London-listed wagering giant Entain reported an increase in Australian net gaming revenue of 8%. The two leading Entain bookmakers in Australia, Ladbrokes and Neds, saw a rise in the number of active customers too.
In its 2022 Full Year Results, Entain also reported a 12% year-on-year group-wide revenue increase to $7.88 billion. In contrast to its rising revenue, Entain’s group-wide profit dropped 88% to $60.6 million. EBITDA was down 13% to $1.82 billion too.
Entain explained the drop in windfall after tax and EBITDA to the losses BetMGM incurred in the US betting market, as well as interest costs and depreciation.
Active Ladbrokes and Neds Customers are up by 7%
And while Entain’s group-wide figures are respectable, its Australian numbers are impressive. The company reported that net gaming revenue in Australia is up 8%, while the number of active customers increased by 7% compared to the previous year, in spite of “lapping strong COVID comparators.”
In the FY 22 report, Entain said that it continued to “outperform the market and grow market share” by taking advantage of the success of its brands and innovative products.
Entain CEO Jette Nygaard-Andersen was delighted with the “excellent financial, operational, and strategic progress” the group made in 2022. She was particularly proud of Entain’s decision to only operate in regulated markets, adding that the owner of Ladbrokes and Neds was the leader in responsible gaming.
Entain added that Neds benefited from its partnership with the UFC. Both Ladbrokes and Neds signed a partnership agreement with the Australian Hotels Associates (AHA) too. It allows them to attract more customers by leveraging AHA’s 1,800 venues in Australia.