Entain FY22 results post strong retail performance

Entain, a leading entertainment and gaming giant in global markets, has posted a detailed breakdown of its full-year performance for the 2022 financial year. The results covered the 12-month period that ended on December 31, 2022.

The company broke down its performance by key highlights in the overall company achievements and by financial highlights. Notably, in terms of land-based and online gaming activities, there were interesting trends during the year.

The online underlying EBITDA was in fact down by 8% to £828m ($988m), which the company noted was a mix of COVID-19 comparators as well as the changing regulator climate that has required the company to navigate evolving landscapes.

Retail, though, was a surprise. Retail underlying EBITDA was up 319% year-over-year to £280m ($334m), surging despite a mix of challenges that physical betting and gambling facilities faced. The company detailed other important developments over the 12-month period.

BetMGM continued to perform well during the period, the company said, and added that the brand should be on track to hit positive EBITDA in the second half of 2023. Entain continues to work actively to expand its reach and diversify its regulated products and markets, creating a more shock-resistant and flexible structure.

Part of these efforts was put forward with the establishment of Entain CEE. Entain hailed the rollout of the Unikrn brand in Brazil and Canada, which is what it celebrates as the first step into the skill-based wagering market, as well as the competitive video gaming market known as esports.

Entain celebrated a still more important milestone – the sustainability of its business model when it came to deriving revenue from 100% regulated gambling markets. This is a milestone that the company can stand proudly by and marks the transformative journey it set out on several years ago. Entain CEO Jette Nygaard-Andersen commented on her company’s results and praised the strong results across the board:

"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."

Yet, this is not the end for the company in innovating or embarking on new developments. "We continue to see a vast array of opportunities around the world as we expand into the $170bn addressable market that we have identified," Nygaard-Andersen concluded.

A new ARC player protection program was introduced in 22 markets and both Entain and BetMGM’s commitments to responsible gambling standards in the industry have been unwavering. In a similar vein, Entain won a number of prominent silverware that distinguish its commitment to protecting consumers, naming GamCare’s Advanced Safer GamblingStandard, SBC’s Global Socially Responsible Operator of the Year for 2022, and more.

Image credit: Unsplash.com