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Entain Provides Update on Current Trading and FY23 Guidance

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Entain plc has provided an update on current trading and FY 2023 guidance, as well as plans to update shareholders on the progress of ongoing actions to accelerate operational performance and drive shareholder value.

Current Trading

Post the summer, Online Net Gaming Revenue (NGR) has been mixed across the Group, but in aggregate, softer than anticipated. Q3 Online NGR growth is now expected to be up high single-digit percent, and down high single digit percent on a proforma basis. Key drivers include:

  • Adverse sporting results impacting sports margins during September
  • Group wide implementation of industry leading safer gambling measures and ongoing regulatory headwinds persisting longer than expected, particularly in the UK
  • Slower growth than expected in Australia and Italy
  • Good underlying Online growth (ex-regulatory impacts) as evidenced by further strong proforma growth in active customers across the quarter
  • Strong performance from recent acquisitions, particularly SuperSport in Croatia
  • Robust performance across Retail

BetMGM in the US continuing to perform well: on track to deliver positive EBITDA in the second half of 2023; FY2023 NGR at the upper end of $1.8-$2.0bn guidance; and the successful rollout of Single Account Single Wallet, as well as online sportsbook enhancements supporting strong start to the NFL season.

Entain now expect Group Online NGR for FY2023 to be up low double-digit percent with proforma NGR down low single digit percent. The company reiterate their expectations for FY2023 EBITDA to be in the range of £1.00bn-£1.05bn supported by robust operational controls.

Actions to Accelerate Operational Strategy and Performance

Over the last three years Entain has undergone a significant strategic transformation, improving the quality of earnings and aligning operations to ensure the Group is positioned as strongly as possible to deliver long term shareholder value.

Alongside the Q3 trading update on 2 November 2023, management will share more detail on how these actions are being implemented to accelerate performance and delivery, including:

  • A comprehensive market review focusing on long-term sustainable organic growth
  • The simplification of Group structures and operations to improve operational leverage and reduce costs
  • A plan for the migration of acquired businesses on to the Group’s industry leading technology platform
  • Optimising our capital allocation priorities
  • Progress on delivery of the Group’s Online EBITDA margin target of 30%

Jette Nygaard-Andersen, CEO of Entain, said: “We continue to see good underlying growth in our online business and are reiterating our EBITDA guidance for the year despite softer than expected revenue growth in Q3 and the ongoing roll-out of industry-leading safer gambling measures. We continue to attract more customers than ever before to enjoy our products and services. BetMGM remains on track to deliver positive EBITDA in H2 and a full year NGR performance at the top end of our expectations, and we are particularly excited about the product improvements that we are rolling out over the NFL season.

“We have made significant changes to the Group over the last three years. Our focus now is on accelerating the actions we are taking to drive sustainable organic growth, expand our margins, capitalise on the US opportunity and deliver long-term returns for our shareholders. We remain confident in our ability to deliver on the vast opportunities ahead of us, and look forward to sharing more detail about the changes that we are making alongside our Q3 trading update in November.”

Gaming

MainStreaming Announces Appointment of Nicola Micali as Chief Customer Officer

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MainStreaming, an iMDP INTELLIGENT MEDIA DELIVERY COMPANY, which is redefining the CDN market with its innovative Edge Network services, announced the appointment of Nicola Micali as its new Chief Customer Officer (CCO).

With a track record of improving processes and efficiency and creating go-to-market strategies, Harvard alumnus and former Akamaite, Nicola Micali joins MainStreaming with the goal of solidifying a customer-centric organisation that prioritises long-term relationships, customer experience (CX) and satisfaction, ensuring MainStreaming’s continued business growth and market leadership.

Nicola brings a wide range of professional experience as a Leader of Customer Success & Professional Services at Akamai for over 10 years, where he was responsible for services and overall revenue. He developed the services strategy for the Americas’ media & entertainment, gaming and partners verticals exceeding all revenue targets year after year. Nicola’s expertise in leading technical customer-facing teams has resulted in higher customer satisfaction and successful worldwide streaming events.

With a Master’s degree in Business Administration and Management from Harvard, Micali’s educational background further enhances his capability to lead and innovate in the Edge video technology sector. As Nicola steps in as CCO, he will play a pivotal role in guiding the entire customer lifecycle journey. His expertise in customer success positions him perfectly to lead MainStreaming’s efforts in providing world-class service to a global clientele.

MainStreaming’s CEO, Antonio G. Corrado, said: “QoS for our customers and QoE for end users are at the core of our streaming business. It is the best proxy for customer satisfaction for us. We are happy to welcome Nicola Micali, who demonstrates his expertise in customer success. Together, we are set to strengthen our commitment to being a customer satisfaction-oriented company, leveraging our world-class services directed to broadcast-quality standards that are requested by industry players.”

MainStreaming’s video delivery technology is meticulously developed in-house, offered as managed private Edge Network to help broadcasters, OTT TVs and content owners overcome the toughest challenges of live streaming at scale, addressing the limitations of classic CDN and enabling new application solutions on the Edge.

“I am honored to join a team that is on a mission to write a new chapter in video streaming delivery, setting new standards, and paving the way for the future of TV. I am ready to contribute to MainStreaming’s innovative approach and customer-centric philosophy. Together, we are set to revolutionize how the streaming industry approaches Edge Network architecture for live streaming, emphasizing a more distributed, ultra-low-latency, energy-efficient, and globally scalable design,” Nicola Micali said.

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Industry News

Safer Gambling Tools Use Hits Record High in 2023 – New Report from EGBA

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Members of the European Gaming and Betting Association (EGBA) significantly stepped up their efforts to implement and promote safer gambling in 2023, according to the association’s fourth annual sustainability report. The report reveals that 65% of European customers – a record 21 million of them – used safety tools last year, with over half doing so voluntarily, a 14% increase compared to the previous year. Additionally, the association’s operators sent a record 67.6 million messages to their customers to promote safer play, a 49% yearly increase. Over 23 million of these messages were personalised based on a customer’s actual playing behaviour.

EGBA’s Sustainability Report 2024 outlines the joint efforts and progress made by its members to promote a sustainable approach to gambling and contribute positively to society in Europe. The report aims to track yearly progress, support transparency and reinforce a strong culture of social responsibility. This year’s report includes key sustainability highlights from EGBA and its members during the past year, as well as data points collected from its members related to customers, safer gambling tools and promotion, social contributions, employment and diversity, and energy and environment.

“We’re pleased to publish our latest sustainability report, highlighting significant progress by our members in many areas of safer gambling, particularly in the roll-out of safety tools and their direct interactions with players about their playing behaviour. This demonstrates their collective efforts to embed a sustainable approach to gambling at the heart of what they do. In the report, our CEOs also quite rightly flag their concerns about the growing black market in Europe and the risks it poses to players and the progress made in safer gambling. We’re pleased to expand our reporting this year with specific new metrics about the use of safety tools and messages to promote safer play,” Maarten Haijer, Secretary General of EGBA, said.

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Industry News

CT Gaming Introduces “Tournaments” Module

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CT Gaming’s Casino Management System has been a cornerstone of the product offerings for nearly a decade. It has continuously evolved to meet the industry’s and the client’s changing needs. One of the most exciting recent developments is the introduction of a separate module dedicated to tournaments.

The new feature represents a significant advancement in the company’s capabilities and offers a range of benefits for both operators and players. The tournament module enables a variety of competitive formats, allowing for dynamic competitions between players, software applications, gaming machines and even specific games. This flexibility means operators can create and manage tournaments tailored to their unique audience and strategic goals.

For players, the tournament module enhances the gaming experience by introducing an element of competition and excitement. It encourages engagement and loyalty by providing opportunities to compete for prizes and recognition. The ability to participate in tournaments adds a new layer of interaction, making the gaming experience more immersive and enjoyable.

Additionally, the module’s integration into the company’s Casino Management System ensures operators can easily track and manage tournament activities. This includes real-time monitoring of player performance, automated scorekeeping and detailed reporting on tournament outcomes. Such features not only streamline the management process but also provide valuable insights that can be used to refine future tournaments and promotions.

The implementation of this module underscores CT Gaming’s commitment to staying at the forefront of technological advancements in the gaming industry. By continuously enhancing the Casino Management System, the company aims to provide its clients with cutting-edge tools that drive engagement, optimise operations and ultimately contribute to their success. The company believes that this new module will be a game-changer for the clients, offering them a powerful new way to attract and retain players while setting a new standard for competitive gaming experiences in the casino environment.

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