Global sports betting, gaming and interactive entertainment group, Entain, announced its results for the year ended December 31, 2021, with a total group revenue of £3.8 billion ($5.8 billion), an 8% increase in a year-over-year comparison.
Entain’s gross profits were of £2.4 billion ($3.2 billion), and its underlying EBITDA went up 5% at £881.7 million ($1.1 billion). Online underlying EBITDA also went up 12% at £899 million ($1.2 billion). Profit after tax amounted to £275.6 million ($368.5 million).
The company also reported a 12% growth in online net gaming revenue, which marks the ninth consecutive year of double-digit online growth. In retail, year-end volumes returned to over 90% of pre-Covid levels.
BetMGM, the group’s joint venture in the US, saw net gross revenue of $850 million, up nearly five times compared to 2020.
According to Entain, the group’s performance “reflects the capabilities and diversification provided by the group’s industry leading platform in driving growth”, and added that BetMGM “continues to go from strength to strength as a leader in the fast growing US market”, having been established as the number two operator for sports betting and iGaming with a 23% market share in Q4 2021 in the markets in which it operates.
BetMGM is currently live in 21 markets, reaching over 37% of the US adult population, with launches in Illinois and Ontario planned for the coming months.
In the light of these financial results, BetMGM has upgraded its expectations for net revenue from operations of over $1.3 billion in 2022, and anticipates reaching positive EBITDA in 2023.
The report comes after a year in which the company continued to execute its growth strategy into new markets by completing the 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.
In an official press release, Jette Nygaard-Andersen, CEO of Entain, spoke about 2021’s results and said: “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”, she continued.
“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”, she concluded.