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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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SharpLink Gaming, Inc., an online performance-based marketing company serving the U.S. sports betting and iGaming industries, today announced that it will host its Annual General Meeting of Stockholders (the “Meeting”) on Monday, December 9, 2024 at 4:00 PM Central Time at SharpLink’s corporate headquarters, located at 333 Washington Avenue North, Suite 104, Minneapolis, Minnesota 55401, and thereafter as it may be adjourned or postponed from time to time.
At the Meeting, stockholders will be asked to approve the following proposals and adopt the following resolutions in connection with the proposals:
| 1. | The reelection of Rob Phythian, Obie McKenzie, Robert Gutkowski and Leslie Bernhard as members of the Board of Directors for a term expiring at our 2025 Annual General Meeting of Stockholders and until their successors are elected and qualified; |
| 2. | The approval of a reverse stock split of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), by a ratio of up to and including 6:1, to be effective at the ratio and on a date to be determined by the Company’s Board of Directors, and amendments to the Company’s Amended and Restated Certificate of Incorporation to effect such reverse stock split; |
| 3. | The ratification of the appointment of Cherry Bekaert, LLP, registered public accountants, as our Company’s independent registered public accountants for the year ended December 31, 2024 and the authorization of our Board of Directors to fix such independent public accountants’ compensation in accordance with the volume and nature of their services or to delegate such power to our Audit Committee; |
| 4. | The approval of a non-binding advisory vote to approve the compensation paid to our named executive officers (the “Say on Pay Proposal”); and |
| 5. | To transact any other business properly coming before the Meeting. |
Shareholders of record at the close of business on November 12, 2024 (the “Record Date”) are entitled to notice of and to vote at the Meeting or any adjournments or postponements thereof. It is anticipated that on or about November 19, 2024, the Company shall commence mailing to all stockholders of record, as of the Record Date, the proxy notice, the proxy statement that describes the proposals to be considered at the Meeting and a proxy card. The definitive proxy notice, proxy statement and form of proxy card was filed with the U.S. Securities and Exchange Commission yesterday, November 18, 2024 on Schedule 14A.
The approval of the election of the directors under Proposal 1 requires the affirmative vote of holders of the plurality of the Common Stock (on an as-converted basis, subject to the Beneficial Ownership Limitation (as defined below)), represented at the Meeting, in person or by proxy, entitled to vote and voting on the matter. Proposal 2 requires votes cast for the reverse stock split to exceed the votes cast against such proposal. Proposals 3 and 4 require the affirmative vote of holders of at least a majority of the Common Stock (on an as-converted basis, subject to the Beneficial Ownership Limitation (as defined below)), represented at the Meeting, in person or by proxy, entitled to vote and voting on the matter presented for passage. The Beneficial Ownership Limitation is defined in our Certificate of Incorporation as 9.99% of the number of our Common Stock outstanding immediately after giving effect to the issuance of Common Stock issuable upon conversion of Preferred Stock and warrants held by the stockholder that is subject to such Beneficial Ownership Limitation.
Our Board of Directors recommends a vote FOR the election of each director and the other proposals set forth in this proxy statement.
The primary purpose for the proposal for the reverse stock split, should the Board of Directors choose to effect one, would be to increase the per share price of our Common Stock to regain compliance with the minimum bid price requirement for continued listing set forth in Nasdaq Listing Rule 5550(a)(2). On July 11, 2024, we received a letter from Nasdaq Listing Qualifications (the “Letter”) indicating that the Company is no longer in compliance with the minimum bid price requirements for continued listing set forth in Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share. The rules also provide us a compliance period of 180 calendar days to regain compliance. According to the Letter, we have until January 7, 2025 to regain compliance with the minimum bid price requirement.
SharpLink knows of no other matters to be submitted at the Meeting other than as specified in the press release. If any other business is properly brought before the Meeting, the persons named as proxies will vote in respect thereof in accordance with the recommendation of SharpLink’s Board of Directors.
Stockholders can vote either by mailing in their proxy, by Internet, by phone or in person by attending the Meeting. If voting by mail, the proxy must be received by SharpLink’s voting processing agency at least 48 hours prior to the appointed time of the Meeting or at our registered office in Minneapolis, Minnesota at least four (4) hours prior to the appointed time of the Meeting to be validly included in the tally of Common Stock. If voting by Internet or phone, votes must be received by 11:59 PM Eastern Time on Thursday, December 5, 2024 to be validly included in the tally of the Common Stock voted at the Meeting. If a stockholder elects to attend the Meeting, he or she may vote in person and your proxy will not be used. Detailed proxy voting instructions are provided both in the proxy statement and on the enclosed proxy card.
SiGMA Europe 2024 closed the year with a bang, and GR8 Tech seized the spotlight, leaving a lasting impression on industry leaders and professionals. The event proved pivotal for GR8 Tech, with nearly 300 meetings showcasing robust interest in its offerings. Of these, 15 discussions are already progressing toward long-term agreements, laying the groundwork for expanded partnerships and future business launches. The event highlighted the demand for customizable iGaming solutions and GR8 Tech’s impactful presence at the year’s grand finale.
Kiril Nestorovski, Sales Director at GR8 Tech: “What’s really grabbed attention in SiGMA Europe is our openness to discuss and be flexible, but what truly surprises people is the quality of our products. I’ve had clients react with phrases like, “Can I touch the screen to see if it’s real?” when they saw our demos. That kind of response speaks volumes about the impact our products have, especially in the sportsbook area.”
Sharing Expertise: Panel Discussion Takeaways
At the “Trends and Predictions for 2025” panel, GR8 Tech CEO Evgen Belousov and other industry leaders shared insights into esports and sportsbooks’ future, spotlighting AI-driven personalization, opinion-based betting, and esports as key disruptors.
The panelists drew a fascinating parallel between sportsbooks and streaming platforms. As competition intensifies, operators are now juggling multiple feed suppliers to deliver exclusive, tailored content. Much like streaming services fighting for exclusive rights, sportsbooks are investing in diverse and unique betting experiences to stand out. Diversification is now becoming essential for staying relevant in the market.
Belousov explored how sportsbooks are evolving from casino add-ons to profitable standalone ventures, redefining their role within the iGaming ecosystem. The panel underscored AI’s transformative impact on player acquisition, gamification, CRM, and risk management – all the areas where GR8 Tech leads the way with practical innovations aimed at increasing operators’ profitability.
Opinion-based betting – wagering on elections or entertainment outcomes – emerged as a rising trend, appealing to younger, tech-savvy players seeking interactive experiences. Esports also increased its role as a game-changer, with younger generations gravitating toward familiar titles like Dota 2 and Counter-Strike over traditional sports.
Focus for 2025: Driving Innovation
Yevhen Krazhan, CBDO at GR8 Tech: “As we wrap up 2024, I’m proud to say that GR8 Tech has exceeded expectations, performing at 150% of our initial goals. The demand and interest in our solutions have been overwhelming, and we’re excited to see how the trends of reactivation and investment growth continue into 2025. With strong momentum from events like SiGMA and the upcoming ICE, we are poised for another successful year. Our strategic focus remains clear – leading the charge as a global sportsbook platform. We’re ready for what lies ahead, and we’re confident that 2025 will be another great year for GR8 Tech.”
As the year comes to a close, the partnerships forged at SiGMA Europe 2024 have paved the way for GR8 Tech’s next major event: ICE 2025. Building on this year’s success, GR8 Tech will showcase its cutting-edge solutions and push iGaming boundaries, solidifying its industry leadership. Stay tuned for exciting developments and join us at ICE 2025!
The post GR8 Tech Closes the Year at SiGMA Europe 2024 with Industry Success appeared first on European Gaming Industry News.
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