Entain executives recently highlighted Brazil as a key driver of their transformational year in conversations with analysts. The company reported notable growth in the South American country. Its NGR or net gaming revenue accelerates by 48% year-on-year in second quarter of the year. This marks the region as its fastest-growing market.
Officials attributed the company’s success in Brazil to a strategic focus on operational transformation, enhanced performance marketing investments, and a revitalized brand presence for Sportingbet. As the company prepares for the upcoming regulated betting and iGaming market set to launch in Brazil on January of the following year, this performance is especially notable.
Entain saw FTDs or first-time depositors during the first half of 2024 in Brazil surpass levels from 2022 and 2023. This is driven by improved marketing efforts and the introduction of instant payments through Pix. It facilitated over a million deposits weekly shortly after its launch.
Sameer Deen, Chief Commercial Officer and President of Entain stated that localization has been key to his success. The company doubled its staff across localization teams to better serve the Brazilian market. Entain has applied for a license for Sportingbet as part of its preparation for open betting market of Brazil. It aims to be among the first licensees in 2025, when the market officially opens.
Contrary to the success in Brazil, Entain‘s United Kingdom and Irish operations faced challenges. The NGC declines by 6% year-on-year, down to £1 billion or $1.28 billion. The company assigned this drop to regulatory changes implemented in the past year. This has impacted both gaming and sports betting revenues.
In the United Kingdom, Gaming NGR fell by 7% to £611.2 million or $779.85 million. Meanwhile, sports betting NGR decreased by 5% to £393.5 million or $502 million. This reflects a 10% decline in player stakes.
