Connect with us

Latest News

Entain: Strong 2021 performance demonstrating strength of our diversified growth model and global platform

Published

on

Reading Time: 5 minutes

 

Entain plc, the global sports betting, gaming and interactive entertainment Group, is pleased to announce its results for the year ended 31 December 2021. The strong performance reflects the capabilities and diversification provided by the Group’s industry leading platform in driving growth.

Operational Highlights:

  • Strong growth across the Group with NGR up 7% (8%cc) in the year
    • Online NGR up 12% (13%cc) in 2021, the ninth consecutive year of double-digit online growth
    • Growth in actives of 25% in the year as we expand our appeal to a broader audience
    • Good performance in Retail as year end volumes returned to over 90% of pre-Covid levels
  • BetMGM continues to go from strength to strength as a leader in the fast growing US market
    • Established as the number two operator for sports betting and iGaming with a 23% market share in the fourth quarter across the markets in which it operates
    • Market leader in iGaming with 29% market share in Q4 2021 in the markets in which it operates
    • Live in 21 markets, reaching over 37% of the U.S. adult population, with launches in Illinois and Ontario planned for the coming months
    • Upgraded expectations for net revenue from operations of over $1.3bn in 2022 and anticipates reaching positive EBITDA in 2023
  • Continued execution of growth strategy into new markets
    • Completed acquisitions of Bet.pt in Portugal and Enlabs AB in the Baltics as well as UNIKRN to drive access to the esports skill based wagering market
    • Further growth secured since the start of the new financial year with three transactions, including the acquisition of Avid Gaming to drive growth across Canada
    • Launch of the Ennovate hub to explore use of innovative technologies, products and services to further enhance the customer experience
  • Further progress under the Group’s Sustainability Charter delivering industry leading ESG
    • ARCTM (“Advanced Responsibility & Care”) programme continues to progress well, with real-time customer interaction trials underway, along with initial stages of international rollout
    • A number of initiatives launched across the year, including a commitment to net zero carbon emissions by 2035, and EnTrain to benefit the lives of 1m people through access to technology
    • Named EGR Operator of the Year, as well as Socially Responsible Operator of the Year at the SBC Awards North America
    • Entain continues to be the only online-led gaming company included in the Dow Jones Sustainability Indices, in addition to its continued inclusion in the FTSE4Good index

Financial Highlights:

  • Strong financial performance; Group Underlying EBITDA1,4 up +5% at £881.7m at the upper end of guidance
    • Online Underlying EBITDA1,4 up +12% at £899.0m reflecting the double digit growth in all key markets excluding Germany and the Netherlands (excluding Germany and the Netherlands online NGR was +21cc%)
    • Total Retail NGR -7%cc (-3%cc9) and Underlying EBITDA1,4 of £66.9m was £31.4m behind the prior year
    • Total Group Revenue of £3,830.0m up +8% (+9%cc) in 2021
    • Including 50% share of BetMGM joint venture, Group FY21 NGR was up 14% (15% cc)
  • BetMGM (the Group’s joint venture in the US) continues to perform strongly, with FY21 NGR of approximately $850m7, up nearly 5 times versus the prior year
  • To repay £44m received under the Coronavirus Job Retention Scheme (“furlough scheme”) in FY21
  • Group profit after tax1 was £275.6m, up 142% compared to 2020
  • Underlying free cashflow8, before the investment into BetMGM and acquisitions/disposals, of £537.3m
  • Year end net debt of £2,086.4m with leverage at 2.4x ensuring balance sheet flexibility to support our growth strategy

Jette Nygaard-Andersen, CEO of Entain, commented:

“Our Full Year results demonstrate yet again that Entain is a business with growth built into its business model. Our strong performance is underpinned by the Entain platform which encompasses the compelling combination of our proprietary technology, our outstanding people around the world, and our industry-leading operational capabilities.  It is this unique platform that enables us to deliver an ever-improving customer experience, to embrace emerging consumer and technological trends, and to grow into new markets and product areas.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

All of our major markets have performed well.  In particular, BetMGM in the US has delivered a five times increase in net gaming revenue versus the previous year, and is ready to challenge for the number one position across the markets in which it operates.  Elsewhere, our retail business has recovered strongly and volumes have now returned to 90% of pre-Covid levels as restrictions have eased and customers have returned to our shops.

As ever, I would like to thank each and every one of our colleagues for their dedication, hard work and professionalism in helping to achieve these results. Given the quality of our people, the ongoing broad-based growth of the business, its continuing momentum, and the investments that we are making in innovation to support our future expansion, we remain confident in our financial performance for FY22 and beyond.”

Group Reported1,2
Year ended 31 December 2021 2020 Change CC3
£m £m % %
Net gaming revenue (NGR) 3,886.3 3,628.5 7% 8%
Revenue 3,830.0 3,561.6 8% 9%
Gross profit 2,435.8 2,308.6 6%
Underlying EBITDAR4 898.8 862.1 4%
Underlying EBITDA4 881.7 843.1 5%
Underlying operating profit5 484.1 529.5 (9%)
Underlying profit before tax5 527.3 350.6
Profit after tax 275.6 113.8
Diluted EPS (p) 44.7 15.6
Continuing adjusted diluted EPS(p) 53.8 62.8
Continuing adjusted diluted EPS excl US(p) 81.1 73.1
Dividend per share (p)

Dividend
The Board has not proposed a final dividend for FY2021.  Recognising the importance of dividends to shareholders alongside our capital allocation priorities in supporting the Group’s growth strategy, the Board continue to keep the recommencement of the payment of dividends under on-going review.

Outlook
The Group has delivered strong results in FY2021, reflecting both the diversified nature of our business model, the strength of our platform and the quality of our people.  As we start 2022 we see retail heading towards pre-Covid levels and online performing inline with expectations against tough prior year comparables.  As global economies steadily emerge from the impact of the pandemic, we continue to provide our customers with great products and experiences.  As a result, we remain confident in our financial performance for 2022 as well as our long-term prospects.

Notes

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
  • 2021 and 2020 reported results are audited and relate to continuing operations
  • Reported results are provided on a post IFRS 16 implementation basis
  • Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2021 exchange rates
  • EBITDAR is defined as earnings before interest, tax, depreciation and amortisation, rent and associated costs, share based payments and share of JV income. EBITDA is defined as EBITDAR after charging rent and associated costs. Both EBITDAR and EBITDA are stated pre separately disclosed items
  • Stated pre separately disclosed items
  • Adjusted for the impact of separately disclosed items, foreign exchange movements on financial indebtedness and losses/gains on derivative financial instruments (see note 10 in the financial statements. EPS is also disclosed excluding BetMGM as this gives a better view of the EPS attributable to the Entain trading businesses)
  • BetMGM revenues comprise of sports (Online and Retail) and iGaming revenues
  • Underlying free cashflow is EBITDA less working capital, capital expenditure, finance lease, corporate taxes and before the investment in BetMGM and acquisitions/disposals
  • Retail numbers are quoted on a LFL basis. During 2021 there was an average of 4,540 shops in the estate, compared to an average of 4,727 in the same period last year

Powered by WPeMatico

Continue Reading
Advertisement

International Game Technology PLC

IGT Wheel of Fortune Video Poker Makes Global Debut at Downtown Grand Hotel & Casino in Las Vegas

Published

on

igt-wheel-of-fortune-video-poker-makes-global-debut-at-downtown-grand-hotel-&-casino-in-las-vegas

 

International Game Technology PLC announced that it recently introduced its much-anticipated Wheel of Fortune Video Poker game in the world’s most prolific video poker market: Las Vegas, Nev. Guests of Downtown Grand Hotel & Casino (Downtown Grand) in Downtown Las Vegas became the first players in the world to enjoy legendary IGT multi-hand video poker paired with the puzzle-solving, wheel-spinning fun of Wheel of Fortune via IGT’s Wheel of Fortune Video Poker game.

“Becoming the first casino in the world to offer IGT’s Wheel of Fortune Video Poker was an exciting moment for Downtown Grand and one that generated palpable buzz and significant play on our gaming floor. For decades, our players have enjoyed IGT video poker and Wheel of Fortune slots, so combining the DNA of those two products to create something new is an exciting proposition for our players,” said Rick Coltor, Slots Manager at the Downtown Grand Las Vegas.

“Launching IGT Wheel of Fortune Video Poker in Las Vegas, the world’s largest video poker market, marked another important milestone in the rollout of our expanded Wheel of Fortune games portfolio. Our Wheel of Fortune Video Poker game delivers an ideal blend of proven multi-hand poker, jackpot excitement and the signature elements of Wheel of Fortune games that have propelled the theme’s success for more than 25 years,” said Nick Khin, IGT President, Global Gaming.

IGT’s Wheel of Fortune Video Poker is currently available on the CrystalCurve cabinet. Wheel of Fortune Video Poker incorporates the franchise’s famous puzzle-solving features and the iconic “Wheel Bonus” that has had players chanting “WHEEL-OF-FORTUNE!” for decades. The multi-hand poker game is available in triple-play, five-play and ten-play configurations and can award players 30,000, 50,000 or 100,000 credits, respectively, for a dealt royal flush.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

The post IGT Wheel of Fortune Video Poker Makes Global Debut at Downtown Grand Hotel & Casino in Las Vegas appeared first on Gaming and Gambling Industry in the Americas.

Continue Reading

Frank Arthofer

MLB Players Sign Licensing Agreement with PENN Entertainment

Published

on

mlb-players-sign-licensing-agreement-with-penn-entertainment

 

MLB Players Inc., a commercial affiliate of the Major League Baseball Players Association, and OneTeam Partners announced they’ve reached a licensing agreement with PENN Entertainment.

The agreement designates PENN’s sports betting platforms – ESPN BET in the U.S. and theScore BET in Canada – as Officially Licensed Sportsbooks of MLBPI.

PENN now has the rights to use MLB player names, images and likenesses on its sports betting platforms, marketing assets and promotional campaigns.

The deal also includes PENN’s retail sportsbook operations (32 retail sportsbooks at its casino properties, including 19 under the ESPN BET brand).

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Last fall, FanDuel and MLBPI reached a similar licensing agreement after the MLB players’ union sued FanDuel and Underdog Fantasy in New York Supreme Court, accusing them of using the names and likeness of ballplayers on their players without permission.

”As baseball season gets underway, we’re excited to offer fans an enhanced betting experience that includes player likenesses, expanded wagering options and a more dynamic product. Partnering with MLB Players Inc. strengthens our connection to the league and its star players and creates additional opportunities to engage fans throughout the season,” said Jason Birney, Vice President of Operations at PENN Interactive.

OneTeam Partners specializes in commercializing group licensing rights for professional athlates, and is a joint venture between the NFL Players Association, MLB Players Association, Women’s National Basketball Players Association, MLS Players Association, and U.S. Women’s National Team Players Association.

“By integrating MLB player rights into PENN Entertainment’s platforms, this partnership brings fans closer to the game while unlocking new business opportunities in sports betting. It highlights the growing influence of players in shaping premium, fan-focused betting experiences while enhancing player NIL rights and widening distribution,” said Frank Arthofer, President of OneTeam Partners.

The post MLB Players Sign Licensing Agreement with PENN Entertainment appeared first on Gaming and Gambling Industry in the Americas.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
Continue Reading

Caesars Entertainment

Caesars Entertainment Debuts its First Live Dealer Studio Inside One of its Caesars Rewards Destinations

Published

on

caesars-entertainment-debuts-its-first-live-dealer-studio-inside-one-of-its-caesars-rewards-destinations

 

Caesars Entertainment Inc. announced the launch of its first branded, live dealer studio inside one of its world-class destinations made possible through its partnership with Evolution. The debut of the space inside Tropicana Atlantic City in New Jersey marks the second custom studio made for Caesars live dealer offerings on its online casino platforms following the launch of its first such studio in Pennsylvania earlier this year.

Players 21 and older on Caesars’ online gaming platforms Caesars Palace Online Casino, Horseshoe Online Casino, and Caesars Sportsbook & Casino can now enjoy a live dealer experience on mobile that draws inspiration from table game play at the Las Vegas Strip’s most iconic casino, Caesars Palace.

“The opening of this branded studio at one of our Caesars Rewards destinations introduces the newest addition to our ever-expanding online gaming platforms. We’re always striving to marry the world-class experiences our players enjoy at our destinations with the online casino play they love,” said Matt Sunderland, Senior Vice President and Chief iGaming Officer at Caesars Digital.

The New Jersey studio features five blackjack tables, which includes a VIP-exclusive blackjack table, one baccarat table and one roulette table. The tables feature custom felts with imagery and branding from iconic Caesars destinations on the Las Vegas Strip including Caesars Palace & Horseshoe. The studio also caters to VIP players, much like Caesars Rewards destinations, with a VIP-exclusive blackjack table offering an authentic 1-to-1 live high-limit blackjack experience, that could previously only be found in a physical casino.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

“Evolution is thrilled to open a second dedicated Caesars live dealer studio inside Tropicana Atlantic City. This studio was made possible through our close partnership with Caesars. Once fully operational, it will generate approximately two hundred job opportunities in Atlantic City. We’re very proud to see a concrete example of how iGaming helps to create jobs and develop the workforce in our local communities,” said Jacob Claesson, Chief Executive Officer of Evolution North America.

Caesars Palace Online Casino, Horseshoe Online Casino, and Caesars Sportsbook & Casino are available on iOS, Android, and desktop for those 21 and older in New Jersey, Pennsylvania, Michigan, Ontario, and West Virginia. Each platform offers a dynamic online casino experience with a range of unique Caesarsbranded games alongside hundreds of classic land-based casino favorites and core casino game mechanics, including high limit slots, private live dealer tables, linked progressive jackpots, variations of poker and roulette, and more.

The post Caesars Entertainment Debuts its First Live Dealer Studio Inside One of its Caesars Rewards Destinations appeared first on Gaming and Gambling Industry in the Americas.

Continue Reading

Trending

Get it on Google Play

Fresh slot games releases by the top brands of the industry. We provide you with the latest news straight from the entertainment industries.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Recent Slot Releases is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania