Annual revenues jump at Entain

By Abigail Townsend

Date: Thursday 09 Mar 2023

Annual revenues jump at Entain

(Sharecast News) - Gaming giant Entain reported a jump in revenues on Thursday, supported by strong growth in its retail estate.
The owner of Ladbrokes and Coral said net gaming revenues were ahead 12% in the year to 31 December, or 10% on a constant currency basis, at £4.35bn.

Within that, retail gaming revenues jumped 66%, while online gaming revenues eased 1%. Entain's online brands include FoxyBingo, Party Casino and sports specialist bwin, among others.

Group revenues rose by 12% to £4.3bn, while underlying earnings before interest, tax, depreciation and amortisation jumped 13% to £993.2m, at the higher end of its guidance range.

A series of one-off costs, however, saw pre-tax profits fall to £102.9m from £393.2m a year earlier. Costs included amortisation on acquired intangibles, furlough scheme repayments of £45.5m and corporate transaction expenses.

Jette Nygaard-Anderson, chief executive, said: "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."

Looking to the current year, the blue chip acknowledged that it continued to face regulatory headwinds. Operators in the UK are facing stiffer regulation of online gambling.

But it added: "We have started 2023 with positive underlying momentum and we remain confident in our long-term strategic prospects."


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