Latest news with #GavinIsaacs
The Independent
2 days ago
- Business
- The Independent
Entain shares surge on earnings upgrade for US joint venture
Ladbrokes and Coral gambling giant Entain has seen shares jump higher after hiking the annual earnings outlook for its US joint venture BetMGM. FTSE 100 listed Entain said it now expects BetMGM – which it jointly owns with MGM Resorts International – to deliver full-year underlying earnings of at least 100 million US dollars (£73.8 million) thanks to strong sports betting and iGaming trading. Shares in Entain surged more than 8% higher on Monday morning thanks to the earnings upgrade. BetMGM is now set for revenues of at least 2.6 billion dollars (£1.9 billion), having seen the ongoing 'positive momentum' from the first quarter carry through to the second quarter so far. It had previously guided for 'positive' earnings and for revenues of between 2.4 billion dollars (£1.8 billion) and 2.5 billion dollars (£1.8 billion). Entain said BetMGM's trading was 'broadly consistent' with the 34% rise in net revenue growth notched up in the first quarter. It said: 'BetMGM remains excited about the significant opportunities ahead. 'Its strengthened business, revised strategic approach, and performance momentum further reinforce its confidence in future growth prospects and pathway to 500 million US dollars (£368 million) Ebitda (earnings before interest, taxes, depreciation, and amortisation) in the coming years.' Entain recently announced that former chairwoman Stella David will become its permanent chief executive, having taken on the role on an interim basis when Gavin Isaacs resigned in February after just five months in the role. The group has now had four bosses in the past five years. Entain has seen its stock market value plummet in recent years amid a series of legal woes. In 2023, it was hit with a £585 million penalty agreed with HM Revenue & Customs to settle charges related to alleged bribery offences in Turkey. The group was also taken to court by Australia's financial crime regulator late last year over allegations it breached anti-money laundering rules in the country. The firm's market value had slumped since reaching a high in 2021.
Yahoo
2 days ago
- Business
- Yahoo
Entain shares surge on earnings upgrade for US joint venture
Ladbrokes and Coral gambling giant Entain has seen shares jump higher after hiking the annual earnings outlook for its US joint venture BetMGM. FTSE 100 listed Entain said it now expects BetMGM – which it jointly owns with MGM Resorts International – to deliver full-year underlying earnings of at least 100 million US dollars (£73.8 million) thanks to strong sports betting and iGaming trading. Shares in Entain surged more than 8% higher on Monday morning thanks to the earnings upgrade. BetMGM is now set for revenues of at least 2.6 billion dollars (£1.9 billion), having seen the ongoing 'positive momentum' from the first quarter carry through to the second quarter so far. It had previously guided for 'positive' earnings and for revenues of between 2.4 billion dollars (£1.8 billion) and 2.5 billion dollars (£1.8 billion). Entain said BetMGM's trading was 'broadly consistent' with the 34% rise in net revenue growth notched up in the first quarter. It said: 'BetMGM remains excited about the significant opportunities ahead. 'Its strengthened business, revised strategic approach, and performance momentum further reinforce its confidence in future growth prospects and pathway to 500 million US dollars (£368 million) Ebitda (earnings before interest, taxes, depreciation, and amortisation) in the coming years.' Entain recently announced that former chairwoman Stella David will become its permanent chief executive, having taken on the role on an interim basis when Gavin Isaacs resigned in February after just five months in the role. The group has now had four bosses in the past five years. Entain has seen its stock market value plummet in recent years amid a series of legal woes. In 2023, it was hit with a £585 million penalty agreed with HM Revenue & Customs to settle charges related to alleged bribery offences in Turkey. The group was also taken to court by Australia's financial crime regulator late last year over allegations it breached anti-money laundering rules in the country. The firm's market value had slumped since reaching a high in 2021. Sign in to access your portfolio
The Independent
28-02-2025
- Business
- The Independent
Betting giants up against player-friendly sports results after NFL wins
Two of the world's largest gambling groups will shed light on how bookmakers have fared after a string of player-friendly sports results and major events like the NFL Super Bowl. Entain will publish its full-year financial results on Thursday, while Flutter Entertainment will also share its earnings on Tuesday. London-listed Entain, which owns betting shops Ladbrokes and Coral, is expected to report underlying earnings, before tax, interest and other costs, of £1.1 billion. This would mean generating earnings at the higher end of what analysts had previously been forecasting, after the group reassured investors in January that it was set to withstand 'customer-friendly' sports results in the US. Matches that go in the favour of many punters mean betting companies have to pay out more winnings to customers. This mainly affected BetMGM – Entain's tie-up with entertainment group MGM Resorts International. Sports events like NFL American football matches and the Super Bowl, which Nielsen estimates was watched by some 128 million viewers, drive a flurry of activity with people betting on the winning team as well as hundreds of details about the games. On the other hand, Flutter Entertainment, which owns the like brands including Paddy Power, Betfair and FanDuel, warned last month that the NFL season had been more favourable to punters than any other time in the last two decades. It revealed that one game in December, when the Detroit Lions won against the San Franciso 49ers, cost the group 74 million US dollars alone (£59 million). It therefore warned its shareholders that revenues and profits would likely come in considerably lower than previous forecasts thanks to the player-friendly results. Meanwhile, Entain has kick-started a fresh search for a new chief executive after announcing boss Gavin Isaacs had left his position after less than five months. The company has faced a turbulent few years in terms of its leadership with its previous boss resigning at the end of 2023 following reports that shareholders were unhappy with her leadership. It is understood that Mr Isaacs' departure was not related to Entain's strategy or performance, but linked to cultural differences within management. Investors will be hoping to hear an update from chair Stella David, who is running the business on a temporary basis, on the search for a new permanent chief. It comes in the middle of a turnaround for the company, which has been working to strengthen its finances after being hit with a £585 million penalty in 2023, agreed with HM Revenue & Customs to settle charges related to alleged bribery offences in Turkey.
Bloomberg
11-02-2025
- Business
- Bloomberg
Entain CEO Steps Down From Gambling Firm With Immediate Effect
British sports betting company Entain Plc 's Chief Executive Officer Gavin Isaacs has stepped down with immediate effect after less than six months in the role. Isaacs is leaving the company by 'mutual agreement,' Entain said in a statement on Tuesday. Stella David, who was interim CEO prior to Isaacs, will re-assume the position.
Reuters
11-02-2025
- Business
- Reuters
Ladbrokes owner Entain CEO Isaacs steps down
Feb 11 (Reuters) - British bookmaker Entain (ENT.L), opens new tab said on Tuesday CEO Gavin Isaacs will step down immediately and chair Stella David will assume the CEO role on an interim basis. The company did not give a reason for Isaacs' departure, just that it was by "mutual agreement". The owner of Ladbrokes and Coral said it was comfortable with market expectations for full year 2025.
