Entain reports 18% revenue increase for first half of 2022
Customer activity increased dramatically, buoyed by Entain’s new global acquisitions.
Entain has released results for its H1 financial year, which show a total group net gaming revenue (NGR) growth of 18% to $608m year-on-year. BetMGM (Entain and MGM Resorts combined) has continued to perform strongly in 2022 and is set to deliver an overall financial year of over $1.3bn NGR.
However, online NGR results for Entain were down by 7% year-on-year. This result is perhaps explained by the heightened popularity of online gambling during Covid-19 and then its return to normal levels in post-pandemic times.
Entain’s EBITDA was up by 17%, reaching $575.9m. The group profit after tax from continuing operations fell to $34.2m, which was a drastic fall of $77m year-on-year.
The company’s strategic focus on broader recreational customer bases delivered record levels of activities, up 57% from 2019 with higher quality earnings. Further geographic expansion plays a large factor in the increased customer rates, as Entain has strategically deployed in new regulated markets.
It acquired SuperSport, a Croatian sports betting company, for $600m which provides it with a springboard into Central and Eastern Europe. The June acquisition of BetCity in the Netherlands gave the company a vantage point into the newly regulated Dutch market.
Other international purchases include Avid Gaming in Canada, Klondaika in Latvia and Totoloek in Poland. The Netherlands acquisition was not immediately lucrative, as excluding BetCity, online NGR was only down 3% compared to its overall 7% drop.
The compound annual growth rate was up 13% and retail performance pulled ahead of expectations, fuelled by customer engagement in areas including gaming machines and betting terminals.
Entain’s CEO Jette Nygaard-Andersen commented, “This has resulted in our highest ever level of activity in H1, up 57% versus the same period two years ago. Not only is this approach great for our customers, but it also provides us with a broader, more recreational customer base that will support more sustainable long-term revenues.”
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