Entain trading ahead of expectations in second half

Sports betting and gambling giant Entain reported better-than-expected second-half results in an update on Monday, with online net gaming revenue (NGR) showing stronger growth than forecast.

The FTSE 100 company said its UK and Ireland online operations returned to year-on-year growth sooner than anticipated, supported by increased volumes and margins in sports betting.

Its international and Central and Eastern European markets also continued to perform well, while retail operations remained stable.

The firm noted that Gavin Isaacs officially assumed the role of chief executive officer on 2 September, following his appointment announcement in July.

In the coming weeks, Stella David, currently assisting with the transition, would take over as chair of the Board on 30 September, succeeding Barry Gibson.

Entain added that its US subsidiary BetMGM launched new features in time for the 2024 NFL season.

The updates included enhanced betting options, powered by Angstrom's market pricing capabilities, as well as streamlined live betting functions.

It said BetMGM was also the first app to provide seamless connectivity for bettors in Nevada through a single digital wallet.

Entain said it was planning to deliver a comprehensive update on its third-quarter performance and outlook for the rest of 2024 on 17 October.

At 0841 BST, shares in Entain were up 7.29% at 686p.

Reporting by Josh White for Sharecast.com.