Entain (ENT) Status Update summary

2024 Performance and Strategic Progress

• Achieved $2.1 billion in net revenue for 2024, up 7% year-over-year, with iGaming net revenue at $1.5 billion (+13% YoY) and online sports net revenue up 4%.

• iGaming posted $424 million in contribution, with a 46% YoY increase in active players and 27% more frequent play in 2H 2024.

• Online sports betting saw significant product improvements, leading to increased engagement and a 38% year-on-year handle growth in Q4.

• Omnichannel initiatives, including integration with MGM Resorts and exclusive content, drove a 61% increase in Nevada first-time depositors and higher cross-sell between digital and retail.

• Market share stabilized at 14% GGR and 15% NGR in North America, with iGaming holding a 22% GGR share, nearly double the next competitor.

2025 Guidance and Outlook

• Net revenue expected to reach $2.4–$2.5 billion in 2025, a $350 million increase year-on-year, with positive EBITDA anticipated.

• EBITDA projected to improve by $250 million, moving from -$244 million in 2024 to positive territory.

• Most 2025 revenue growth expected from existing players, leveraging improved player engagement and more efficient marketing spend.

• No new iGaming states included in 2025 guidance except Alberta, but nine states are actively considering legislation.

• Long-term EBITDA target of $500 million remains, supported by scale, operating leverage, and continued market expansion.

Strategic Focus Areas and Operational Initiatives

• Continued investment in iGaming content, live dealer experiences, and player engagement tools to deepen penetration in existing states.

• Online sports betting strategy shifts toward premium, higher-value players, optimizing marketing spend for ROI and payback periods.

• Enhanced collaboration with MGM Resorts enables direct player acquisition, omnichannel crossover, and loyalty integration.

• New segmentation and attribution models drive more targeted promotions and efficient capital allocation.

• Retail operations and omnichannel players generate over 3x higher value than digital-only players, with digital migration and exclusive events.