMGM exit the year with encouraging run rates across our key metrics and Q4 EBITDA trend towards breakeven on a normalised basis.
"Our leading iGaming business continues to grow strongly and deliver attractive returns. We also have an exciting opportunity in Online Sports, having made meaningful progress in 2024. Our improved product, accelerating growth and enhanced efficiency drive our expectation of Online Sports being contribution positive for FY 2025.
"With BetMGM's renewed acceleration across both iGaming and Online Sports we expect to achieve positive EBITDA in 2025, and our scaled podium position in the world's largest gaming market underpins our confidence in our pathway to $500 million EBITDA in the coming years."
At 1340 GMT, Entain shares were up 9.3% at 759.40p.
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