TIDMENT
RNS Number : 4408U
Entain PLC
28 March 2023
28 March 2023
Entain plc
Entain selected by TAB New Zealand as preferred partner for a
25-year strategic arrangement
Entain plc (LSE: ENT), the leading global sports betting, gaming
and interactive entertainment group ("Entain" or the "Group"),
announces that it has been selected by TAB New Zealand ("TAB NZ")
as its preferred partner for a 25-year strategic arrangement.
Entain was selected based on a wide range of criteria, including
operational expertise, cultural alignment with TAB NZ and its
commitment to uplifting TAB NZ's harm minimisation and responsible
gambling efforts.
The proposed strategic arrangement, and timing of completion,
remains subject to approval from the New Zealand Minister for
Racing. Further information, as appropriate, will be provided after
the completion of the Ministerial approval process.
Key terms of the proposed strategic arrangement:
-- TAB NZ has selected Entain as its preferred partner for a
25-year strategic partnering arrangement;
-- Entain have agreed to make payments of up to NZ$260m
(approximately GBP132m(1) ). Subject to Ministerial approval,
NZ$160m (approximately GBP81m(1) ) is payable in 2023, with the
balance subject to passing of certain legislative amendments;
-- Ongoing gross profit share, plus payments above, to result in
minimum guaranteed funding to TAB NZ of over NZ$1.0bn in the first
five years of the arrangement.
Dean Shannon, CEO of Entain Australia, comments:
"We are excited to be selected by TAB NZ as its preferred
partner. This is a unique opportunity to shape the future wagering
experience for customers and to support New Zealand's racing and
sporting industries. We have a compelling vision for the future of
TAB NZ, which includes a renewed focus on innovation and
technology, and a long-term commitment to all racing, sport and
industry stakeholders.
As the partner of choice for New Zealand, we have made a firm
commitment to employment continuity for at least 24 months, with
the team at TAB NZ essential to our future vision and growth of the
market in New Zealand. We applaud TAB NZ for how the process has
been run to date and we look forward to working with the existing
management team and all stakeholders on necessary approvals to
finalise the transaction."
Notes
(1) NZ$ / GBP FX rate of 0.5070 as per Bloomberg at market close
on 24(th) March 2023
(2) For the purposes of UK LR 10.4.1 R, as at 31 January 2023,
the assets of the entity subject to the strategic partnering
arrangement had a gross asset value of approximately NZ$138m
(approximately GBP70m(1) ) and generated operating profits of
NZ$16m (approximately GBP8m(1) ) in the year ending 31 July
2022
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
Aimee Remey, VP US Investor Relations aimee.remey@entaingroup.com
Callum Sims, IR Manager callum.sims@entaingroup.co m
Media - Entain plc media@entaingroup.com
Lisa Attenborough, Head of Corporate Communications lisa.attenborough@entaingroup.com
Karl deKroo, Stakeholder Engagement- Entain Australia karl.dekroo@entaingroup.com.au
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
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 and is the only global operator to
exclusively operate in domestically regulated or regulating markets
operating in over 40 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
About TAB NZ
TAB NZ is established as a body corporate under the Racing
Industry Act 2020 (NZ). TAB NZ is the only regulated racing and
sports betting operator in New Zealand. It conducts betting in New
Zealand under the "TAB" brand, which been operating in New Zealand
for over 70 years.
TAB NZ's statutory objectives are:
a) to facilitate and promote betting; and
b) Subject to minimising the risk of problem gambling and underage gambling:
i. maximise profits for the long-term benefit of NZ racing;
and
ii. maximise returns under commission agreements with New
Zealand national sporting organisations (NSOs).
TAB NZ operates two linear broadcasting channels under its
Trackside brand and has approximately 500 retail venues.
Important notices
Certain statements in this announcement are forward-looking
statements, including with respect to Entain's expectations,
intentions and projections regarding its future performance,
strategic initiatives, anticipated events or trends and other
matters that are not historical facts and which are, by their
nature, inherently predictive, speculative and involve risks and
uncertainty because they relate to events and depend on
circumstances that may or may not occur in the future. All
statements that address expectations or projections about the
future, including statements about operating performance, strategic
initiatives, objectives, market position, industry trends, general
economic conditions, expected expenditures, expected cost savings
and financial results are forward--looking statements. Any
statements contained in this announcement that are not statements
of historical fact are, or may be deemed to be, forward--looking
statements. These forward-looking statements, which may use words
such as "aim", "anticipate", "believe", "could", "intend",
"estimate", "expect", "may", "plan", "project" or words or terms of
similar meaning or the negative thereof, are not guarantees of
future performance and are subject to known and unknown risks and
uncertainties. There are a number of factors including, but not
limited to, commercial, operational, economic and financial
factors, that could cause actual results, financial condition,
performance or achievements to differ materially from those
expressed or implied by these forward-looking statements. Many of
these risks and uncertainties relate to factors that are beyond
Entain's ability to control or estimate precisely, such as changes
in taxation or fiscal policy, future market conditions, currency
fluctuations, the behaviour of other market participants, the
actions of governments or governmental regulators, or other risk
factors, such as changes in the political, social and regulatory
framework in which Entain operates or in economic or technological
trends or conditions, including inflation, recession and consumer
confidence, on a global, regional or national basis. Given those
risks and uncertainties, readers are cautioned not to place undue
reliance on forward-looking statements. Forward-looking statements
speak only as of the date of this announcement. Entain and its
affiliates, and any of its or their respective directors, officers,
partners, employees, advisers or agents (collectively,
"Representatives") expressly disclaim any obligation or undertaking
to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise
unless required to do so by applicable law or regulation.
In particular, no statement in this announcement is intended to
be a profit forecast or profit estimate and no statement of a
financial metric (including estimates of EBITDA, profit before tax,
free cash flow or net debt) should be interpreted to mean that any
financial metric for the current or future financial years would
necessarily match or exceed the historical published position of
Entain and its subsidiaries. Certain statements in this
announcement may contain estimates. The estimates set out in this
announcement have been prepared based on numerous assumptions and
forecasts, some of which are outside of Entain's influence and/or
control, and is therefore inherently uncertain and there can be no
guarantee or assurance that it will be correct. The estimates have
not been audited, reviewed, verified or subject to any procedures
by Entain's auditors. Undue reliance should not be placed on them
and there can be no guarantee or assurance that they will be
correct.
This announcement is being issued by and is the sole
responsibility of Entain. No representation or warranty, express or
implied, is or will be made as to, or in relation to, and no
responsibility or liability is or will be accepted by or on behalf
of, Entain (apart from the responsibilities or liabilities that may
be imposed by the Financial Services and Markets Act 2000, as
amended or the regulatory regime established thereunder) or by its
affiliates or any of its Representatives as to, or in relation to,
the accuracy, adequacy, fairness or completeness of this
announcement or any other written or oral information made
available to or publicly available to any interested party or its
advisers or any other statement made or purported to be made by or
on behalf of Entain or any of its affiliates or any of its
Representatives in connection with Entain and any responsibility
and liability whether arising in tort, contract or otherwise
therefore is expressly disclaimed.
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END
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