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The US-based fund management group, Dodge & Cox, has doubled its stake in Entain after the operator released its Q3 2023 results.
As reported, Entain revealed that its net gaming revenue (NGR) increased by 7% and that it had an 18% market share in jurisdictions where it operates, with the sole exception of New York, in both sports betting and online gaming.
As part of its Q3 presentations, Jette Nygaard-Andersen, Entain CEO, said: “Our focus is clear, these changes will enable us to deliver on increasing our share in the US, drive organic growth and expanding online margins.
“And to achieve those aims we have clear priorities to accelerate the operational performance of the Group and deliver on our key targets over the next three years.
“We will further simplify our business to be more agile, one that can respond faster to local markets and consumer dynamics, as well as maximising our operational leverage to support our progress towards the 30% Online EBITDA margin target.”
Following this, Dodge & Cox doubled its shareholding stake from 5.01% to 10.33% in the gambling company.
According to the closing share price from 1 November from Sharecast, the day before the investment was made by Dodge & Cox, the 5.22% increase could have been priced as high as £310m ($381m).
After the Q3 reports were announced on Monday morning, Entain stock prices rose by 7.7% up to £9.68.
Nygaard-Andersen continued: “In the US, we have repositioned our tech and product operations and delivered a vast range of product and experience improvements through the year.
“And we’ll continue to drive games in the US market to deliver on our objective of a 20 to 25% market share across iGaming and online sports betting.”
