Entain reported a swing to a pretax loss for 2023. This is after Entain book a number of charges and a settlement against its Australian operations and despite higher revenue.
According to the FTSE 100 betting-and-gambling group, they stated that the pretax loss last year amounted to £842.6 million or $1.07 billion. This marks a sharp contrast with the £102.9 million profit recorded in 2022.
Depreciation and amortization (one of the company’s preferred metrics), underlying earnings before interest, and taxes, which strips our exceptional and other one-off items was GBP1.01 billion. This is comparing with GBP993.2 million. FactSet derived the consensus from seven analysts’ forecasts, indicating a figure of GBP959.1 million.
From GBP4.77 billion to GBP4.30 billion, driven by a record level of online active customers, the revenue rose. Taken from FactSet and based on 18 analysts’ forecasts, the consensus was for GBP4.68 billion.
The US betting company BetMGM jointly owned with MGM Resorts. The net gaming revenue rose by 36% to $1.96 billion. The company said they hit the top end of expectations.
The board has declared a second interim dividend of 8.9 pence per share, compared to the previous figure of 8.5 pence, bringing the total dividend to 17.8 pence per share, an increase from 17 pence for 2022.
The board said that year to date, the group is trading in line with expectations. In Brazil, they are seeing early signs of benefits from the improvements they initiated through 2023, and in the US, BetMGM’s nationwide app is now live in Nevada and they look forward to introducing single account single wallet functionality in the state later this year as well as delivering further product improvements.