Ladbrokes and Foxy Bingo owner Entain PLC (LSE:ENT) said the strong finish to last year has for online net gaming revenue has continued into 2025 as it reported results in line with expectations.
Group NGR, including its 50% share of US bookmaker BetMGM, was up 6% in 2024, or 9% if currency swings are excluded, reflecting growth of 13% in the fourth quarter.
Underlying profit (EBITDA) increased 8% to £1.09 billion, which is bang in line with its most recent guidance for "the top-end of the £1,040-1090 million range".
Entain's share of losses from BetMGM was £114 million, which was a deterioration on the what was roughly a £40m share in the prior year, as the business prioritised building the revenue and player base, with net revenue up 7% to $2.1 billion.
BetMGM's market share has stabilised and it is expected to be EBITDA positive in the current financial year. Net debt improved by circa £200 million to end the year at £3.3 billion.
Stella David, who is interim CEO after the company parted ways with Gavin Isaacs last month after just five months in the job, called 2024 "a year of transformation" and said "strategic and operational improvements are translating into strong performance".
She added: "Our return to organic growth is the beginning of our rebuild journey; our momentum continues, and we have started the year strongly."