Entain Reports Double-Digit Revenue Growth in 2023 Full Year Results

Entain plc, a global leader in sports betting and gaming, recently disclosed its full-year results for 2023, marking a year of significant achievements and strategic realignments. The group reported a 14% increase in Total Group Net Gaming Revenue (NGR), including contributions from its US venture, BetMGM. The performance underscores Entain’s resilience and adaptability in a competitive and regulatory dynamic market.

Financial and Operational Highlights

The company celebrated a noteworthy uptick in Online NGR, which rose by 12%, though proforma adjustments show a slight decline. This was offset by a commendable 23% growth in online active customers and a 9% increase in Retail NGR, bolstered by acquisitions in New Zealand and Poland. BetMGM, a key player in Entain’s portfolio, showcased a stellar performance with a 36% year-on-year NGR increase, aligning with the upper end of projections.

On the financial front, Entain reported a modest 1% increase in reported Group EBITDA, reaching £1,008 million. Despite facing regulatory challenges, particularly in Australia, the group managed an adjusted profit after tax of £339 million. However, a group loss after tax of £879 million was reported, primarily due to a Deferred Prosecution Agreement settlement and impairment charges.

Strategic Initiatives and Market Expansion

2023 also saw Entain doubling down on strategic priorities, focusing on organic growth, expanding online margins, and capturing a larger share of the US market. Notably, the group’s acquisition of STS Holdings and a 25-year partnership with TAB NZ signify Entain’s ambition to cement its presence in Central and Eastern Europe and New Zealand, respectively.

Entain’s commitment to sustainability and responsible gaming remains unwavering, with all revenue now deriving from regulated or regulating markets. This adherence to high standards has been recognized across the Environmental, Social, and Governance (ESG) spectrum.

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Dividend and Future Outlook

The Board proposed a total dividend of £113 million for 2023, signaling confidence in Entain’s financial health and future prospects. Looking forward, the company anticipates navigating significant regulatory changes in the UK and the Netherlands, which could impact its EBITDA in 2024. However, initiatives like Project Romer are set to streamline operations and

achieve considerable cost savings, demonstrating Entain’s commitment to efficiency and sustained growth.

Despite challenges, Entain’s leadership is optimistic about the future, with Interim CEO Stella David praising the company’s agility by noting:

“2023 presented a number of challenges for the Group, both industry-wide and Entain-specific. I am extremely proud of how our people around the world came together to navigate the business through an eventful and at times difficult year. Against that backdrop, Entain was still able to deliver overall revenue growth of 14% including our US joint venture achieving revenue at the top end of expectations.

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We have started the new financial year with a clear plan to accelerate our operational strategy, and are making pleasing progress across a range of initiatives to re-focus our market portfolio, prioritise organic growth, drive our share in the US, and expand our margins. We are entirely focused on operational excellence and outstanding execution and, as a result, are confident that we are on a pathway to delivering future growth. We remain confident that our continued focused execution will drive organic growth into 2025 and beyond.”

Barry Gibson, Entain Chairman, highlighted the transformative phase the company underwent in 2023:

“2023 was a period of necessary, but ultimately positive, transition for Entain. We have significantly strengthened the quality of our revenue base, enhanced our Board, and delivered a resolution to a critical, historic, regulatory issue.

We are making positive progress in our search for a new permanent CEO, and in the meantime Stella is driving the business as it continues to take appropriate actions to deliver changes to drive a better long term performance. We are also making good progress in adding to our Board strength – Ricky Sandler and Amanda Brown joined the Board in recent months and we expect to announce a further appointment shortly.

As our transformation continues the newly formed capital allocation committee has commenced a review of Entain’s markets, brands and verticals. The objectives of the review are to help focus the organization, improve competitive positions and maximize shareholder value.”

The post Entain Reports Double-Digit Revenue Growth in 2023 Full Year Results appeared first on iGaming.org.

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