Entain’s 2024 Revenue Hits £6B, Up 6%, with Q4 NGR Rising 9%
Entain reported solid financial results for 2024. The company’s total Group Net Gaming Revenue (NGR), including its 50% stake in BetMGM, rose 6% to £6 billion, or 9% on a constant currency basis. Excluding the U.S., NGR climbed 7%, driven by a robust online performance.
Revenue Highlights and Regional Performance
Online NGR, excluding the U.S., increased 9% for the year. In the UK and Ireland, total NGR remained flat, but the region staged a notable recovery in Q4 with a 13% uptick, online surging 21% and retail growing 5%. Internationally, NGR jumped 10%, with Brazil leading the charge at a remarkable 41% annual increase. Central and Eastern Europe also shone, posting a 14% NGR rise in Q4, both overall and online.
The BetMGM joint venture with MGM Resorts International delivered mixed results. For 2024, it generated $2.1 billion in revenue, up 7% year-over-year, stabilizing its U.S. market share at 14% (22% in iGaming, 8% in online sports betting). However, Q4 saw a 5% revenue dip, and BetMGM contributed a £109 million loss to Entain’s bottom line.
Financial Metrics and Shareholder Returns
Group EBITDA reached £1.089 billion, aligning with Entain’s upgraded guidance. Yet, the company recorded a £461 million post-tax loss, reflecting investments and market pressures.
Adjusted diluted EPS stood at 29.9 pence, or 46.9 pence excluding the U.S. Entain’s balance sheet remains strong, with adjusted net debt at £3.339 billion and over £1 billion in cash as of December 31, 2024.
Shareholders saw a second interim dividend of £60 million (9.3 pence per share), bringing the full-year total to £119 million (18.6 pence per share). The cash flow is projected to exceed £0.5 billion annually in the medium term, partly from future BetMGM dividends.
A Standout Quarter
The final quarter of 2024 outperformed expectations. Group NGR rose 9%, with non-U.S. NGR up 11%. Online NGR soared 13%, fueled by a rebound in the UK and Ireland and steady international gains.
Retail in the UK and Ireland added a 5% increase, while Central and Eastern Europe maintained its 14% growth.
BetMGM remains a key pillar for Entain in the U.S. Despite its 2024 loss, the venture’s $2.1 billion revenue and stabilized market share signal long-term potential.
Entain invested £20 million in BetMGM last year. For 2025, projections peg BetMGM’s revenue at $2.4–2.5 billion, with positive EBITDA anticipated, a turnaround from 2024’s shortfall. Plans include new market expansion, enhanced player engagement, and product upgrades like unique Angstrom-powered markets.
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