Half Year 2024 Entain PLC Earnings Call Transcript
Key Points
- Entain PLC (GMVHF) reported strong interim results, with Group NGR up 8% year-on-year on a reported basis.
- The company achieved significant growth in Brazil, with a 48% increase in the second quarter, indicating successful market strategies.
- Project Romer, the efficiency program, is progressing well, with increased net savings target to at least GBP100 million by 2026.
- BetMGM delivered $1 billion in NGR, with iGaming showing strong profitability and a healthy market share of 22%.
- Entain PLC (GMVHF) upgraded its 2024 guidance, reflecting positive momentum and operational improvements across key markets.
- UK Online NGR was down 8%, reflecting regulatory measures and challenges in the market.
- The Netherlands market is facing regulatory tightening, impacting performance, and represents 3% of the overall mix.
- Retail NGR was up only 1%, but 4% lower on a pro forma basis, indicating challenges in the retail segment.
- FX created a GBP16 million year-on-year negative impact on EBITDA due to the strengthening of sterling.
- BetMGM's online sports betting market share has weakened, indicating challenges in this segment.
Thank you for joining us for our interim results. And first of all, I'm delighted to be here to be able to say we are delivering a good set of interim results.
Our lineup today is the same as we had in March. We've got Rob Wood, CFO and Deputy CEO. We've got Sameer Deen, our Chief Commercial Officer. And at the end there, we've got Satty Bhens, who's our Chief Product and Technical Officer.
Anyway, so to business. First of all, I'm going to kick off with a reminder of our strategic priorities and I'm going to give a brief overview of the performance and the strong progress that's been achieved during the first half of this year. Rob is then going to take you through the financials and then Sameer and Satty are going to take you through more details about what we've been doing and specific examples of how we're improving our operational performance. And then it's going to be back to me so I can touch on BetMGM. I'll do a wrap up and then we'll open it all up to questions.
So let's start with a
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