Gambling giant Entain has posted a trading update for the third quarter of the year, highlighting results that were ahead of the forecasts. At the same time, Entain decided to retain the Crystalbet brand.

The Q3 Results Were Unexpectedly Strong

In its official report, Entain highlighted an 8% increase in its total group net gaming revenue. Online NGR, meanwhile, was up 10% for the period reflecting a fast return to year-on-year growth in the UK & Ireland region. Entain added that all key markets delivered growth in Q3.

The operator added that the start of H2 for BetMGM was encouraging as revenue skyrocketed. The aforementioned results include the co-owned brand’s contributions.

In addition to reporting favorable results, Entain also reported progress in stabilizing the market share of the BetMGM brand. Now underpinned by Entain’s Angstrom capabilities, the betting platform is poised for further growth. BetMGM’s Q3 iGaming revenues, on the other hand, reached an all-time high.

As Entain reported stronger-than-expected results, it adjusted its FY 2024 guidance accordingly, providing the company with increased confidence for the balance of the year. The operator now expects mid single-digit proforma3 constant currency growth in Online NGR. Group EBITDA, on the other hand, is expected to be toward the top of the £1,040 million – £1,090 million guidance range.

Entain Decided to Keep Crystalbet

While the board’s Capital Allocation Committee completed its review of strategic alternatives for Crystalbet, it concluded not to pursue a sale. The Georgian brand was deemed non-core to the group earlier this year and was expected to be divested.

At the same time, Entain noted that progress continues on its core product and tech roadmap. The company is busy improving brilliant basics across its platforms, scaling its localization capabilities and accelerating product delivery velocity in key markets.

This strategy was reflected in BetMGM’s recent launch of seamless, nationwide connectivity through a single digital wallet for Nevada bettors. The BetMGM lineup was also enhanced by enhanced parlay and player prop products and streamlined live betting and bet slip features.

The period also saw the company undergo significant internal changes. Gavin Isaacs officially stepped in as CEO on September 2, while Stella David succeeded Barry Gibson as chairperson of the company on September 30.

CEO Isaacs Praised the Results

Gavin Isaacs, Entain’s chief executive officer commented on the matter, saying that his first weeks as CEO have reaffirmed his confidence in the business and the industry as a whole. He added that the company has great brands, a diverse portfolio and a very talented and ambitious team. Isaacs is certain that Entain is already on a path of strategic and operational improvement, which has been further reinforced by the strong Q3 performance.

We are at the beginning of the journey and I’m looking forward to accelerating our progress, leading the business in our next growth chapter and capturing the many exciting opportunities ahead.

Gavin Isaacs, CEO, Entain

In other news, Entain recently reiterated its support for stricter regulatory measures in the UK.