TIDMENT
RNS Number : 7175C
Entain PLC
13 October 2022
For Release at 7.00am
13 October 2022
Entain plc
("Entain" or the "Group")
Performance in line with expectations
Customer focus underpins record levels of actives
Strong momentum into the NFL season for BetMGM
Entain plc (LSE: ENT), the global sports betting, gaming and
interactive entertainment group, today reports trading for the
period from 1 July to 30 September 2022 ("Q3").
Q3 Highlights
-- Group net gaming revenue ("NGR") up +2% (flat cc(1) )
-- Online NGR +1% (-2% cc(1) ) broadly in line with expectations
and demonstrating positive underlying momentum
o NGR +4% (+1% cc(1) ), excluding Netherlands (where there is a
temporary enforced closure of operations due to licencing
procedures)
o Record level of active customers in Q3, +6% YoY
o NGR 3-year CAGR of 11% cc(1)
-- Retail NGR(2) up 10% (+ 10% cc(1) ) and continuing to deliver
strong trading performance, with Q3 NGR(2) +8% vs pre-Covid
levels
-- BetCity (Netherlands) and SuperSport (Croatia) transactions
along with creation of Entain CEE expected to complete in Q4,
supporting further growth and geographic diversity
-- BetMGM continues to perform strongly with 25%(3,4) market
share where it operates (excluding New York and 23%(3,4) including
New York)
o Successful start to the NFL season with Q3 NGR of just over
$400m(3) , up c.90% YoY, with same-state revenues up c.50% YoY
o Continued leadership in iGaming with 31%(4) market share
o Online sports-betting market share progressing well with
particular strength (25%(5) share) in states where we were live on
day one of market launch
o On track for FY22 NGR of over $1.3bn
o Continued strong financial performance reiterates our
confidence in reaching sustainable positive EBITDA during
2023(6)
-- Continued leadership and progress delivered across our Sustainability Charter
o Awarded SBC's Global Socially Responsible Operator of Year for 2022
o Entain and BetMGM led US online operators' commitment to the
first industry-led responsibility gaming standards
o 2022 Entain Sustain event to be held 19 October
Full Year Outlook
-- Healthy momentum into the year end with Online expected to
grow year on year in Q4 benefitting from:
o Easing of prior year comparators
-- Last material Covid related lockdowns annualise during
October
-- Temporary enforced closure of Netherlands operations
annualises from 1 October; expect to be licensed and operating by
the end of 2022
o World Cup in Q4 this year, whilst Euros tournament took place in Q2 and Q3 2021
-- FY2022 Group EBITDA(7) expected to be in line with previous
guidance of GBP925m - GBP975m, representing growth of 5-10% vs the
prior year
Jette Nygaard-Andersen, Entain's CEO, commented :
"Our business continues to perform well with good underlying
momentum across the group, including in BetMGM. This illustrates
the effectiveness of our growth strategy, the unique capabilities
of the Entain platform, and the underlying strength of our
diversified global business.
I am delighted that we have welcomed even more customers to our
brands across the world. This is a testament to our relentless
focus on the customer, as well as the quality of our products,
content and talented people.
In the US, BetMGM continues to be the clear leader in the
iGaming market, and the successful start to the NFL season also
highlights the strength of our growing US sports betting offer.
We have healthy momentum across the business and look forward to
a strong finish to the year which includes the World Cup. Looking
ahead, we remain vigilant of the economic backdrop. However, our
diversified revenue base and robust business model enable us to
remain confident in our ability to deliver on our growth and
sustainability strategy."
Q3: 1 July to 30 September 2022
-------------- --------------- ------------------------------------ --------
Total Total 3yr CAGR Sport Sport Wagers Sports
NGR NGR Total NGR Wagers cc(1) Margin
cc(1) cc(1)
-------------- ------ ------- ----------- -------- ------------- --------
Online
Sports 1% (4%) 12% 1% (3%) +0.1pp
Gaming 1% (2%) 9%
Total Online 1% (2%) 11%
Retail (2) 10% 10% 3% 4% 4% +1.3pp
Total Group 2% Flat 7%
-------------- ------ ------- ----------- -------- ------------- --------
YTD: 1 January to 30 September 2022
-------------- --------------- ---------------------------------------- --------
Total Total 3yr CAGR Sport Sport Wagers Sports
NGR NGR Total NGR Wagers cc(1) Margin
cc(1) cc(1)
-------------- ------ ------- ------------- --------- -------------- --------
Online
Sports (4%) (5%) 15% (1%) (3%) -0.1pp
Gaming (6%) (7%) 10%
Total Online (5%) (6%) 12%
Retail (2) 102% 103% 1% 104% 104% +0.6pp
Total Group 12% 11% 6%
-------------- ------ ------- ------------- --------- -------------- --------
Notes
(1) Growth on a constant currency basis calculated by
translating 2022 and 2021 performances at 2022 exchange rates
(2) Retail operates in UK, Italy, Belgium, and Republic of
Ireland. Retail numbers are quoted on a LFL basis. During Q3 2022,
there were an average of 4,274 shops/outlets in the estate,
compared to an average of 4,513 during Q3 2021
(3) BetMGM revenues comprise of sports betting (Online and Retail) and iGaming revenues
(4) Three month period to Aug 2022, in markets in which BetMGM
operates, and excluding August for AZ, IL and SD as data yet to be
reported
(5) Three month period to Aug 2022, in markets in which BetMGM
was live on first day of state launch; CO, TN, MI, VA, WY, AZ, LA
and excluding August for AZ as data yet to be reported
(6) Based on current assumption of future live markets
(7) Guidance on EBITDA is on a post IFRS 16 basis, as stated at
Interim results on 11 August 2022
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
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 Corporate PR 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
Q3 Conference Call & Webcast
An analyst call will be held today, Thursday 13(th) October 2022
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:
https://kvgo.com/IJLO/Entain_3Q22_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 + 1 866 966 5335
Access Code: Quote "Entain" when prompted by operator
A replay of the presentation and transcript will be available on
our website :
https://entaingroup.com/investor-relations/results-centre/
Upcoming dates:
Entain Sustain: 19 October 2022
Forward-looking statements
This document contains certain statements that are
forward-looking statements. They appear in a number of places
throughout this document and include statements regarding our
intentions, beliefs or current expectations and those of our
officers, directors and employees concerning, amongst other things,
results of our operations, financial condition, liquidity,
prospects, growth, strategies and the business we operate. These
forward-looking statements include all matters that are not
historical facts. By their nature, these statements involve risks
and uncertainties since future events and circumstances can cause
results and developments to differ materially from those
anticipated. Any such forward-looking statements reflect knowledge
and information available at the date of preparation of this
document . Other than in accordance with its legal or regulatory
obligations (including under the Market Abuse Regulation
(596/2014), the Listing Rules, the Disclosure Guidance and
Transparency Rules and the Prospectus Rules), the Company
undertakes no obligation to update or revise any such
forward-looking statements. Nothing in this document should be
construed as a profit forecast. The Company and its directors
accept no liability to third parties in respect of this document
save as would arise under English law.
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 bwin, Coral,
Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet and Sports
Interaction; 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, operating in over 40 regulated or
regulating 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
LEI: 213800GNI3K45LQR8L28
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