Entain results

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Leveraging the strength of our Australia platform, our partnership with TAB NZ in New Zealand is making progress. The business was successfully migrated onto Entain Australia's technology during Q2 and Entain launched our new complementary online-only sister brand "betcha" in August. On a proforma basis, Online NGR was up +4%cc² and we are encouraged by accelerating momentum through the year, with actives growing 10% in 2024. More customers in New Zealand are enjoying an enhanced and engaging sports betting experience, and we look forward to this growing opportunity following the introduction of the legislative "net" for racing and sports betting expected in 2025, as well as the improving outlook for online casino regulation in the future...

Despite the tougher macro-economic environment in New Zealand, NGR was +1%cc² ahead of 2023 on a proforma³ basis. Online was up +4%cc², with H2⁶ +7%cc² following the successful migration to the Australian platform and the launch of new sister brand, betcha. Retail down -9%cc²...

Operating costs were 18% higher year on year as a result of inflation, higher colleague bonus costs and the annualisation of 2023 acquisitions. Resulting EBITDA⁵ of £594.0m was £47.0m ahead of 2023, and after deducting depreciation and share based payments, operating profit⁷ was £407.0m, £19.7m ahead. The increase in depreciation has largely been driven by the annualisation of 2023 acquisitions and the New Zealand partnership...

As a result of the tougher macro-economic environment in New Zealand and the delay in the introduction of the legislative net, an impairment of £142.5m has been recognised against TAB New Zealand. Additionally, regulation changes have impacted the Netherlands and Belgium, resulting in impairments being recorded on BetCity (£113.1m) and Belgium (£76.3m) assets.  In relation to these, there has also been a release of BetCity and TAB New Zealand contingent consideration totalling c£80m.

After separately disclosed items of £524.0m (2023: £435.5m), the operating loss was £117.0m (2023: £48.2m)...