Entain aims to build on a strong financial 12-months as the firm reported a revenue increase through 2022 of 12%.
Publishing its 2002 full year results, Entain’s revenue for the period totalled £4.29bn, up from £3.83bn in 2021, and, if excluding the group’s 50% share of BetMGM, would represent growth of 18%.
Group-wide gross profit through the year climbed 12% to £2.71bn (2021: £2.43bn), while underlying EBITDA increased 13% to £933.2m (2021: £881.7m). Operating costs reached £1bn (2021: £952.7m).
Jette Nygaard-Andersen, CEO of Entain, explained: “Having already achieved profitability in several states, we expect BetMGM to be EBITDA positive in the second half of 2023 and a long term target EBITDA margin of 30 per cent-35 per cent.”
“In summary, BetMGM remains firmly on track for its path to profitability and has secured its position as a leader in the US sports betting and igaming markets.”
Crossing over to North America, Entain reported that its NGR exceeded expectations, rising 71% year-on-year to $1.44bn.
In markets where the brand operates, Entain has reported a 29% share of igaming and 18% in regions where the vertical is complemented by sports betting.
Nygaard-Andersen added: “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.
“I am particularly proud that Entain leads our industry on responsible gaming and we are now the only global operator exclusively in domestically regulated or regulating markets.”
For a further breakdown of Entain’s results, click here to be directed to CasinoBeats for an igaming perspective.