TIDMENT
RNS Number : 5057W
Entain PLC
18 April 2023
For Release at 7.00am
18 April 2023
Entain plc
("Entain" or the "Group")
Strong momentum across the Group with record levels of active
customers
Group performance in line with expectations
Entain plc (LSE: ENT), the global sports betting, gaming and
interactive entertainment group, today reports trading for the
period from 1 January to 31 March 2023 ("Q1").
Financial Highlights:
-- Strong start to 2023 with Q1 Group Net Gaming Revenue ("NGR") up +15% (+11%cc(1) )
o Including our 50% share of BetMGM, Q1 Group NGR was up +17%cc(1)
-- Online Q1 NGR up +16% (+11%cc(1) ), in line with expectations
and demonstrating strong momentum
o Online NGR in Q1 +1%cc(1) proforma. On an underlying basis,
excluding the known regulatory impacts in the UK and Germany,
Online NGR was +6%cc(1) proforma
o Record levels of active customers in Q1, up +19% versus the prior year (+14% proforma)
-- Strong performance in Retail with Q1 NGR up +14% (+13%cc(1) )
-- BetMGM continues to grow strongly with Q1 NGR of
approximately $470m, up +76%, delivering in line with guidance of
$1.8-$2.0bn for 2023
o Consistent iGaming leadership with 28%(3) market share and
established amongst leading operators with 17%(2,3) share in
sports-betting and iGaming markets where BetMGM operates
o Successful Super Bowl and March Madness, with strong customer acquisition during the quarter
o Player economics continue to support state cohort
profitability, and BetMGM remains on track to deliver positive
EBITDA in the second half of 2023(4)
Operational Highlights:
-- Continued execution of strategic growth with further
diversification and expansion across regulated markets and
products
o Strategic partnership with TAB New Zealand ("TAB NZ") to
provide wagering operations in New Zealand
o Acquisition of 365scores to broaden customer appeal and support online growth
-- Ongoing focus and progress across our Sustainability strategy
o Only global operator with 100% revenue from regulated or regulating markets
o Commitment for two-year programme with Gordon Moody Charity,
continuing the Entain Foundation's funding for responsible gaming
support
o ARC continues to provide industry leading player protection
with over 3.7million interactions so far
o Retained AA rating by MSCI ESG Ratings, illustrating continued industry leadership in ESG
Jette Nygaard-Andersen, Entain's CEO, commented :
"2023 is off to a strong start, with continuing underlying
momentum across our operations around the world. We are delivering
both financially and strategically, with a record number of active
customers enjoying our products, and we are executing on growth
opportunities to further diversify and expand across regulated
markets. In the US, BetMGM continues to grow in line with
expectations and enjoyed a successful quarter which included the
Super Bowl and March Madness.
Looking ahead, we remain confident that our customer focus,
diversification and proven ability to grow organically and through
M&A will enable us to demonstrate further progress against our
strategy."
Q1: 1 January to 31 March 2023
-------------------------------------------------------------------------
Total Total Sport Sport Sports
NGR NGR cc(1) Wagers Wagers Margin
cc(1)
---------------------- ------ ----------- -------- -------- --------
Online
Sports 8% 2% 3% (2%) +0.4pp
Gaming 25% 20%
Total Online 16% 11%
Retail 14% 13% 17% 15% +0.2pp
Total Group (ex US) 15% 11%
BetMGM 94% 76%
Total Group inc. 50%
BetMGM 22% 17%
---------------------- ------ ----------- -------- -------- --------
Notes
(1) Growth on a constant currency basis calculated by
translating 2023 and 2022 performances at 2023 exchange rates
(2) BetMGM revenues comprise of sports (Online and Retail) and iGaming revenues
(3) BetMGM market shares for the three month period to February
2023 (excluding Arizona in February, as data yet to be
reported)
(4) Based on current assumption of future live markets
Enquiries:
Investor Relations - Entain plc investors@entaingroup.com
David Lloyd-Seed, Chief IR & Communications Officer david.lloyd-seed@entaingroup.com
Davina Hobbs, Head of Investor Relations davina.hobbs@entaingroup.com
Aimee Remey, VP US Investor Relations aimee.remey@entaingroup.com
Callum Sims, IR Manager callum.sims@entaingroup.com
Media - Entain plc media@entaingroup.com
Lisa Attenborough, Head of Corporate Communications lisa.attenborough@entaingroup.com
Jay Dossetter, Head of ESG and Press Office jay.dossetter@entaingroup.com
Jodie Hitch, PR Manager Jodie.hitch@entaingroup.com
Powerscourt Tel: +44 (0) 20 7250 1446
Rob Greening/Nick Hayns/Sam Austrums entain@powersco urt-group.com
Q1 Conference Call & Webcast
An analyst call will be held today, Tuesday 18 April 2023 at
9:00am BST. Participants may join via webcast or by conference call
dial in, approximately 10 minutes before the start of the call.
Live audio webcast link: Entain Group 2023 Q1 Trading Update
To participate in the Q&A, please also connect via the
conference call dial in details.
UK +44 (0) 33 0551 0200
US +1 866 580 3963
Access Code: Quote "Entain" when prompted by operator
A replay of the presentation and transcript will be available on
our website: Results Centre - Entain Group
Upcoming dates:
Interim Results: 10 August 2023
About Entain plc
Entain plc (LSE: ENT) is a FTSE100 company and is one of the
world's largest sports betting and gaming groups, operating both
online and in the retail sector. The Group owns a comprehensive
portfolio of established brands; Sports brands include BetCity,
bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet,
Sports Interaction and SuperSport; Gaming brands include Foxy
Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and
PartyCasino. The Group owns proprietary technology across all its
core product verticals and in addition to its B2C operations
provides services to a number of third-party customers on a B2B
basis.
The Group has a 50/50 joint venture, BetMGM, a leader in sports
betting and iGaming in the US. Entain provides the technology and
capabilities which power BetMGM as well as exclusive games and
products, specially developed at its in-house gaming studios. The
Group is tax resident in the UK and is the only global operator to
exclusively operate in domestically regulated or regulating markets
operating in over 40 territories.
Entain is a leader in ESG, a member of FTSE4Good, the DJSI and
is AA rated by MSCI. The Group has set a science-based target,
committing to be carbon net zero by 2035 and through the Entain
Foundation supports a variety of initiatives, focusing on safer
gambling, grassroots sport, diversity in technology and community
projects. For more information see the Group's website :
www.entaingroup.com
Important notices
Certain statements in this announcement are forward-looking
statements, including with respect to Entain's expectations,
intentions and projections regarding its future performance,
strategic initiatives, anticipated events or trends and other
matters that are not historical facts and which are, by their
nature, inherently predictive, speculative and involve risks and
uncertainty because they relate to events and depend on
circumstances that may or may not occur in the future. All
statements that address expectations or projections about the
future, including statements about operating performance, strategic
initiatives, objectives, market position, industry trends, general
economic conditions, expected expenditures, expected cost savings
and financial results are forward--looking statements. Any
statements contained in this announcement that are not statements
of historical fact are, or may be deemed to be, forward--looking
statements. These forward-looking statements, which may use words
such as "aim", "anticipate", "believe", "could", "intend",
"estimate", "expect", "may", "plan", "project" or words or terms of
similar meaning or the negative thereof, are not guarantees of
future performance and are subject to known and unknown risks and
uncertainties. There are a number of factors including, but not
limited to, commercial, operational, economic and financial
factors, that could cause actual results, financial condition,
performance or achievements to differ materially from those
expressed or implied by these forward-looking statements. Many of
these risks and uncertainties relate to factors that are beyond
Entain's ability to control or estimate precisely, such as changes
in taxation or fiscal policy, future market conditions, currency
fluctuations, the behaviour of other market participants, the
actions of governments or governmental regulators, or other risk
factors, such as changes in the political, social and regulatory
framework in which Entain operates or in economic or technological
trends or conditions, including inflation, recession and consumer
confidence, on a global, regional or national basis. Given those
risks and uncertainties, readers are cautioned not to place undue
reliance on forward-looking statements. Forward-looking statements
speak only as of the date of this announcement.
Entain and its affiliates, and any of its or their respective
directors, officers, partners, employees, advisers or agents
(collectively, "Representatives") expressly disclaim any obligation
or undertaking to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise unless required to do so by applicable law or
regulation.
In particular, no statement in this announcement is intended to
be a profit forecast or profit estimate and no statement of a
financial metric (including estimates of EBITDA, profit before tax,
free cash flow or net debt) should be interpreted to mean that any
financial metric for the current or future financial years would
necessarily match or exceed the historical published position of
Entain and its subsidiaries. Certain statements in this
announcement may contain estimates. The estimates set out in this
announcement have been prepared based on numerous assumptions and
forecasts, some of which are outside of Entain's influence and/or
control, and is therefore inherently uncertain and there can be no
guarantee or assurance that it will be correct. The estimates have
not been audited, reviewed, verified or subject to any procedures
by Entain's auditors. Undue reliance should not be placed on them
and there can be no guarantee or assurance that they will be
correct.
This announcement is being issued by and is the sole
responsibility of Entain. No representation or warranty, express or
implied, is or will be made as to, or in relation to, and no
responsibility or liability is or will be accepted by or on behalf
of, Entain (apart from the responsibilities or liabilities that may
be imposed by the Financial Services and Markets Act 2000, as
amended or the regulatory regime established thereunder) or by its
affiliates or any of its Representatives as to, or in relation to,
the accuracy, adequacy, fairness or completeness of this
announcement or any other written or oral information made
available to or publicly available to any interested party or its
advisers or any other statement made or purported to be made by or
on behalf of Entain or any of its affiliates or any of its
Representatives in connection with Entain and any responsibility
and liability whether arising in tort, contract or otherwise
therefore is expressly disclaimed.
LEI: 213800GNI3K45LQR8L28
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END
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