Entain posts $5.1bn revenue for FY2022
Its US-based joint venture BetMGM saw an annual revenue increase of 77%.
Entain has announced its full-year financial results for FY2022, showing a net gaming revenue (NGR) increase of 12% year-over-year to $5.1bn. This NGR included the revenue gained from Entain’s 50% share of BetMGM which had a three-year compound growth of 11%.
The sports betting and gaming Group posted an EBITDA of $1.2bn which was an annual increase of 13% when compared to the same prior year period.
Entain’s profit after tax was $39.1m which represents an 88% decrease from FY2021. Its adjusted earnings per share was up 12.6% to 71 cents.
The company’s online NGR was down 1% annually although underlying online NGR achieved a growth of 3% (excluding the Netherlands and the impact of regulatory changes in the UK). The number of active customers increased by 7% as the company sought to expand its customer base.
Meanwhile, retail NGR rose by 66% which Entain claims reflects a full bounce back from Covid-19 (particularly in H1 of 2022).
Entain jointly owns BetMGM, a prominent sportsbook, with MGM Resorts, each holding an equal stake in the company. BetMGM continued its strong performance, with an NGR showing of $1.44bn for FY2022, which was up 71% year-over-year.
BetMGM attained a 29% share in iGaming and an 18% share in sports betting and iGaming in the markets where both of these verticals are legal and the company is operational.
Entain CEO Jette Nygaard-Andersen commented: “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.
“We continue to see a vast array of opportunities around the world as we expand into the $170bn addressable market that we have identified.”
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