Entain CEO Jette Nygaard-Andersen says the group has made “strong progress” and is looking to the future with “confidence” after its latest results report.
Group net gaming revenue increased 12 per cent for the full year of 2022, while that figure was 18 per cent when including Entain’s 50 per cent ownership of BetMGM.
But it was retail where Entain impressed the most, with land-based NGR up 66 per cent to reflect the comparative lack of coronavirus restrictions after 2021.
Group underlying EBITDA was up 13 per cent to £993m, at the top of upgraded guidance. Meanwhile, online underlying EBITDA was down eight per cent at £828m and retail underlying EBITDA was up 319 per cent to £280m.
Online NGR dropped by 1 per cent over FY22, but Entain said it has “underlying momentum” across all key markets.
Indeed, active customers grew by seven per cent and online NGR across a compound three-year period is up 12 per cent.
BetMGM, which is also half-owned by MGM Resorts, grew its NGR 71 per cent year-on-year to US$1.44bn and the operator’s 2023 net revenue is expected to be between $1.8bn and $2bn.
Nygaard-Andersen said Entain has a “sustainable growth strategy” amid recent entrances into esports in Brazil and Canada with unikrn, as well as the launch of Entain CEE.
The group’s CEO added that Entain is looking to “expand into the $170bn addressable market that we have identified.”
