For the full year, Entain’s revenue was 12% up year-on-year, totalling £4.29bn ($5.11bn). Meanwhile, its underlying EBITDA was 13% higher than the previous year at £993m for 2022. Entain’s gross profit also rose to £2.71bn, up 11% from £2.43bn – however, its profit after tax fell significantly, down to £32.9m from £275.6m last year.
Though Entain’s NGR growth is healthy, it comes mainly as its retail NGR was 66% higher than in 2021; online NGR, however, fell 1%.
Jette Nygaard-Andersen, CEO of Entain, said of the results: “We made excellent financial, operational and strategic progress during 2022 and took significant strides towards our goal of being the global leader in betting, gaming and interactive entertainment.
“I am particularly proud that Entain leads our industry on responsible gaming and we are now the only global operator exclusively in domestically regulated or regulating markets.
“It is a mark of the strong progress we have made in executing our sustainable growth strategy, and we continue to see a vast array of opportunities around the world as we expand into the $170bn addressable market that we have identified.”
In analysing Entain’s results, Russell Pointon, Director, Edison Group, commented: “Gaming giant Entain’s financial results for 2022 came in towards the top of the recently updated guided range, with its retail businesses up and online revenues down, reflecting Covid comparators from the previous year and regulatory changes.
“Group NGR is up by 10% in constant currency, while underlying EBITDA earnings come in at £993m, up 13% from £881m in the previous year.
“As expected, its US joint venture BetMGM is on track to be profitable by H2 of 2023, and its NGR of $1.44bn reflects the increasing importance of the American market for gaming companies like Entain.”
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