Entain Reports Positive Results for FY 2023 Despite Some Setbacks
Top betting firm Entain showed positive results for FY 2023. Despite the favorable results across the board, it reported a decline in share price. Also, its total gaming revenue increased 14 percent to £4.83 billion. In addition, the company said that all its revenue came from regulated markets.
The record number of online active consumers (+23% year-on-year) significantly contributed to the company’s £2.9 billion gross profit for its bookie software and platform. However, earnings before interest and taxes (EBITDA) rose 1% to £1 billion.
Entain’s £879 loss after taxes was due to the DPA settlement it had concerning its former Turkish company. The firm reached the end of the year with adjusted net debt of £3.3 billion and leverage of 3.3x, all because of its strong balance sheet management.
Entain’s Positive Result for FY 2023
According to bookie pay per head reports, the BetMGM brand generated $1.96 billion in net gaming revenue, significantly contributing to overall success. This statistic shows a 36% growth from the previous year, which was made possible by the brand’s substantial market share (14% in the markets in which it operates).
Furthermore, Entain made even more progress in regulated markets in 2023. The gambling behemoth’s acquisition of STS Holdings made a move into Poland possible. According to a 25-year agreement with TAB NZ, Entain is exclusive to the New Zealand sports betting market. Improving in-house content through 365Scores and Angstrom Sports acquisitions were two other notable successes of FY 2023.
According to gambling news reports, Entain’s board members have recommended a total dividend of £113 million, payable in two installments in 2023, per the company’s dividend policy. As a result of changes in regulations in several markets, Entain anticipates that its fiscal year 2024 will be severely affected. Specifically, the operator anticipated a £40 million EBITDA for the year.
While looking ahead to 2023, Entain chairman Barry Gibson said the company will undergo a “necessary, but ultimately positive, transition.” Meanwhile, he complimented Stella David on her job as interim CEO and hinted that the hunt for a new chief executive officer is moving forward.
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