Entain PLC on Tuesday confirmed Interim Chief Executive Officer Stella David as permanent CEO, as it said its first-quarter performance was better than expected.
The Isle of Man-based betting operator, which owns Labrokes and Coral, said total group net gaming revenue, including a 50% share in BetMGM, was up 9%, or 11% at constant currency, with ‘strong online performances’ from both Entain and BetMGM.
It said online NGR excluding the US was up 6%, or 10% at constant currency, due to strong volumes in the UK and bookie-friendly sports results.
Entain said David will be the permanent replacement for Gavin Isaacs, who stepped down in February after only around five months in the role. In addition to her recent stint, David also held the interim CEO post from December 2023 until September 2024.
Looking ahead, Entain said it is ‘encouraged’ by trading in 2025.
The company confirmed its forecast for mid-single-digit percent online NGR growth in 2025 on a constant currency basis.
It said it ‘remains comfortable’ with market expectations for 2025 earnings before interest, tax, depreciation and amortisation of £1.11 billion, up 1.8% from £1.09 billion in 2024.
Entain noted that BetMGM has ‘increased confidence’ in delivering its revenue forecast between $2.4 billion and $2.5 billion and to be Ebitda positive in 2025.
Entain said ‘ongoing operational and strategic progress’ supports confidence in its medium-term target of more than £500 million annual cash generation before dividends.
CEO David said: ‘We have made a strong start to 2025. Our improving operational execution saw us exit 2024 with clear momentum which has continued in Q1. Entain has a clear and compelling strategy with today’s results further evidence of its delivery. We are in the early stages of our journey of improvement and are driving ahead at pace. ’
Shares in Entain were up 2.6% to 644.25 pence in London on Tuesday morning.
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