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2023 Financial Highlights and Market Dynamics
Entain announced a net gaming revenue of £4.83bn for 2023, marking an 11 percent rise from 2022’s £4.35bn, inclusive of its joint venture with MGM Resorts International in BetMGM.
Breaking down the revenue sources, UK & Ireland operations dipped by three percent year-over-year, international operations saw a two percent decline, while significant growth was observed in Central and Eastern Europe (11 percent) and USA operations (36 percent).
Online net gaming revenue increased by 12 percent from the previous year, driven by a six percent rise in sports and a 17 percent increase in gaming, alongside a 23 percent growth in online active customers.
Operational Highlights and Leadership Transition
2023 witnessed Entain’s retail net gaming revenue grow by nine percent year-over-year, following strategic acquisitions in Poland and New Zealand, and an emphasis on retail estate strength. The company’s US venture, BetMGM, grew by 36 percent year-over-year, capturing a 14 percent market share in its operational states and achieving positive EBITDA in the latter half of the year.
Despite these successes, Entain reported a significant after-tax loss in 2023, mainly due to settlement and impairment charges, particularly impacting its Australian operations.
Looking Ahead: 2024 Projections and Strategic Plans
For 2024, Entain remains optimistic, citing early positive signs in Brazil and the launch of BetMGM in Nevada. The company is proactive in adapting to UK and Netherlands regulatory changes, expecting these adjustments to have a roughly £40m negative impact on its EBITDA.
Entain is committed to enhancing its strategic focus, prioritizing organic growth, increasing its share in the US market, and improving margins. With plans to drive operational excellence and exceptional execution, Entain is poised for growth beyond 2025.
Entain’s Resilient Strategy Amid Changes
As Entain navigates through regulatory challenges and market dynamics, the group’s dedication to refining its strategic priorities and leveraging product and technology innovations remains unwavering. With a clear vision for the future, Entain is set to continue its journey of growth and transformation, bolstered by a robust leadership team and strategic market reviews aimed at maximizing shareholder value.
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