Entain FY23; NGR up, but operator reports £936.5m loss

Entain has released its full-year financial results for 2023. Net gaming revenue (NGR) totalled £4.83bn ($6.15bn)， up 11% from FY22.

Underlying EBITDA was up 1%， reaching £1.01bn compared to last year’s £993.2m. Gross profit was also up year-on-year， rising 7% to £2.91bn. 

Despite this， Entain reported a loss in FY23， despite reporting a profit after tax last year. Loss after tax from continuing activities was recorded at £878.7m， compared to a profit of £32.9m in FY22. The total loss (including discontinuing operations) was £936.5m.  

This loss is， in part， due to fines paid by the company in 2023， including a £585m settlement with the UK Crown Prosecution Service (CPS) for Bribery Act breaches from legacy Turkish operations. 

Interim CEO Stella David said: “2023 presented a number of challenges for the group， both industry-wide and Entain-specific. I am extremely proud of how our people around the world came together to navigate the business through an eventful and at times difficult year.  

“We remain confident that our continued focused execution will drive organic growth into 2025 and beyond.” 

Pro forma 

When looking at revenue pro forma， which includes all the company’s acquisitions as if part of the company from 1 January 2022， total group NGR， which includes a 50% share in BetMGM， was up 14%， up 2% on a pro forma basis. Group NGR excluding US operations was up 11%，Online Casino Games though was down 2% on a proforma basis. 

Online NGR was up 12%， though down 3% on a pro forma basis. 

Pro forma， retail was up 2%， as was online gaming. However， online sports gaming fell 9%.