TIDMENT
RNS Number : 6010R
Entain PLC
07 July 2022
For Release at 7.00am
7 July 2022
Entain plc
("Entain" or the "Group")
Robust group performance with Retail strength offset by lower
Online
Entain plc (LSE: ENT), the global sports betting, gaming and
interactive entertainment group, today reports trading for the
periods of 1 April to 30 June 2022 ("Q2") as well as 1 January to
30 June 2022 ("H1").
Highlights
-- Group net gaming revenue ("NGR") up 18% (+18% cc(1) ) in H1, with Q2 up 8% (+6% cc(1) )
-- Online NGR down 7% (-7%cc(1) ) in H1, Q2 Online NGR down 7% (-8%cc(1) )
o Performance continues to reflect tough 2021 comparators driven
by Covid lockdowns, closure in Netherlands ahead of licencing and
the implementation of tighter affordability measures in the UK
o A weaker macro-economic environment is reducing customers'
rate of spend, moderating overall Online growth versus our previous
expectations
o Underlying performance remains strong:
-- Continued broadening of the customer base with record level
of actives in Q2, up 60% versus the same period in 2019
(pre-Covid)
-- Positive momentum across the first half, with Q2 NGR ahead of Q1
-- Online NGR 3yr CAGR up 13% cc(1) for H1
o Updated guidance(6) of full year Online NGR flat year on year
based on current outlook, excluding impacts from the upcoming UK
Gambling Act Review
-- Retail trading ahead of expectations, with volumes in Q2
ahead of pre-Covid levels driven by gaming and self-service betting
terminals
-- BetCity transaction expected to complete in H2, delivering
strategic growth opportunity in the newly regulated Dutch
market
-- BetMGM continues to perform strongly, in line with expectations:
o Established number two operator with 24%(2,3) market share
where BetMGM operates (excluding New York)
o Consistent leading iGaming operator with 29%(3) market share
o Exclusive partnerships with Carnival Corporation to offer
BetMGM on board cruise ships, as well as with Sony Pictures and IGT
for a Wheel of Fortune branded gaming experience
o On track for FY22 NGR of over $1.3bn
o Reiterate expectation to reach positive EBITDA during 2023(4)
-- Continued ESG leadership and further progress delivering across our Sustainability Charter
o Awarded GamCare's Advanced Safer Gambling Standard, for the
highest standards of player protection and social responsibility in
Entain's UK online and land-based activities
o Launched Pitching-In Volunteer Hub for the Trident Leagues,
connecting volunteers and local clubs
o Appointment of Rahul Welde as an independent Non-Executive Director
Jette Nygaard-Andersen, Entain's CEO, commented :
"I am very pleased to see that more customers are choosing to
play with us, reflecting our focus on recreational players and
putting the customer at the heart of everything we do. We continue
to expand our growth opportunities through complementary
acquisitions with four transactions so far this year. Underpinned
by the Entain Platform, BetMGM continues to demonstrate its
leadership in the US with a 24% (2,3) market share.
Our leadership in responsibility and sustainability has seen us
implement further player safety measures alongside ARC(TM) ,
particularly in the UK, as well as respond to regulatory changes as
markets implement regulation.
The macro-economic outlook is uncertain, however the underlying
performance of our business remains strong. With an increasingly
recreational customer base and relatively resilient revenue, we
remain confident that our customer focus, diversification and
proven ability to grow both organically and through M&A will
enable us to deliver further progress against our strategy."
H1: Period 1 January to 30 June 2022
--------------- -------------- --------------------------------------------------
Total Total 3yr CAGR Sport Sport Wagers Sports
NGR NGR Total NGR Wagers cc(1) Margin
cc(1) cc(1)
-------------- ------ ------- ----------- -------- ------------- -------------
Online
Sports (6%) (6%) 16% (3%) (3%) (0.3pp)
Gaming (9%) (9%) 10%
Total Online (7%) (7%) 13%
Retail (6) 243% 244% flat 275% 276% (0.3pp)
Total Group 18% 18% 6%
-------------- ------ ------- ----------- -------- ------------- -------------
Q2: Period 1 April to 30 June 2022
--------------- -------------- --------------------------------------------------
Total Total 3yr CAGR Sport Sport Wagers Sports
NGR NGR Total NGR Wagers cc(1) Margin
cc(1) cc(1)
-------------- ------ ------- ----------- -------- ------------- -------------
Online
Sports (6%) (9%) 12% 1% (1%) (0.7pp)
Gaming (7%) (9%) 10%
Total Online (7%) (8%) 11%
Retail (6) 79% 79% 2% 101% 101% (0.8pp)
Total Group 8% 6% 6%
-------------- ------ ------- ----------- -------- ------------- -------------
Notes
(1) Growth on a constant currency basis calculated by
translating 2022 and 2021 performances at 2022 exchange rates
(2) BetMGM revenues comprise of sports (Online and Retail) and iGaming revenues
(3) Three month period to April 2022, in markets in which BetMGM operates, excluding New York
(4) Based on current assumption of future live markets
(5) Retail operates in UK, Italy, Belgium and Republic of
Ireland. Retail numbers are quoted on a LFL basis. During Q2 2022,
there were an average of 4,300 shops/outlets in the estate,
compared to an average of 4,577 during Q2 2021
(6) Previous guidance as given at Full Year 2021 results (3(rd)
March 2022), was FY22 online NGR growth of mid to high single
digit
Enquiries:
Investor Relations - Entain plc investors@entaingroup.com
David Lloyd-Seed, Chief IR & Communications Officer david.lloyd-seed@entaingroup.com
Davina Hobbs, Head of Investor Relations davina.hobbs@entaingroup.com
Callum Sims, IR Manager callum.sims@entaingroup.com
Media - Entain plc media@entaingroup.com
Lisa Attenborough, Head of Corporate Communications lisa.attenborough@entaingroup.com
Jay Dossetter, Head of ESG and Press Office jay.dossetter@entaingroup.com
Jodie Hitch, PR Manager Jodie.hitch@entaingroup.com
Powerscourt Tel: +44 (0) 20 7250 1446
Rob Greening/Nick Hayns/Sam Austrums entain@powersco urt-group.com
Q2 Conference Call & Webcast
An analyst call will be held today, Thursday 7 July 2022 at
9:00am (BST). Participants may join via webcast or by conference
call dial in, approximately 10 minutes before the start of the
call.
Live audio webcast link: https://brrmedia.news/ENT_Q222
To participate in the Q&A, please also connect via the
conference call dial in details.
UK +44 (0) 33 0165 4012
US +1 646 828 8073
Access Code: 5300034
A replay of the presentation and transcript will be available on
our website :
https://entaingroup.com/investor-relations/results-centre/
Upcoming dates:
Interim Results: 11 August 2022
Forward-looking statements
This document contains certain statements that are
forward-looking statements. They appear in a number of places
throughout this document and include statements regarding our
intentions, beliefs or current expectations and those of our
officers, directors and employees concerning, amongst other things,
results of our operations, financial condition, liquidity,
prospects, growth, strategies and the business we operate. These
forward-looking statements include all matters that are not
historical facts. By their nature, these statements involve risks
and uncertainties since future events and circumstances can cause
results and developments to differ materially from those
anticipated. Any such forward-looking statements reflect knowledge
and information available at the date of preparation of this
document . Other than in accordance with its legal or regulatory
obligations (including under the Market Abuse Regulation
(596/2014), the Listing Rules, the Disclosure Guidance and
Transparency Rules and the Prospectus Rules), the Company
undertakes no obligation to update or revise any such
forward-looking statements. Nothing in this document should be
construed as a profit forecast. The Company and its directors
accept no liability to third parties in respect of this document
save as would arise under English law.
About Entain plc
Entain plc (LSE: ENT) is a FTSE100 company and is one of the
world's largest sports-betting and gaming groups, operating both
online and in the retail sector. The Group owns a comprehensive
portfolio of established brands; Sports Brands include bwin,
Bet.pt, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet
and Sports Interaction; Gaming Brands include CasinoClub, Foxy
Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and
PartyCasino. The Group owns proprietary technology across all its
core product verticals and in addition to its B2C operations
provides services to a number of third-party customers on a B2B
basis.
The Group has a 50/50 joint venture, BetMGM, a leader in sports
betting and iGaming in the US. Entain provides the technology and
capabilities which power BetMGM as well as exclusive games and
products, specially developed at its in-house gaming studios. The
Group is tax resident in the UK with operations in a total of 31
regulated or regulating territories. Entain is a leader in ESG, a
member of FTSE4Good, the DJSI and is AA rated by MSCI. The Group
has set a science-based target, committing to be carbon net zero by
2035 and through the Entain Foundation supports a variety of
initiatives, focusing on safer gambling, grassroots sport,
diversity in technology and community projects. For more
information see the Group's website : www.entaingroup.com
LEI: 213800GNI3K45LQR8L28
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