The group has posted revenue of £2.1bn ($2.6bn) for H1 2022, a 19% increase from the prior-year period. Group EBITDA climbed 17% year-on-year to £471m, with group profit after tax from continuing operations amounting to £28m, down £63m.
Entain noted that the “robust group performance” during H1 reflects the “diversified business model and underlying momentum of the online business.”
Total group net gaming revenue (NGR) grew by 18% to £2.1bn, but online NGR reported a 7% decline, which reflected “strong prior-year comparators driven by Covid lockdowns, temporary closure in the Netherlands, affordability measures in the UK and customers responding to the economic backdrop.”
Entain CEO Jette Nygaard-Andersen commented: “We continue to make excellent progress on our strategic priorities, with momentum in our business remaining strong as a result of putting the customer at the heart of everything we do.
“I am delighted that more customers are choosing to play with us as we focus on providing them with even better products, engaging content and exciting experiences.”
She added: “As ever, I would like to thank each and every one of our talented colleagues around the world for their hard work and dedication in helping deliver these results. We have established a meaningful runway for sustainable and high-quality growth.
“While we remain vigilant to the consumer backdrop, our geographic and product diversity provides resilience which, together with our proven ability to drive superior returns, gives us confidence that we will continue to deliver benefits for our stakeholders.”
Entain has also partnered with Czech Republic investment firm EMMA Capital to establish a new venture known as Entain CEE. This venture aims to drive expansion in Central and Eastern Europe (CEE), with Entain owning 75% of the economic rights in Entain CEE.
Entain CEE will acquire the SuperSport Group, a gaming and sportsbook operator in Croatia from EMMA. It will pay €600m ($619.3m) in cash at completion, and a further contingent in early 2023 based on SuperSport’s EBITDA for the financial year ending 2022, which is expected to be €90m.