Entain’s 2023 Financial Overview: Strategic Growth and Market Expansion

Entain, a leading player in the igaming and sports betting industry, has released its financial report for the year 2023, showcasing significant growth and strategic advancements. The report highlights a total group revenue of £4.8 billion, marking an 11% increase from the previous year’s £4.3 billion. A notable aspect of this growth is the online net gaming revenue, which reached £3.4 billion, up 12% from £3.1 billion in 2022.

BetMGM, a key component of Entain’s portfolio, demonstrated remarkable progress with a net gaming revenue of $2.0 billion, a 36% increase from $1.4 billion in the preceding year. Despite these positive trends, the report also notes a loss after tax from continuing operations at £879 million, a shift from a profit of £33 million in 2022. The adjusted net debt stood at £3.3 billion, maintaining a leverage ratio of 3.3x, consistent with the previous year’s pro forma.

Entain has also refreshed its corporate strategy, focusing on driving organic growth, expanding online margins, and empowering growth in the US market. This strategy aims to deliver enhanced value for shareholders and marks the next phase of the company’s transformation.

The report also emphasizes Entain’s further expansion into regulated markets, achieving leading market positions. Notably, the company expanded into Poland through the acquisition of STS Holdings and established a partnership with TAB NZ, providing unique access to the New Zealand sports betting market. The enhancement of in-house content and capabilities is another highlight, with the acquisition of 365Scores and Angstrom Sports strengthening Entain’s offerings.

BetMGM’s strong performance has been further boosted by product and technological enhancements, including the implementation of a Single Account Single Wallet in 27 markets. Entain prides itself on being the only global operator with 100% revenue derived from regulated or regulating markets, underscoring its commitment to responsible and sustainable gaming.

Additionally, Entain has launched a new sustainability strategy, featuring an updated regulatory and safer gaming charter. This initiative reflects the company’s dedication to promoting a safe and responsible gaming environment across all its operations and markets.

Entain’s 2023 financial report signifies a year of strategic growth and market expansion, setting a solid foundation for continued success in the igaming and sports betting industry.

“We must better leverage the benefits of our scale whilst being agile to fine-tune our offering to customers and to respond to changing markets,” said J M Barry Gibson, Chairman.

“Aligned with our strategy, 2023 saw delivery of growth coupled with sustainability, ensuring more diversified, sustainable and ultimately higher quality earnings,” commented, Stella David, Interim Chief Executive Officer.

“2023 was another year of strong financial, operational and strategic progress for the Group,” added, Rob Wood, Chief Financial Officer.