TIDMENT
RNS Number : 4941O
Entain PLC
01 February 2023
For Release at 7.00am
1 February 2023
Entain plc
("Entain" or the "Group")
Record quarter for both online NGR and active customers, with
actives up 14%
FY22 EBITDA now expected to be in the range of GBP985m -
GBP995m, up c.12% year on year and ahead of expectations
Entain plc (LSE: ENT), the global sports betting, gaming and
interactive entertainment group, today reports trading for the
period from 1 October to 31 December 2022 ("Q4"), as well as for
the financial year to 31 December 2022 ("FY22").
Financial Highlights
-- Strong performance in Q4 with Group net gaming revenue ("NGR") up 11% (+7% cc(1) )
o Record Q4 Online NGR, up 12% (+8% cc(1) ) year on year,
reflects a successful men's World Cup, partly offset by weather
disruptions to sporting fixtures
o Continued growth in active customers in Q4, also at record
levels, up 14% versus the prior year
o Q4 Retail NGR up 10% (2) (+9% cc(1,2) ) with UK volumes driven
by strong growth in gaming and betting terminals
-- FY22 Group NGR up 12% (+10% cc(1) )
o Including the 50% share of BetMGM joint venture in the US,
FY22 Group NGR was up 15% cc(1)
o FY22 Online NGR down 1% (-2% cc(1) ), reflecting strong Covid
comparators and the absorption of regulatory changes, particularly
in the UK and Germany
o Strong progress on the strategic broadening of customer appeal
with the number of active customers up 7% year on year
o FY22 Retail NGR up 66% (2) (+66% cc(1,2) ), with volumes ahead
of pre-Covid levels, market share gains and a broadening customer
base
-- FY22 Group EBITDA expected to be in the range of GBP985m -
GBP995m, ahead of previous expectations(3) and representing growth
of c.12% versus the prior year
o SuperSport acquisition in Croatia, completed on 23 November
2022, contributed GBP8m to FY22 EBITDA
-- BetMGM, the Group's joint venture in the US, continues to
perform strongly. As reported on 26 January 2022 ( Link ):
o FY22 NGR of $1.44bn up 71% year on year, ahead of
expectations(4)
-- 51% growth in online NGR, on same state basis
o 19%(5,6) share in sports-betting and iGaming in the markets
where BetMGM operates
o iGaming market leadership position maintained with 30%(5,6)
market share
o On target to be EBITDA positive in H2 2023
o Long term objectives of 20-25% market share and 30-35% EBITDA
margin, remain unchanged
Operational highlights
-- Completed SuperSport acquisition in Croatia, driving further
growth and geographic diversity through the recently established
Entain CEE
-- Completion of BetCity acquisition in January 2023 secures
access to the attractive and fast-growing Netherlands market
-- BetMGM's ongoing success, including recent launches in
Maryland, Ohio and Massachusetts, product and functionality
developments as well as sportsbook app redesign, continue to be
underpinned by the Entain Platform's unique operational
excellence
-- Launch of UNIKRN in esports betting and skill-based wagering;
soft launches in Brazil and Canada with further launches planned
for 2023
-- Continued progress on ESG initiatives under our Sustainability Charter
o Accelerated exit of unregulated markets as announced on 18
January 2023 ( Link ); Entain is the only global operator with 100%
of revenues from domestically regulated or regulating markets
o ARC(TM) ("Advanced Responsibility & Care") programme
extended to 22 international markets, and achieved milestone of one
million proactive interactions
o Initiative launched in collaboration with McLaren Racing to
support women in tech-based careers
Jette Nygaard-Andersen, Entain's CEO, commented :
"2022 has been another year of strong financial, operational and
strategic progress for Entain. We have continued to grow our
revenues in a sustainable and diversified way by expanding our
global footprint, broadening our customer appeal, entering new
areas of entertainment, and providing a safe environment for our
customers. All of this has led to a record number of active
customers in Q4, as well as a full year EBITDA performance ahead of
our previous expectations.
We have started 2023 with good momentum across the business and
remain confident in our ability to continue delivering on our
growth and sustainability strategy in the year ahead."
Q4: 1 October to 31 December 2022
--------------- -------------- --------------------------------------------------
Total Total 3yr CAGR Sport Sport Wagers Sports
NGR NGR Total NGR Wagers cc(1) Margin
cc(1) cc(1)
-------------- ------ ------- ----------- -------- ------------- -------------
Online
Sports 13% 7% 14% 2% (2%) +1.0pp
Gaming 13% 10% 11%
Total Online 12% 8% 12%
Retail (2) 10% 9% flat 15% 14% (1.0pp)
Total Group 11% 7% 7%
-------------- ------ ------- ----------- -------- ------------- -------------
Full Year: 1 January to 31 December
2022
--------------- -------------- --------------------------------------------------
Total Total 3yr CAGR Sport Sport Wagers Sports
NGR NGR Total NGR Wagers cc(1) Margin
cc(1) cc(1)
-------------- ------ ------- ----------- -------- ------------- -------------
Online
Sports flat (2%) 15% (1%) (3%) +0.2pp
Gaming (1%) (3%) 10%
Total Online (1%) (2%) 12%
Retail (2) 66% 66% 1% 68% 68% +0.2pp
Total Group 12% 10% 6%
-------------- ------ ------- ----------- -------- ------------- -------------
Notes
(1) Growth on a constant currency basis calculated by
translating 2022 and 2021 performances at 2022 exchange rates
(2) Retail operates in UK, Italy, Belgium, Republic of Ireland
and Croatia. During Q4 2022, there were an average of 4,332
shops/outlets in the estate including Croatia, compared to an
average of 4,425 during Q4 2021. Retail performance numbers are
quoted on a LFL basis and therefore exclude the post-acquisition
performance of shops in Croatia.
(3) Guidance as reiterated at Q3 trading update on 13 October
2022 of FY22 EBITDA of GBP925m-GBP975m
(4) BetMGM guidance on FY22 NGR of over $1.3bn, as stated at
Business Update on 19 January 2022
(5) BetMGM revenues comprise of sports betting (Online and Retail) and iGaming revenues
(6) Three month period to October 2022, in markets in which BetMGM operates
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 Corporate PR 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
Q4 Conference Call & Webcast
An analyst call will be held today, Wednesday 1(st) February
2023 9:00am (GMT).
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://kvgo.com/IJLO/Entain_2022_Q4_Trading_Update
To participate in the Q&A, please also connect via the
conference call dial in details.
UK +44 (0)33 0551 0200
US + 1 866 580 3963
Access Code: Quote "Entain" when prompted by operator
A replay of the presentation and transcript will be available on
our website :
https://entaingroup.com/investor-relations/results-centre/
Upcoming dates:
Full Year Results: 9 March 2023
Q1 Trading Update 19 April 2023
Interim Results 10 August 2023
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 BetCity,
bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet,
Sports Interaction and SuperSport; Gaming brands include 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, operating in over 40 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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