It was certainly welcomes news that the operator reported 7% growth in NGR for FY 2024,with online growth helping to drive its recovery.

However, David made it clear that the turnaround is far from complete. “The strategy and the goals haven’t changed, and it is working steadily, rebuilding our momentum — day by day, week by week, month by month,” she said.

“There isn’t a magic wand, there isn’t a silver bullet. It requires a continual focus on improvements every single day.”

Here are four other things we’ve learned from Entain’s latest earnings update.

1. UK rebound: “We’ve got the momentum behind us”

After a turbulent few years, Entain saw signs of a recovery in its UK business in the second half of 2024.

While full-year growth remained flat, the company made significant progress in reversing earlier declines. “We’ve come from a very negative position to a position where we’re actually showing very good growth,” David said. “We’ve really got the momentum behind us.”

The urgency of the situation was clear. “As a reminder, in Q1 2024 we were at minus 9%, so urgent action was absolutely needed,” she added.

Entain responded by investing in product innovation, enhancing its omni-channel strategy to better connect retail and online gaming, and refining its customer experience.

Regulatory changes, including new online slot stake limits, are not expected to be a major hurdle, and the company is focused on increasing market share.

“The inputs have been improved significantly across the piece,” she added, highlighting investments in product innovation and an omni-channel strategy that connects retail and online gaming.

The turnaround is evident in customer spending. “In Q4 spend per head grew in the UK for the first time since Q1 2021 when the world was in lockdown. So it’s been every single quarter for over three years that spend declined in the UK,” CFO Rob Wood noted.

2. BetMGM: “A huge positive driver for us”

Entain sees BetMGM stabilising in the US and positioning itself for long-term profitability. “I think that is a huge positive driver for us going forward,” David said.

The company has maintained a strong number-three position in the US sports betting market. “The total addressable market is still growing very substantially,” she added, emphasising its long-term potential.

Meanwhile, BetMGM’s customer engagement is improving. “Our player engagement metrics really accelerated in the second half of the year,” Wood said, particularly after new product integrations and increased marketing spend.

He pointed to retention as a key metric: “Net revenue retention is the number one KPI or lead indicator of sustained revenue growth, and that’s progressing well in the US as well.”

3. M&A approach: “No sacred cows”

Asked about potential acquisitions or asset disposals, David emphasised that nothing is off the table. “We have a capital allocation committee that is a subcommittee of our board. It is an ongoing committee looking on a rolling basis, about whether an acquisition or a disposal might make sense,” she said. “There are never any sacred cows in that journey. It’s about constant reevaluation.”

She emphasised that the company’s primary focus is on operational excellence, ensuring the business remains in the strongest possible position for future strategic decisions.

“The operational side of the business is for us to make sure that we’re doing the best job we can, to give the optionality to the board to make choices in the future,” she explained.

David also addressed potential tax hikes in the US, suggesting they could accelerate the legalisation of iGaming in more states — an area where Entain sees significant opportunity.

“One of the consequences might be that we get more iGaming markets open up as people want to get more revenue from this side of things,” she said.

“And remember, there are many, many more sports betting markets currently than there are iGaming markets, and we’re much stronger in iGaming. So the opportunities for more markets opening up there — we see that as a tailwind rather than a headwind.”

Her comments come amid fresh speculation about a potential takeover of BetMGM. A recent Bloomberg Intelligencereport suggested that MGM Resorts may see this as an opportune time to pursue full ownership of the joint venture.

4. CEO search: “I’m here as long as it takes”

While the search for a permanent CEO continues, David made it clear that her focus remains on execution.

“I just want to reassure you, I’m focused 100% on the operational performance of the business,” she said.

However, she added: “I’m here as long as it takes. “If it takes a short time, that’s fine. If it takes a long time, that’s fine too.”

“The key thing is to make sure we have continuity in the business, and we’re building on the momentum that we currently have.

“Now, separately, there is a process that will be conducted, or is being conducted by the board, and you know, the best thing to do is make sure we get the right long term solution,” she said.