Entain achieves a strong performance in the first half of 2022 with record asset levels of 57% more than in 2019

 Entain has recently published its interim results for the six-month period ending June 30, 2022. In this regard, they have highlighted the strategic progress of the group with a record level of assets, 57% more than in the first half of 2019.
  •  We must highlight the following aspects reported by Entain:
  • Greater customer engagement driven by innovative new products and enriched experiences
  • Further geographic expansion with five transactions this year to date consistent with our strategy of expanding into regulated markets
    • Creation of Entain CEE and acquisition of SuperSport provide a strategic springboard to unlock the clear expansion opportunity in Central and Eastern Europe.
    • Acquisition in June of BetCity in the Netherlands to deliver growth in the newly regulated Dutch market
    • Completion of Avid Gaming (Canada), Klondaika (Latvia) and Totolotek (Poland) transactions
  • Ongoing ESG leadership and further progress made across our Sustainability Charter
  • Expansion of Advanced Responsibility & Care player protection trials into international markets
  • Pitching-In Volunteer Hub for the UK Trident Leagues launched to connect volunteers and local clubs
  • Appointment of Rahul Welde as an independent Non-Executive Director

In terms of finances, the group indicates the following data:
  • Robust Group performance during H1, reflecting the diversified business model and underlying momentum of the online business
  • Total Group net gaming revenue growth of 18% (+18%)
  • Online NGR down 7% (-7%) reflecting strong prior year comparators driven by Covid lockdowns, temporary closure in the Netherlands, affordability measures in the UK and customers responding to the economic backdrop. Excluding the Netherlands, NGR was down -3%
  • In the first half of 2022, net gaming revenues up 13%
  • Retail performance ahead of expectations with a more interactive digital experience across gaming machines and betting terminals driving greater customer engagement
  • BetMGM continues to perform strongly and is on track to deliver FY22 NGR of over $1.3bn
  • H1 NGR of $608m, 65% ahead of 2021
  • Established number two operator with 23% market share where BetMGM operates (excluding New York)
  • Consistent leading iGaming operator with 30%7 market share
  • Reiterate expectation to reach positive EBITDA during 2023
  • Group EBITDA up 17% at £471m
  • Group profit after tax from continuing operations £28m, down £63m
  • FY 2022 Group EBITDA expected to be in the range of £925m to £975m, in line with current consensus

On asset records, Jette Nygaard-Andersen, CEO of Entain, commented: "I am delighted that more customers are choosing to play with us as we focus on providing them with even better products, engaging content and exciting experiences. This has resulted in our highest ever level of assets 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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