Entain Posts FY22 Results, Commits to Diversification and Sustainability
All the positive factors mean that Entain can look to the future with confidence, CEO Jette Nygaard-Andersen said
Global gambling giant Entain posted its financial results for the year ended December 31, 2022. The company highlighted its successes, noting that 2022 was a very strong year for the company.
Entain reported that gaming revenue for the period increased by 12% year-on-year to around $5.17 billion (converted to USD). Online net gaming revenue experienced a slight decline of 1%, although the company is pretty optimistic about the state of the vertical. Retail NGR, meanwhile, skyrocketed by 66% thanks to the COVID-19 restrictions being lifted.
The gambling juggernaut also reported a group underlying EBITDA of $1,1 billion, representing a 13% year-on-year increase. Reflecting the net revenue trends, online underlying EBITDA declined by 8% while retail underlying EBITDA improved by a whopping 319%.
Group profit after tax plummeted by 88% to $39.25 million.
The company also announced a second interim dividend of $59.5 million (around $0.10 per share). This brings the total dividend for 2022 to $0.20 per share.
Other Notable Highlights
Entain also provided insights into BetMGM’s performance. The gambling brand’s revenue of $1.44 billion exceeded expectations and the company is now set to become EBITDA positive in H2 2023.
Entain added that 2022 saw it continue its growth strategy and diversification efforts. In addition, the company continues to be a leader in responsibility and sustainability, claiming to be the only global operator with 100% revenue from regulated or regulating markets.
In 2022, the company rolled out its ARC player protection program across 22 markets and was awarded GamCare’s Advanced Safer Gambling Standard and SBC’s Global Socially Responsible Operator of the Year.
CEO Nygaard-Andersen Praised the Progress
Jette Nygaard-Andersen, the company’s chief operating officer, commented on Entain’s 2022 performance, praising the excellent results. She noted that her team’s ongoing efforts continue to cement Entain as a global leader in betting, gaming and interactive entertainment. Nygaard-Andersen is also very happy that all of the company’s revenues come from regulated or regulating markets, which attests to the success of Entain’s sustainable growth strategy.
The CEO concluded that the company’s diversified business now has a presence in 40 territories, demonstrating the company’s competitive advantage. Entain remains committed to delivering safe gaming experiences to customers all over the world.
These factors, combined with the strong underlying momentum across our business, mean that we continue to look to the future with confidence.
Jette Nygaard-Andersen, COO, Entain
Entain remains bullish on expanding its business in a safe and responsible manner. A few weeks ago, the company received a license in Nevada, with some of its executives becoming members of BetMGM’s governing board.
Angel has a passion for all forms of writing, be it fiction or nonfiction. His curious nature gives him an ace up his sleeve when researching a new topic. Angel’s thirst for knowledge, paired with adaptability, always helps him find his way around.
