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Entain: Strong 2021 performance demonstrating strength of our diversified growth model and global platform
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.
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 EPS6 (p) | 53.8 | 62.8 | ||
| Continuing adjusted diluted EPS excl US6 (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
- 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
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Creatives That Overcome Pain Points: Affiliate Case Studies By N1 Partners
What mistakes do partners most often make when launching and scaling ad campaigns?
What real challenges do they face in day-to-day work, and what prevents them from achieving stable results?
In this case study series by N1 Partners, we break down real affiliate campaigns, highlight common pain points in affiliate marketing, and show how partners find practical solutions that lead to measurable success.
This edition focuses on ad creatives. No abstract “best practices” – only concrete mechanics, insights, and ideas you can apply to your campaigns right away.
The cases were shared by Bogdan Solodushchenko, Affiliate Team Lead, and Dmitrii Filippov, Affiliate Team Lead (SEO).
CASE 1 (Facebook Traffic)
Context
- GEO: DE
- Traffic source: Facebook
- Brand / vertical: N1Bet
- Campaign goal: Increase conversion
Initial Challenge (Pain Point)
- What wasn’t working in the creatives?
The creatives showed a low conversion rate from registration to first deposit.
- Was the issue related to format, messaging, visuals, or the offer?
Primarily to the information shown in the creatives and the creative format itself.
What the Data Revealed
- Which metrics indicated the problem?
Low reg-to-dep conversion.
- Where did the funnel break?
At the creative level and during audience targeting.
What Was Tested
- Visuals
Aggressive, dynamic video creatives with slot gameplay.
- Messaging (emotional vs rational)
High aggression and heavy use of triggers.
- Focus: bonus / product / UX
Emphasis on the bonus and a female character in video creatives.
Decision Made
What was changed in the creatives?
- Updated the bonus and featured a top-performing slot with proven product quality
- Added a dedicated promo code directly into the creatives
- Refocused targeting on the most active audience segments, segmented by gender, average age, and peak activity time slots during the week
Why this approach was chosen?
Users were not getting what they came for after landing on the product.
The promoted slot wasn’t visible, the bonus was outdated, and the product’s visual style didn’t match the creative – all of which created a mismatch in expectations.
Results
-
- What improved?
Reg2dep increased from 8% to 22%.
- What improved?
- How quickly did the results appear?
Almost immediately – visible within 4–5 days after relaunching the test.
Key Takeaway
- What worked best?
A full creative overhaul aligned with the actual product, which helped meet real player expectations. - Is this scalable?
Absolutely. Once a winning creative format is identified, we scale through variations – tweaking individual elements while preserving the core message and logic.
CASE 2 (PPC Traffic)
Context
- GEO: CA
- Traffic source: PPC Direct (Ice Fishing keywords)
- Brand / vertical: RollXO
- Campaign goal: Increase conversion
Initial Challenge (Pain Point)
What wasn’t working?
Most traffic came from Ice Fishing slot keywords, but the slot wasn’t available on the homepage. Users came specifically for that game, couldn’t find it immediately, and quickly lost interest.
Was this about format, messaging, visuals, or the offer?
The issue was primarily the incorrect landing page choice.
What the Data Revealed
Which metrics signaled the issue?
Lower reg2dep compared to similar traffic sources.
Where did the funnel break?
At the landing page selection stage.
What Was Tested
Visuals
Ice Fishing slot keywords.
Messaging
Pure slot-focused keywords.
Decision Made
What was changed?
Traffic was redirected straight to the demo version of the slot, and the game was also added to the homepage.
Why this approach was chosen?
Users interested in a specific game want immediate access, not extra steps inside the product.
Results
What improved?
Reg2dep increased by 8%.
How fast did the impact show?
Almost instantly – positive dynamics were visible within a couple of days.
Key Takeaway
What worked best?
Switching to a highly relevant, thematic landing page. Players landed directly on the demo and got exactly what they were looking for.
Is this scalable?
Yes – the approach can be scaled within the campaign and tested across other slots and games.
Quick Q&A
If you were launching these campaigns today, what would you do differently?
Bogdan Solodushchenko:
I’d take a more structured approach from day one: clarify with the manager what’s currently performing best, which audiences respond strongest, which top slots to use, and which bonuses convert best. And if campaigns lead to a specific slot, I’d ensure it’s immediately accessible on the product.
Key conclusions from these cases?
Bogdan Solodushchenko:
There’s no universal approach. Targeting and creatives must be customized per offer, because not every product supports the same funnel logic.
Who are these cases most useful for?
Bogdan Solodushchenko:
For all partners. New teams can boost conversion, while experienced ones can improve player quality. Personalization impacts both.
CASE 3 (SEO Traffic)
Background
After a major Google core update, conversion from the landing page on the Lucky Hunter brand dropped sharply in the DE GEO. The goal was to quickly find a working setup to retain the partner and preserve traffic volume.
Context
- GEO: DE
- SEO type: Cross-brand
- Brand / vertical: Lucky Hunter casino
- Campaign goal: Increase CR (reg2dep)
Initial Challenge (Pain Point)
What wasn’t working?
Click-to-registration was strong, but registration-to-deposit dropped significantly.
Root cause
The same landing page had been used for a long time, leading to classic creative fatigue.
What the Data Revealed
Which metrics raised red flags?
Very low r2d with strong c2r.
Where did the funnel break?
At the reg-to-deposit stage.
What Was Tested
- Slot-focused landing pages
Decision Made
Traffic was redirected directly to specific slots – not random ones.
After testing multiple options, the best performers were:
- Jetsetter
- Sweet Sugar
- Kenneth Must Die
- Bikini Paradise
Results
Which metrics improved?
R2D increased from 23% to 51%.
Time to impact
Within one month.
Key Takeaway
What worked best?
Fast reaction from the manager: identifying the issue early, flagging it to the partner, and implementing concrete corrective actions.
Is this scalable?
Yes. Creative testing remains scalable, especially as SEO shifts toward content quality rather than aggressive link-building.
CASE 4 (SEO Traffic)
Background
A partner requested a promo code-first setup, where the promo code had priority over tracking links. Traffic was planned from forums, platforms like Reddit, and Google search – both short posts with guides and long-form articles.
Context
- GEO: Worldwide
- SEO type: Parasite SEO
- Brands / vertical: Goldex Casino, Spirit Casino
- Page goal: Traffic from non-standard queries
Initial Challenge (Pain Point)
What wasn’t working?
At the approval stage, promo codes couldn’t be promoted separately without links.
Root issue
Players were not being attributed in stats after entering the promo code.
What the Data Revealed
Which metrics showed the issue?
High CTR but no registrations or deposits.
Where did the funnel break?
At registration.
What Was Tested
- Promo code flows without tracking links
Decision Made
What was changed?
Dedicated landing pages were built for these funnels, with full brand descriptions and clear promo code activation mechanics.
Why this solution?
Together with Product Managers, we analyzed the funnel, ran tests, and selected brands suitable for promo-code-driven traffic.
Results
What improved?
Traffic launched successfully, the hypothesis was validated, and the number of FDs increased.
Time to impact
Within the first two weeks after launch.
Key Takeaway
What worked best?
The promo code performed exactly as the partner expected. Providing the right functionality directly contributed to traffic growth.
Is this scalable?
Yes – we now understand how to properly use promo codes without tracking links and how to correctly track such mechanics.
Quick Q&A
If you launched these SEO campaigns today, what would you change?
Dmitry Filippov:
First, I’d evaluate how the creative performs on the partner’s specific source, not just overall stats. Second, I’d run multiple tests to explore all possible scenarios.
Main takeaway?
Dmitry Filippov:
Regularly review landing page performance and switch to alternatives immediately when performance drops.
Who benefits most from these cases?
Dmitry Filippov:
Teams working with large volumes who may miss isolated traffic drops. The manager’s role is critical – spotting issues early and bringing ready-to-use solutions. From a source and GEO perspective, this applies to any SEO type and any market.
Final Note
These cases once again prove that sustainable growth in affiliate marketing isn’t built on universal formulas, but on attention to detail: traffic source, GEO, product, and real user intent.
Most failures are fixable – the key is spotting the issue in time and doing the work to correct it.
And this is exactly where the N1 Partners affiliate team is always ready to help.
Join N1 Partners affiliate program and become number one in the industry!
Alex Baliukonis Game Producer at BGaming
Experience Olympic Excitement in BGaming’s Winter Trophy Hold & Win
Swiftly growing content supplier embraces the Olympic vibe with a fresh athletic slot launch.
Renowned iGaming content provider BGaming encourages players to team up with a group of charismatic athletic contenders as they hit the ice and strive for victory in Winter Trophy Hold and Win.
The slot places players at the center of a vast stadium, framed by snow-covered mountains as a variety of thrilling sports and games unfold. An energetic soundtrack enhances the action, as the crowd’s roar motivates the players.
Team up with an energetic snowboarding rabbit, a jolly curling penguin, a fashionable ice-skating fox, and a daring downhill skiing tiger on the reels as they seek the ultimate treasure. Don’t be deceived by this adorable design: the slot delivers a chilling impact when it comes to winnings. It features a highly unpredictable math model, achieving a 96.14% RTP and a maximum payout of x5,624.
Winter Trophy Hold and Win offers an extensive array of unique features, featuring its thrilling Hold and Win bonus prominently. This occurs in the Coin Respin phase, where players can gather Coin values reaching x20. Gathering 15 Coins will trigger the Mega Jackpot, valued at x5,000. The game includes a Free Spins bonus with symbols that offer high payouts.
As the Winter Olympics approach, Winter Trophy Hold and Win serves as an ideal slot to engage sports enthusiasts throughout the significant occasion.
Alex Baliukonis, Game Producer at BGaming, said, “The Winter Olympics is always an exciting time, and what better way to get in the mood for this year’s event than with a winter-sports-themed slot?
Our team have created a colorful cast of characters that really captures the fun of the Olympics. This, combined with the slot’s engaging gameplay and Bonus games, is sure to make Winter Trophy Hold and Win a hit with players.”
The post Experience Olympic Excitement in BGaming’s Winter Trophy Hold & Win appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
casino
PlayStar Expands New Jersey Casino Offering with Greentube Content Integration
PlayStar has expanded its online casino offering in New Jersey through a new content partnership with Greentube, the NOVOMATIC Digital Gaming and Entertainment division.
This fresh integration now makes a selection of the supplier’s top titles available on PlayStar, adding both recent releases and established games that have performed consistently across regulated US markets.
The launch is also an action of PlayStar’s ongoing strategy to broaden its content portfolio with suppliers that have a proven track record of success in the United States.
New additions to the PlayStar online casino include Greentube’s latest titles, such as Piggy Prizes
: Wand of Riches
2, Firecracker Frenzy
: Empress Wealth and Starlight Jackpots
: Odds of the Gods. These are complemented by several established games familiar to US players, including Charming Lady’s Boom, Silver Lux Big Win Spinner, and Thunder Cash
– Dolphin’s Pearl
.
The selected titles newly featured on the platform were ultimately chosen for their suitability to the New Jersey market and for their demonstrated performance with American audiences. Greentube has been active in the US since 2021, supplying localised content to a growing number of regulated jurisdictions.
For PlayStar, the agreement supports its focus on delivering a curated casino experience tailored to local player preferences, while maintaining a broad mix of recognised and newer titles. For Greentube, the launch marks further expansion of its US distribution footprint, this time in the Garden State.
Commenting on the collaboration, Director of Gaming Operations at PlayStar, Duncan Hamilton, said: “Greentube has built a strong reputation in the US for delivering high-quality, engaging titles, and we’re thrilled to bring their games to our players in New Jersey.
“This partnership supports our mission to provide a premium, curated casino experience, and we’re confident that Greentube’s content will be a standout addition to our portfolio.”
Patryk Igras, Sales and Key Account Manager at Greentube, said: “This strategic partnership marks a significant milestone in Greentube’s ongoing expansion in the US, bringing a diverse portfolio of trusted, high-quality online gaming content to PlayStar’s growing player base.
“Together, we aim to elevate the gaming experience in New Jersey by delivering innovative titles, seamless gameplay, and a strong commitment to responsible entertainment.”
The post PlayStar Expands New Jersey Casino Offering with Greentube Content Integration appeared first on Americas iGaming & Sports Betting News.
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