Entain Reports Positive Results for FY 2023 Despite Some Setbacks

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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