Entain PLC (LSE:ENT) on Thursday reported a strong financial performance in 2023 from its US joint venture BetMGM.
The owner of Ladbrokes and Coral said net revenue from operations at BetMGM grew 36% year over year to US$1.96 billion, at the upper-end of the US$1.8-2.0 billion guidance range.
Entain said key metrics across both iGaming and online sports betting improved year over year, including average monthly actives, first time deposits, hold percentages, bonus levels, net gaming revenue and cost per acquisition.
BetMGM was earnings before interest, tax, depreciation and amortisation (EBITDA) positive in the second half of 2023 with an expected full-year 2023 EBITDA loss of around US$67 million.
Entain reiterated guidance from December 2023 of an EBITDA target of around US$500 million in 2026.
Shares in Entain rose 1.5% to 987.00 pence in London.