Entain banks on Brazil as fastest growing market

International revenue made up for a decline in the UK and Ireland in H1.

UK.- The FTSE100 gambling group Entain has reported that H1 net gaming revenue excluding the BetMGM joint venture in the US came in at £2.55bn. That’s a rise of 6 per cent year-on-year on a nominal basis but flat on a constant currency pro-forma basis.

Revenue from the international segment and the new CEE Unit offset a decline in the core UK and Ireland market. The former generated £1.16bn, with revenue from Brazil, Entain’s fastest growing market, up by 28 per cent and revenue from the Baltics up 8 per cent. Underlying EBITDA for the segment was up 11 per cent to £301m. Reported individually for the first time, Entain CEE’s revenue from Poland and Croatia rose 126 per cent to £241m. Underlying EBITDA fell 61 per cent to £85m.

As for UK & Ireland, NGR was down 6 per cent at £1.04bn. Online NGR fell 5 per cent to £466m while retail NGR dropped 5 per cent to £537m. Underlying EBITDA was down 18 per cent at £199m. Gross profits from all operations excluding the US reached £1.53bn, a rise of 5 per cent, and underlying EBITDA was also up by 5 per cent at £524m.

Entain chair and Interim CEO Stella David said: “Entain’s H1 results are clear evidence that our hard work improving the Group’s operational performance is bearing fruit. While there is more work to do, we are pleased with the progress so far and look forward to building further on these solid foundations in H2 and beyond.”

Gavin Isaacs will take the helm as Entain’s new CEO from September.