Interim Results

Entain PLC

08 August 2024

427.00am 08 August 2024

Entain plc

("Entain" or the "Group")

H1 outperformance supported by improving operational execution; FY24 guidance upgraded

Entain plc (LSE: ENT), the global sports betting and gaming group, today reports Interim Results for the six-month period ended 30 June 2024 ("H1").

· Total Group Net Gaming Revenue ("NGR"), including 50% share of BetMGM, up +6%, +8%cc², and 0%cc² on a proforma³ basis

o Online NGR (excluding US) up +9%, +11%cc², +1%cc² proforma³

· H1 results reflect underlying Q2 outperformance and stronger than expected win margins for Euros

o H1 Group EBITDA⁴ at £524m, up +5% vs prior year

· Improving underlying growth: Online NGR proforma³ performance improved from Q1 -2%cc² YoY to Q2 +5%cc² YoY (flat prior to start of Euros), with Brazil delivering +28%cc² growth in H1

· Margin expansion: further Project Romer efficiencies identified, increasing net savings target to £100m for 2026 (from £70m)

· BetMGM accelerating performance in year of investment: delivering sequential quarterly revenue growth and stabilising market share, ahead of further expected investment in H2

· Appointment of new CEO: Gavin Isaacs joining on 2 September 2024, with leadership continuity as Stella David succeeds as Chair from 30 September 2024

· FY24 guidance upgraded: stronger than expected Q2 and revised regulatory implementation timing

o Expect low single-digit positive² proforma³ growth in Online NGR (from low single-digit negative)

o Group EBITDA⁴ expected to be in the range of £1,040m-£1,090m

Stella David, Interim CEO & Chair Designate, commented:

"Entain's H1 results are clear evidence that our hard work improving the Group's operational performance is bearing fruit. Whilst there is more work to do, we are pleased with the progress so far and look forward to building further on these solid foundations in H2 and beyond.

Our focused execution underpins the Group's performance so far this year, and we are excited by the opportunities ahead. I look forward to welcoming Gavin Isaacs as our new Chief Executive Officer and supporting him as we continue to build on the Group's improving operational momentum."

H1 2024 Trading performance:

	Net Gaming Revenue (NGR)
	Q1		Q2			H1
	YoY Rpt¹	YoY cc² Proforma³	YoY Rpt¹	YoY cc² Proforma³	YoY Rpt¹		YoY cc² Proforma³

UK & Ireland	(7%)	(7%)	(5%)	(5%)	(6%)		(6%)

International	4%	(2%)	10%	7%	7%		3%

CEE⁵	124%	11%	127%	13%	126%		12%

Total Group (ex US)	4%	(3%)	8%	2%	6%		0%

Total Online	7%	(2%)	12%	5%	9%		1%
Total Retail	(1%)	(6%)	2%	(2%)	1%		(4%)

Total Group inc 50% of BetMGM	3%	(3%)	8%	3%	6%		0%

Prior year performance displayed in new reporting structure available at:
https://entaingroup.com/investor-relations/results-centre/

H1 performance highlights

· Total Group NGR including 50% share of BetMGM¹, up +6%, +8%cc², and 0%cc² on a proforma³ basis

o Group NGR (exc. US) up +6%, +8%cc², 0%cc² proforma³

o Online NGR (exc. US) up +9%, +11%cc², +1%cc² proforma³, with active customers +13% proforma³

· UK & Ireland NGR down -6%cc², in line with expectations

o UK&I Online -8%cc² reflects prior year comparative regulatory headwinds, partially offset by improving player KPI's driven by product and offering enhancements including greater simplification of our player journeys

§ Actives up +12% YoY and year-to-date stabilisation in spend per head

o UK&I Retail -4%cc², in line with expectations, ahead of our next generation gaming cabinet rollout which completes in Q3

· International NGR was up +10%cc², +3%cc² on a proforma³ basis

o Brazil delivered strong double-digit revenue growth ahead of schedule, with H1 NGR +28%cc²

o Australia returned to flat² year on year for H1 NGR, despite softness in underlying market

o Italy -3%cc² (Online -3%cc², Retail -4%cc²) with customer-friendly Q1 sports margins offsetting volume growth

· Entain CEE⁵ continued to perform well with NGR +12%cc² proforma³ with SuperSport in Croatia performing particularly strongly at +17%cc² YoY

· BetMGM delivered accelerating net revenue momentum through H1 and stabilising 13%⁶ market share

o Q2 NGR up +9%cc² YoY and up +4%cc² on Q1 driven by strong acquisition and retention metrics with improving app and product capabilities and successful engagement campaigns

o Encouraging results from Angstrom-powered MLB and NBA offerings; expansion into NFL offering expected ahead of 2024 season

o Reinforcing iGaming strength with expected marketing investment in H2

H1 financial highlights

· Group EBITDA⁴ at £524m, up 5% vs 2023; Online EBITDA⁴ £445m, +9%, Retail EBITDA⁴ £140m, -11%

· Group loss after tax was £47m

· Proposed interim dividend of 9.3p per share, +5% year on year

· Successful repricing of term loan debt and equivalent £600m add on

· Robust balance sheet with net debt of £3,329m and available cash of >£1.3bn, at 30 June 2024

· Project Romer efficiency programme progressing well, increasing annual net savings target to £100m in 2026

· FY 2024 Group EBITDA⁴ expected to be in the range of £1,040m to £1,090m

o Reflecting uplift from stronger than expected Q2 NGR performance, revised timing of regulatory implementation in Brazil and the Netherlands, offset by FX headwinds

H1 summary: 1 January to 30 June 2024

Total Group (ex US)	Reported¹
	2024	2023	Change	CC²
Six months to 30 June	£m	£m	%	%
Net gaming revenue (NGR)	2,555.7	2,404.3	6%	8%
Revenue	2,520.3	2,377.6	6%	8%
Gross profit	1,534.6	1,457.7	5%
Underlying EBITDA⁴	523.8	499.4	5%
Underlying operating profit⁷	287.9	307.4	(6%)
Underlying profit before tax⁷	248.8	287.6	(13%)
Loss after tax	(46.9)	(502.5)
Continuing diluted EPS (p)	(6.8)	(83.9)
Continuing adjusted diluted EPS⁸ (p)	12.4	21.6
Continuing adjusted diluted EPS⁸ exc. US (p)	21.0	29.7
Dividend per share (p)	9.3	8.9

Capital Allocation Committee

As per announcement on 21 May 2024, the Capital Allocation Committee ("CapCo") concluded that Crystalbet is non-core to the Group and as such strategic alternatives would be considered. This review process is underway and updates will be announced as appropriate in due course.

The CapCo will continue to regularly review the Group's strategic progress including significant aspects of capital commitments, with ongoing consideration to maximise shareholder value.

Appointment of CEO and Chair transition

As announced on 22 July 2024, Gavin Isaacs has been appointed as Chief Executive Officer, effective on 2 September 2024. To ensure an orderly transition, Stella David will succeed Barry Gibson as Chair on 30 September 2024.

Dividend

In line with the Group's progressive dividend policy, the Board has proposed an interim dividend of c£60m (9.3p per share), a 5% year on year increase per share. The interim dividend in respect of the H1 2024 results is expected to be paid in September 2024 to shareholders on register on 16 August 2024.

Outlook

Entain's performance in the first half of 2024 demonstrates our improving underlying growth and the clear progress made against our strategic priorities. As we look to the remainder of 2024, our expectations for the Group's growth pathway remains unchanged, with the stronger than expected Q2 performance driving our upgraded NGR guidance. We now expect FY24 Online NGR growth on a proforma³ basis to be low single digit positive², with the Group delivering FY24 EBITDA⁴ in the range of £1,040m to £1,090m. Building on the progress already made, we are confident that continued execution of our strategic priorities of organic growth, margin expansion and winning in the US will deliver value for all our stakeholders.

Notes

(1) H1 2024 reported numbers are unaudited and relate to continuing operations

(2) Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2024 exchange rates

(3) Proforma references include all 2023 acquisitions as if they had been part of the Group since 1 January 2023

(4) EBITDA is defined as earnings before interest, tax, depreciation and amortisation, share based payments and share of JV income. EBITDA is stated pre-separately disclosed items

(5) Entain CEE consists of our businesses in Croatia (SuperSport) & Poland (STS)

(6) Consolidated GGR market share consists of last three months ending May or June 2024 (as latest reported) for U.S. sports betting markets where BetMGM was active (online and retail), last three months ending June 2024 for U.S. iGaming markets where BetMGM was active, and last three months ending June 2024 for the Ontario market. Internal estimates used where operator specific results are unavailable

(7) Stated pre separately disclosed items

(8) Adjusted for the impact of separately disclosed items, foreign exchange movements on financial indebtedness and losses/gains on derivative financial instruments (see note 8 in the interim financial statements)

Enquiries

Investor Relations - Entain plc	investors@entaingroup.com

Media - Entain plc	media@entaingroup.com

Sodali & Co Rob Greening/Russ Lynch/Sam Austrums	Tel: +44 (0) 20 7250 1446 entain@sodali.com

Presentation and webcast

Entain will host a 2024 Interim Results presentation and Q&A session today, Thursday 8^th August at 9:30am BST, at: etc.venues, 200 Aldersgate St, Barbican, London EC1A 4HD.

Analysts and investors may attend in person, having pre-registered via the in-person registration link. Alternatively join the webcast approximately 15 minutes ahead of the event: online webcast link.

The presentation slides as well as a replay and transcript will be available on our website:

https://entaingroup.com/investor-relations/results-centre/

Dividend Timetable

Announcement date: 08 August 2024

Ex-Dividend date 15 August 2024

Record date: 16 August 2024

Payment date: 20 September 2024

Forward-looking statements

This document contains certain statements that are forward-looking statements. They appear in a number of places throughout this document and include statements regarding our intentions, beliefs or current expectations and those of our officers, Directors and employees concerning, amongst other things, results of our operations, financial condition, liquidity, prospects, growth, strategies and the business we operate. These forward-looking statements include all matters that are not historical facts. By their nature, these statements involve risks and uncertainties since future events and circumstances can cause results and developments to differ materially from those anticipated. Any such forward-looking statements reflect knowledge and information available at the date of preparation of this document. Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation (596/2014) as it forms part of English law by virtue of the European Union (Withdrawal) Act 2018, the Listing Rules, the Disclosure Guidance and Transparency Rules and the Prospectus Rules), the Company undertakes no obligation to update or revise any such forward-looking statements. Nothing in this document should be construed as a profit forecast. The Company and its Directors accept no liability to third parties in respect of this document save as would arise under English law.

About Entain plc

Entain plc (LSE: ENT) is a FTSE100 company and is one of the world's largest sports betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports brands include BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet, Sports Interaction, STS, SuperSport and TAB NZ; Gaming brands include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino. The Group owns proprietary technology across all its core product verticals and in addition to its B2C operations provides services to a number of third-party customers on a B2B basis.

The Group has a 50/50 joint venture, BetMGM, a leader in sports betting and iGaming in the US. Entain provides the technology and capabilities which power BetMGM as well as exclusive games and products, specially developed at its in-house gaming studios. The Group is tax resident in the UK and is the only global operator to exclusively operate in domestically regulated or regulating markets operating in over 30 territories.

Entain is a leader in ESG, a member of FTSE4Good, the DJSI and is AA rated by MSCI. For more information see the Group's website: www.entaingroup.com.

LEI: 213800GNI3K45LQR8L28

CHIEF EXECUTIVE OFFICER'S REVIEW

Entain is a leading player in sports betting and gaming, a global industry with attractive dynamics and structural growth. We are proud to be the most diversified leader of scale in our sector, only operating in regulated or regulating markets. Our trusted brands, leading market positions and increasingly localised offerings are supported by our scaled in-house technology and product capabilities. Entain is focused on delivering our customers a great player experience with engaging products and content, underpinned by leading player protection measures. We have a clear strategy to deliver value to all our stakeholders through focused execution towards our strategic priorities:

• Drive organic growth

• Expand online margins

• Empower growth in US

As Interim CEO, I have led the Group through the first half of this year, and the business has not been treading water. We have clear targets; we have been laser focused on execution and delivering the brilliant basics that drive customer acquisition and retention; and I'm delighted with the progress achieved so far. Our H1 results demonstrate that our operational transformation is bearing fruit, rebuilding our growth momentum and returning our business to its winning ways.

There is still a lot of hard work to do in the second half of 2024 and beyond, and this also presents us many exciting opportunities ahead to capture. I am passing the CEO baton to Gavin Isaacs with strong building blocks in place for him to lead the business through its next phase. His leadership will see the ongoing execution of our refocused strategy, accelerating our pathway to operational excellence and returning the business to its leadership position. I am very much looking forward to working with Gavin as I take on the role of Chair, succeeding Barry Gibson on his retirement at the end of September.

H1 2024 performance

The Group ended the first half of 2024 ahead of expectations, with Total Group NGR including our 50% share of BetMGM up +6% reported¹ and 0%cc² on a proforma³ basis. Excluding BetMGM, Group NGR was also up +6% (+8%cc²), and 0%cc² proforma³. The Group's Online and Retail operations both performed in line or better than our expectations during the first half of 2024, delivering Group EBITDA⁴ of £524m, up +5% year on year.

Our first half of 2024 performance was delivered by focused execution driving improving underlying growth across our business, as well as benefiting from stronger than expected margins in the UEFA Euros tournament. Reported Online NGR (ex US) was up 11%cc² versus the prior year reflecting our improving operational performance, stronger than expected Q2 sports margins, as well as the benefit from last year's acquisition of STS and our partnership with TAB NZ. On a proforma³ basis Online NGR was +1%cc² year on year.

Our H1 performance demonstrates the progress achieved so far towards our strategic priorities.

Drive Organic Growth

Since November 2023, our portfolio has been refocused, prioritising growth and returns. Customer acquisition and retention have been central to our approach in rebuilding our brilliant basics, as these are critical to driving organic growth. As reflected in our strong growth in actives, we continue to attract customers with our trusted brands. We are working hard, reinvigorating our acquisition channels, accelerating our product delivery, whilst boosting retention with our improving offering and customer experience. By simplifying customer journeys, localising our offering and streamlining app experiences, coupled with more effective marketing, we are confident in driving future growth. In two of our "must win" markets, UK & Brazil, we are seeing evidence that these actions are bearing fruit and we are excited for the many opportunities ahead as we deliver our pipeline of initiatives towards our ambition of operational excellence.

UK & Ireland

The UK&I is Entain's largest market. As such, it is critical to our strategic success and Group performance that we return our UK&I business back to its winning ways. In H1, UK&I NGR was down -6%cc² year on year as expected. Our UK&I Online performance in H1 (-8%cc²), reflects the complexity of our prior year regulatory implementations on our customers' experience. We have been laser focused in addressing this without compromising our player protection. It is encouraging to see green shoots of improvement, evidencing that the ongoing simplification of our player journeys is yielding results. With spend per head now stabilising and H1 UK Online NGR up +2% on H2 2023 we have increased confidence in our UK Online business returning to organic growth by the end of this year. As well as improving our UK offering and experience, we continue to engage customers with innovative marketing such as Foxy's recent "Moedown" campaign. The introduction of Ladbrokes Bucks and Coral Coins have landed well and we have a strong pipeline of in-house and exclusive games throughout this year. Our Sportsbook enhancements to UX, design and app speed are delivering improved experiences for our players, and there's more to come in H2 including our improved Betbuilder sports product.

The UK&I is an omni-channel market which brings many opportunities. As part of our business structure realignment, we combined the management of Online and Retail in the UK&I. The UK&I retail estate continues to perform well across both sports and gaming, underpinned by exclusive and in-house content coupled with digital in-shop experiences. In line with expectations, UK&I Retail delivered H1 NGR -4% behind 2023 reflecting competitors' cabinet cycle, just ahead of Entain rolling out our next generation Kascada cabinets by August. UK&I Retail H1 NGR is up +3% compared to H2 2023.

International

Brazil is a "must win" market for Entain. It is the fastest growing outside of the US and our Sportingbet brand is well positioned to be successful in this highly competitive sports betting and gaming market. Since installing our local leadership team in 2023, we have been refocusing our Brazil operations. We took decisive action to realign our customer acquisition channels, payment processing and product engagement and are seeing results. During H1 we have seen improvements in customer acquisition and our leading in-house sports app 365Scores, acquired in July 2023, has also been a powerful channel and complementary to our other initiatives. Alongside our Sportingbet brand reinvigoration and refreshed creative strategy, we shifted to open TV and digital advertising. Player experience and product are vital to customer retention; in addition to improving our integration of Pix to allow instant withdrawals and deposits, we increased our local sports offering to focus on Brazilian football and expanded our gaming portfolio with many favourites including Aviator, a virtual crash game. The green shoots of growth from these actions have been steadily accelerating and we now see the business delivering strong double digit NGR growth, with H1 Online NGR up +28%cc². The turnaround and rebuild of our business performance in Brazil gives us confidence in our brand, product and offering ahead of the licenced regime launch at the end of this year.

Australia is the largest Online market in our International division, and during the first half of this year delivered a strong performance, returning to flat year on year. Despite the underlying market experiencing expected softness, our Ladbrokes and Neds brands continue to differentiate themselves in the highly competitive Australian market. Entain Australia's partnership with TAB NZ continues to perform in line with expectations, with actives up +11% year on year proforma³. In line with plan, the business was successfully migrated onto Entain Australia's technology platform during Q2, and our New Zealand customers are now enjoying an enhanced sports betting experience. Alongside leveraging our strong Entain Australia offering we are excited by the opportunity ahead in New Zealand including our new online-only brand "Betcha" which launched this week.

Our business in Italy continues to operate in a competitive market. Our H1 performance across both Online (-3%cc²) and Retail (-4%cc²) reflects the customer-friendly sports margins in Q1 offsetting our growth in volumes. The growth in the underlying Italian market remains strong and omni-channel operators continue to outperform with point of sales touchpoints and brand recognition driving engagement across both Online and Retail. Leveraging our omnichannel position we continue to offer customers new sports and gaming products. Entain remains a top tier offering in a highly attractive market and our strong brands are well placed to benefit from the implementation of the revised online licensing expected at the end of this year.

Entain CEE (Croatia & Poland)

Our Entain CEE business continues to perform strongly in this fast growing and highly attractive region. SuperSport in Croatia is a market leader across both Online and Retail, performing strongly in H1 with NGR up +17%cc² YoY. Our Online gaming offering has been particularly successful with NGR up +27%cc² as players enjoy attractive jackpot products and reward features. STS Holdings, the largest operator in Poland, delivered proforma³ NGR growth of +8%cc² during the first half of 2024, performing well despite increased competitive intensity.

Margin Expansion

Following the Group's phase of rapid growth supported by M&A, we are focused on simplifying our operating model, ensuring our business has secured strong building blocks and structures to capitalise on growth opportunities ahead. Our efficiency programme, Project Romer, enables more agility in execution and more effective delivery, unlocking efficiencies and savings. Completion of the initial phases earlier this year gave us confidence in our pathway to delivering approximately £70m of net cost savings in 2025. Further progress with our initiatives now see potential for even greater efficiencies, increasing our target of net cost savings to £100m in 2026. As well as delivering savings, these initiatives also free up capital to reinvest back into product and player experience, supporting further growth, building scale and increasing operational leverage to expand our EBITDA margins. We remain on track to deliver our target of 28% Online EBITDA margins in 2026 and towards 30% over time.

US Market Growth

Driving our growth in the US remains a key strategic priority for Entain. BetMGM is a leading operator in this fast growing highly competitive industry, operating in 29 markets with access to 52% of the adult population, including recent launches in North Carolina in March and district-wide in the District of Columbia in July. We committed to 2024 being a year of investment for BetMGM, strengthening the business for the future by improving our customer offering, stepping up our investment in attracting and retaining players as well as unlocking our unique omnichannel opportunities as we leverage the completion of our single account single wallet functionality across the US, subject to approval in Nevada.

We are encouraged to see this strategy is delivering, exceeding our internal goals for both acquisition and retention, stabilising market share and driving sequential quarterly revenue growth. BetMGM reported H1 net revenue of $1.0 billion (+6%cc²), with Q2 up +9%cc² YoY and growth accelerating as Q2 NGR was up +4%cc² compared to Q1.

We have made significant enhancements to our sportsbook during the first half of 2024. The integration of Angstrom, Entain's specialist US-sports focused pricing and data analytics capability, enabled BetMGM to expand its markets and range of MLB and NBA products with our fully in-house SGP and SGP+ offering. These enhancements have doubled volumes of weekly MLB SGP bets with actives placing an MLB SGP bet also up 40% versus last year. We are excited to see Angstrom's capabilities fully integrated into our NFL offering ahead of the 2024 season, as well as a more streamlined lobby experience and new features including live bet tracking.

iGaming continues to be a strength for BetMGM, with players enjoying the widest collection of online proprietary and exclusive games. We continue to invest in our in-house content, exclusive third-party relationships, as well as more personalized engagement and rewards mechanics that are unique to BetMGM. BetMGM offers the largest online jackpots, with the current New Jersey jackpot of over $5 million, setting a record for the largest regulated US jackpot. Reinforcing our iGaming strength we expect to increase marketing investment during H2 of 2024 to maximise future growth and profitability.

BetMGM is the only top-three operator with a licenced mobile app live in Nevada and we are excited to unlock this competitive advantage ahead of the NFL season. Subject to regulatory approval in Nevada, this will complete BetMGM's single wallet platform across the US. This enables players traveling outside their home state to seamlessly continue playing with BetMGM using their same wallet and earning reward points. This is a unique selling proposition for BetMGM, with MGM Resorts properties in Las Vegas representing 13 million room nights annually and a replenishing pool for new customers as well as strong retention and reactivation mechanisms.

Supporting our improving customer experience and product pipeline delivery is our investment in player acquisition through best-in-class marketing partnerships with X, Marriott Bonvoy and Associated Press. Our Super Bowl commercial alongside our citywide takeover of Las Vegas saw tremendous acquisition results, robust technology stability and top-rated customer service metrics.

We are encouraged to see our investment in BetMGM's product offering and customer experience delivering accelerating momentum, which gives us confidence in improving year-over-year revenue growth during H2 of 2024 and into 2025. BetMGM has a pipeline of exciting opportunities ahead, reinforcing our conviction in BetMGM's strong future.

H1 sustainability highlights:

Entain has a longstanding commitment to sustainability, and it remains a key enabler supporting our growth strategy. Our Sustainability Charter's four pillars encapsulate the sustainability issues that are most important to Entain, our customers, colleagues and partners:

• Lead on player protection

• Provide a secure and trusted platform

• Create an environment for everyone to do their best work

• Positively impact our communities

Lead on player protection - player safety remains embedded in our ambition to deliver the best experience for customers. The quality and sustainability of our business and our earnings are central to our unwavering ambition to be a leader across the sustainability agenda. Our approach also continues to evolve alongside our markets and our customers, ensuring we remain relevant and appropriate at a localised level.

Provide a secure and trusted platform - we operate in a highly regulated sector where the highest ethical standards are critical in maintaining trust with our customers and wider society. We are also proud to be the only global operator with 100% of our revenues coming from regulated or regulating markets. Entain launched a new Ethics & Compliance Charter as well as put in place a new ESG Governance structure with two board-level committees (Sustainability & Compliance and People & Governance), with oversight from the Board key to ensuring robust execution and accountability across the business.

Create an environment for everyone to do their best work - supporting our ambition to be an employer of choice, we have launched several new initiatives. These include Your Goals, Entain's new objective setting programme, and a refresh of our values and behaviours. Our aim to be an inclusive and supportive culture was recognised by us being awarded Innovator of the Year at the Women in Gaming Diversity Awards for our Returnship programme with McLaren Racing.

Positively impact our communities - supporting Entain's ambition to reducing carbon emissions along with our formal commitment to reduce our absolute scope 1, 2 (market-based) and 3 emissions, we initiated our partnership with Normative - a science-based carbon accounting software platform - that provides clear and actionable insights while facilitating collaboration among stakeholders within our operations and value chain to get us to net-zero. We also scaled up our partnership with EcoVadis - the world's largest platform for supplier sustainability ratings - onboarding and assessing 35% of our in-scope suppliers and supporting them to improve their sustainability performance while helping us gain greater insights into our value chain. We continue to purchase just under 100% of renewable energy in the UK and Republic of Ireland, amounting to 70% of our purchased electricity globally

We also continue to make a positive impact through the charitable work of the Entain Foundation. Our flagship Pitching In programme in the UK pioneers engagement between semi-professional football and local communities. Our funding of the Trident Community Foundation has helped to deliver over 100 initiatives to improve the lives of thousands of people across the country.

Continued recognition across our sustainability agenda include:

• Tier 1 in 2024 CCLA Corporate Mental Health Benchmark UK 100

• GamCare's Safer Gambling Standards for Online (Advanced Level 3) and land-based (Advanced Level 2) activities

• Top 20 UK Best Companies to work for - LinkedIn 2024

• Maintained inclusion in FTSE4Good and Dow Jones Sustainability indices and MSCI's AA rating

Notes

(1) EBITDA is defined as earnings before interest, tax, depreciation and amortisation, share based payments and share of JV income. EBITDA is stated pre-separately disclosed items

(2) Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2024 exchange rates

(3) Proforma references include all 2023 acquisitions as if they had been part of the Group since 1 January 2023

Financial Results and the use of non-GAAP measures

The Group's statutory financial information is prepared in accordance with International Financial Reporting Standards ("IFRS") and IFRS Interpretations Committee (IFRS IC) pronouncements as adopted for use in the European Union. In addition to the statutory information provided, management have also provided additional information in the form of Contribution and EBITDA as these metrics are industry standard KPIs which help facilitate the understanding of the Group's performance in comparison to its peers. A full reconciliation of these non-GAAP measures is provided within the Income Statement and supporting memo.

During the current year, the Group has amended its operating segments in line with the revisions to the Group's reporting to the executive management team ("CODM"). The Group's operating segments are aggregated into four reportable segments; UK&I, International, CEE and Corporate with a New Opportunities segment also present in 2023.

Our CEE region consists of our businesses in Croatia and Poland.

CHIEF FINANCIAL OFFICER'S REVIEW

FINANCIAL PERFORMANCE REVIEW

Group

	Reported results¹
Six months to 30 June	2024	2023	Change	CC²
	£m	£m	%	%
NGR	2,555.7	2,404.3	6%	8%
VAT/GST	(35.4)	(26.7)	(33%)	(39%)
Revenue	2,520.3	2,377.6	6%	8%

Gross profit	1,534.6	1,457.7	5%

Contribution	1,194.2	1,126.2	6%

Operating costs	(670.4)	(626.8)	(7%)

Underlying EBITDA³	523.8	499.4	5%

Share based payments	(8.9)	(9.1)	2%
Underlying depreciation and amortisation	(169.7)	(134.8)	(26%)
Share of JV loss	(57.3)	(48.1)	(19%)
Underlying operating profit⁴	287.9	307.4	(6%)

Reported Results¹:

NGR and Revenue increased by +6% (both +8%cc²) versus 2023 in the first half, with the benefit of the annualisation of 2023 acquisitions and strong underlying performance in a number of our key territories offset by an NGR decline in the UK following regulatory implementations in the prior year which resulted in complex customer journeys. Proforma⁵ NGR was in line cc² year on year with Online +1%cc² but Retail -4%cc².

Contribution in the first half of £1,194.2m was also +6% higher than 2023. Contribution margin was in line with 2023 reflecting the benefit of geographic mix on the blended margin offset by investment in marketing as the Group targets the return to sustainable long term Online NGR growth.

Operating costs were 7% higher due to the impact of acquisitions. Resulting underlying EBITDA³ of £523.8m was +5% higher than 2023.

Share based payment charges were £0.2m lower than last year, while underlying depreciation and amortisation was 26% higher, reflecting the impact of the annualisation of prior year acquisitions and continued investment in product. Share of JV losses of £57.3m includes an operating loss of £55.7m relating to BetMGM (2023: £48.5m).

Group underlying operating profit⁴ was -6% behind 2023. After separately disclosed items of £224.5m (2023: £733.4m), the Group made an operating profit of £63.4m (2023: loss of £426.0m).

UK & Ireland

	UK & Ireland Total			UK & Ireland Online				UK & Ireland Retail
Six months to 30 June	H1	H1	Change		H1	H1	Change	H1	H1	Change
	2024	2023	%		2024	2023	%	2024	2023	%
	£m	£m			£m	£m		£m	£m
Sports wagers	2,500.4	2,768.2	(10%)		1,141.0	1,368.2	(17%)	1,359.4	1,400.0	(3%)

Sports margin	16.6%	15.8%	0.8pp		13.2%	12.3%	0.9pp	19.4%	19.3%	0.1pp

Sports NGR	393.5	414.4	(5%)		127.5	138.5	(8%)	266.0	275.9	(4%)
Gaming NGR	611.2	655.1	(7%)		339.4	369.2	(8%)	271.8	285.9	(5%)
B2B NGR	-	-	-		-	-	-	-	-	-
Total NGR	1,004.7	1,069.5	(6%)		466.9	507.7	(8%)	537.8	561.8	(4%)
EU VAT/GST	(2.1)	(2.0)	(5%)		(2.1)	(2.0)	(5%)	-	-	-
Revenue	1,002.6	1,067.5	(6%)		464.8	505.7	(8%)	537.8	561.8	(4%)

Gross profit	680.3	726.4	(6%)		295.1	318.5	(7%)	385.2	407.9	(6%)

Contribution	553.2	603.5	(8%)		169.2	197.3	(14%)	384.0	406.2	(5%)
Contribution margin	55.1%	56.4%	(1.3pp)		36.2%	38.9%	(2.7pp)	71.4%	72.3%	(0.9pp)

Operating costs	(353.8)	(361.5)	2%		(81.7)	(80.5)	(1%)	(272.1)	(281.0)	3%

Underlying EBITDA³	199.4	242.0	(18%)		87.5	116.8	(25%)	111.9	125.2	(11%)

Share based payments	(3.2)	(3.2)	0%		(2.2)	(2.2)	0%	(1.0)	(1.0)	0%
Underlying depreciation and amortisation	(72.9)	(66.5)	(10%)		(24.0)	(21.3)	(13%)	(48.9)	(45.2)	(8%)
Share of JV (loss)/income	-	-	-		-	-	-	-	-	-

Underlying operating profit⁴	123.3	172.3	(28%)		61.3	93.3	(34%)	62.0	79.0	(22%)

During the first half, we made good operational progress in the UK as we simplify customer journeys, develop plans to further leverage the omni-channel offering and prioritise our product development roadmap. Whilst we are seeing improvements in underlying KPI's, NGR in the first half was down -6% reflecting prior year regulatory implementation which resulted in complex customer journeys.

In Online, NGR was -8% year on year with both sports and gaming behind -8%. Prior year AML measures, which led to complex customer journeys, as well as limited product development, have continued to weigh on the business during the period impacting year on year comparisons. Despite the decline in NGR, we have made good operational progress during the half including stemming the run rate decline in Online revenues, improving our sportsbook user experience and onboarding our new management team and we remain confident in our ability to return to Online NGR growth by the end of the year.

In Retail, H1 NGR was -4%cc² YoY (LFL -3%), with sports -3%cc² and gaming -5%cc². Whilst NGR was behind year on year in the first half, performance was in line with expectations and reflects the timing of cabinet refresh cycles versus competitors, with our new, next generation Kascada cabinets expected to be fully rolled out in Q3. H1 2024 NGR was up 3% compared to H2 2023.

Gross profit of £680.3m was £46.1m behind 2023 with margin of 68% in line year on year. Marketing spend was £4.2m higher than 2023 despite the reduction in NGR, resulting in contribution of £553.2m, down £50.3m versus 2023.

Operating costs were 2% lower than 2023 reflecting underlying inflation in Online offset by stringent cost control and the impact of shop closures in Retail. Resulting EBITDA³ of £199.4m was £42.6m behind 2023. After charging depreciation and share based payments, operating profit⁴ of £123.3m was £49.0m behind 2023 with increased depreciation charges a reflection of the recent investment in our product offerings across both channels.

After separately disclosed items of £6.9m (2023: £3.5m), the operating profit was £116.4m (2023: £168.8m).

International

	International Total			International Online			International Retail
Six months to 30 June	H1	H1	Change	H1	H1	Change	H1	H1	Change
	2024	2023	%	2024	2023	%	2024	2023	%
	£m	£m		£m	£m		£m	£m
Sports wagers	6,172.8	5,817.8	6%	5,356.1	5,097.1	5%	816.7	720.7	13%

Sports margin	14.6%	14.8%	(0.2pp)	14.1%	14.2%	(0.1pp)	17.6%	19.1%	(1.5pp)

Sports NGR	760.2	699.0	9%	615.4	561.1	10%	144.8	137.9	5%
Gaming NGR	518.5	508.1	2%	505.2	495.9	2%	13.3	12.2	9%
B2B NGR	40.1	23.8	68%	40.1	23.8	68%	-	-	-
Total NGR	1,318.8	1,230.9	7%	1,160.7	1,080.8	7%	158.1	150.1	5%
EU VAT/GST	(33.3)	(24.7)	(35%)	(30.6)	(24.1)	(27%)	(2.7)	(0.6)	(350%)
Revenue	1,285.5	1,206.2	7%	1,130.1	1,056.7	7%	155.4	149.5	4%

Gross profit	717.4	660.7	9%	654.9	599.0	9%	62.5	61.7	1%

Contribution	519.5	459.7	13%	461.9	401.7	15%	57.6	58.0	(1%)
Contribution margin	39.4%	37.3%	2.1pp	39.8%	37.2%	2.6pp	36.4%	38.6%	(2.2pp)

Operating costs	(218.5)	(187.9)	(16%)	(182.2)	(156.6)	(16%)	(36.3)	(31.3)	(16%)

Underlying EBITDA³	301.0	271.8	11%	279.7	245.1	14%	21.3	26.7	(20%)

Share based payments	(2.5)	(2.5)	0%	(2.5)	(2.5)	0%	-	-	-
Underlying depreciation and amortisation	(87.2)	(63.9)	(36%)	(69.3)	(49.5)	(40%)	(17.9)	(14.4)	(24%)
Share of JV (loss)/income	(0.9)	(0.3)	(200%)	(0.9)	(0.3)	(200%)	-	-	-

Underlying operating profit⁴	210.4	205.1	3%	207.0	192.8	7%	3.4	12.3	(72%)

International NGR in the first half was +7% and +10%cc² ahead of 2023, +3%cc² proforma⁵, with strong underlying performance in all of our key markets except for Italy, where sports margin was -2pp behind the prior year due to customer friendly results in domestic football. Within International, Online NGR was +7% ahead and +11%cc² (proforma⁵ +4%cc²) and Retail +5% ahead and +8%cc² (-4%cc² behind proforma⁵ due to Italian margins).

In Brazil, NGR was +28%cc² ahead of 2023 reflecting the benefit of the corrective actions taken in 2023 and into 2024. During H1 we have seen improvements in customer acquisition and retention as well as an increase in volumes of deposits and withdrawals, all of which illustrate customer engagement since the change in management of the region. We remain confident in our ability to regain share in this important growth market.

Online NGR in Australia was in line² with 2023 despite the softer market conditions and last year's introduction of BetStop, the National Self-Exclusion Register. We remain confident in our strategy focussing on brand differentiation, new and innovative products and customer experience and our return to growth in Q2 demonstrates that this continues to resonate with our customer base.

Italy NGR was -3%cc² behind 2023, Online -3%cc² and Retail -4%cc², as customer friendly results were partially offset by volume growth in both channels.

New Zealand NGR was -2%cc² behind 2023 on a proforma⁵ basis, with Online +1% cc² and Retail down -10%cc². We remain optimistic about the opportunity for our New Zealand partnership with the successful migration to the Australian platform late in H1, an improved customer proposition, and the launch of a second local brand during H2 key catalysts for future growth.

Baltics and Nordics Online NGR was +8%cc² year on year with inflationary pressures in the region starting to abate and our content leadership strategy paying dividends. In Germany, our business has stabilised with H1 NGR -1%cc² year on year and +7%cc² versus H2 2023, as we start to see non-compliant operators leave the market.

Proforma⁵ NGR in the Netherlands was -13%cc² behind the prior year following regulatory changes in H2 last year. Whilst our BetCity business continues to grow actives in line with the market, declining spend per head is impacting performance.

Georgia NGR was +11%cc² ahead of 2023

as the business continues to benefit from its innovative approach to marketing, its sponsorship of the national football league and its branded network of affiliated companies.

Resulting gross profit for International, was 9% ahead of 2023 due to the NGR outperformance and a favourable geographic mix. With marketing spend held broadly in line with 2023 levels despite increased NGR, contribution margin increased by +2.1pp over 2023 leaving contribution at £519.5m.

Operating costs were -16% higher year on year, as a result of inflation and the annualisation of 2023 acquisitions (13pp). Resulting EBITDA³ of £301.0m was £29.2m ahead of 2023 and after deducting depreciation and share based payments, operating profit⁴ was £210.4m, £5.3m ahead. The increase in depreciation has largely been driven by the annualisation of 2023 acquisitions and the New Zealand partnership.

After separately disclosed items of £96.2m (2023: £71.4m), the operating profit was £114.2m (2023: £133.7m).

CEE (Croatia and Poland)

	CEE Total			CEE Online			CEE Retail
Six months to 30 June	H1	H1	Change	H1	H1	Change	H1	H1	Change
	2024	2023	%	2024	2023	%	2024	2023	%
	£m	£m		£m	£m		£m	£m
Sports wagers	794.3	259.7	206%	667.2	209.0	219%	127.1	50.7	151%

Sports margin	22.9%	17.5%	5.4pp	22.1%	15.6%	6.5pp	26.9%	25.4%	1.5pp

Sports NGR	181.4	58.0	213%	144.3	42.4	240%	37.1	15.6	138%
Gaming NGR	59.5	48.7	22%	54.2	43.8	24%	5.3	4.9	8%
B2B NGR	-	-	-	-	-	-	-	-	-
Total NGR	240.9	106.7	126%	198.5	86.2	130%	42.4	20.5	107%
EU VAT/GST	-	-	-	-	-	-	-	-	-
Revenue	240.9	106.7	126%	198.5	86.2	130%	42.4	20.5	107%

Gross profit	136.9	70.6	94%	109.9	56.2	96%	27.0	14.4	88%

Contribution	121.5	67.9	79%	95.7	53.9	78%	25.8	14.0	84%
Contribution margin	50.4%	63.6%	(13.2pp)	48.2%	62.5%	(14.3pp)	60.8%	68.3%	(7.5pp)

Operating costs	(36.8)	(15.4)	(139%)	(18.1)	(6.3)	(187%)	(18.7)	(9.1)	(105%)

Underlying EBITDA³	84.7	52.5	61%	77.6	47.6	63%	7.1	4.9	45%

Share based payments	-	-	-	-	-	-	-	-	-
Underlying depreciation and amortisation	(9.2)	(2.6)	(254%)	(5.7)	(0.1)	n/m	(3.5)	(2.5)	(40%)
Share of JV (loss)/income	-	-	-	-	-	-	-	-	-

Underlying operating profit⁴	75.5	49.9	51%	71.9	47.5	51%	3.6	2.4	50%

Following the acquisition of STS in Poland during H2 2023, H1 NGR was +126% ahead of the prior year (+131%cc²). On a proforma⁵ basis, CEE NGR was +12%cc² ahead of the prior year.

NGR in Croatia was +17%cc² ahead of 2023 with our SuperSport brand continuing to perform well in a competitive market. Online NGR was +19%cc² ahead with Retail +6%cc². During the first half we further enhanced our customer proposition with the introduction of our live score app and stat centre, the roll out of our new SSBTs and the launch of a new SuperSpin reward tool. This continued evolution of our proposition remains key in maintaining our position as the clear market leader.

Proforma⁵ NGR in Poland was +8%cc² ahead of 2023 with Online +7%cc² and Retail +10%cc². The intensity of the competitive landscape in Poland has increased significantly in the last nine months and we are therefore pleased with the progress and growth that the business has delivered throughout that period.

Gross profit of £136.9m was +94% ahead of 2023. Whilst gross profit margin of 56.8% was -9pp behind 2023, this reflects the impact of the acquired Polish business on the blended CEE segment rather than an underlying reduction in margin. Marketing spend of £15.4m was £12.7m higher than 2023 reflecting both the impact of the acquisition of STS in Poland and additional spend in Croatia in order to support the underlying growth in NGR. Resulting contribution of £121.5m was +79% ahead of 2023, a margin of 50.4%.

Operating costs were £21.4m higher than 2023, as a result of costs associated with the acquired Polish business and inflation in Croatia. Resulting EBITDA³ of £84.7m was £32.2m ahead of the prior year, up +61% or up +4%cc² on a proforma⁵ basis. After charging depreciation of £9.2m, operating profit⁴ was £75.5m, £25.6m ahead of 2023. The increase in depreciation is due to the impact of the acquired Polish business.

After separately disclosed items of £85.7m (2023: £42.0m), the operating loss was £10.2m (2023: profit of £7.9m).

New Opportunities

	Reported results¹
Six months to 30 June	2024	2023	Change
	£m	£m	%
Underlying EBITDA³	-	(9.7)	100%

Share based payments	-	-	-
Underlying depreciation and amortisation	-	(1.6)	100%
Share of JV loss	-	-	-
Underlying operating loss⁴	-	(11.3)	100%

Reported Results¹:

Costs in the prior year reflect those incurred in the Group's former Unikrn business which has now been closed as a customer facing operation.

Corporate

		Reported results¹
Six months to 30 June	2024		2023	Change
	£m		£m	%
Underlying EBITDA³	(61.3)		(57.2)	(7%)

Share based payments	(3.2)		(3.4)	6%
Underlying depreciation and amortisation	(0.4)		(0.2)	(100%)
Share of JV loss	(56.4)		(47.8)	(18%)

Underlying operating loss⁴	(121.3)		(108.6)	(12%)

Reported Results¹:

Corporate underlying costs³ of £61.3m were £4.1m higher than last year driven by the timing of certain legal costs as well as underlying inflation.

After share based payments, depreciation and amortisation and share of JV losses, Corporate underlying operating loss⁴ was £121.3m, an increase of £12.7m. The increase in loss is driven by underlying cost increase and an £7.2m increase in the share of loss in the US JV, BetMGM. After separately disclosed items of £35.7m (2023: £616.5m), the operating loss of £157.0m (2023: £725.1m) was £568.1m lower than in 2023.

Notes

(1) 2024 reported results are unaudited and relate to continuing operations

(2) Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2024 exchange rates

(3) EBITDA is defined as earnings before interest, tax, depreciation and amortisation, share based payments and share of JV income. EBITDA is stated pre separately disclosed items

(4) Stated pre separately disclosed items

(5) Proforma references include all 2023 acquisitions as if they had been part of the Group since 1 January 2023

GROUP PROFIT AND LOSS

	Results¹
Period ended 30 June	2024	2023	Change	CC²
	£m	£m	%	%
NGR	2,555.7	2,404,3	6%	8%

Revenue	2,520.3	2,377.6	6%	8%

Gross profit	1,534.6	1,457.7	5%

Contribution⁴	1,194.2	1,126.2	6%

Underlying EBITDA⁵	523.8	499.4	5%
Share based payments	(8.9)	(9.1)	2%
Underlying depreciation and amortisation	(169.7)	(134.8)	(26%)
Share of JV loss	(57.3)	(48.1)	(19%)
Underlying operating profit⁶	287.9	307.4	(6%)

Net underlying finance costs⁶	(129.5)	(108.4)
Net foreign exchange/financial instruments	90.4	88.6

Profit before tax pre separately disclosed items	248.8	287.6

Separately disclosed items:
Amortisation of acquired intangibles	(148.8)	(110.2)
Recognition of HMRC settlement liability	(5.9)	(585.0)
Other	(121.7)	(40.5)

Loss before tax	(27.6)	(448.1)

Tax	(19.3)	(54.4)

Loss after tax from continuing activities	(46.9)	(502.5)

Discontinued operations	-	(3.7)

Loss after tax	(46.9)	(506.2)

NGR and Revenue

Group NGR and revenue were +6% ahead of the prior year (+8%cc²). Further details are provided in the Financial Performance Review section.

Underlying operating profit⁶

Group reported underlying operating profit⁶ of £287.9m was -6% behind 2023 (2023: £307.4m). Underlying EBITDA⁵ was +5% ahead, with the benefit of acquisitions and strong performance in a number of key markets offset in particular by the UK. Depreciation and amortisation was -26% higher than 2023 driven largely by acquired businesses as well as recent investments in product and technology. The Group's share of BetMGM losses in the period were £55.7m, £7.2m higher than 2023 as the business continues to invest in gaining share. Further analysis of the Group's performance for the period is detailed in the Financial Performance Review section.

Financing costs

Underlying finance costs of £129.5m (2023: £108.4m) excluding separately disclosed items of £51.9m (2023: £2.3m) were £21.1m higher than 2023 driven by interest on the increase in Group debt as well as higher average interest rates during the current year.

Net gains on financial instruments were £90.4m (2023: £88.6m) relating predominantly to a foreign exchange gain on re-translation of post swap debt. This gain is offset by a foreign exchange loss on the translation of assets in overseas subsidiaries which is recognised in reserves and forms part of the Group's commercial hedging strategy.

Separately disclosed items

Items separately disclosed before tax for the period amount to £276.4m (2023: £735.7m) and relate to £5.9m of discount unwind on the DPA settlement liability (2023: £585m charge for the initial recognition of the liability), £148.8m of amortisation on acquired intangibles (2023: £110.2m), a £22.7m (2023: £nil) non-cash impairment of certain New Zealand assets following the migration of the trading platform and £18.8m of restructuring costs (2023: £6.8m) including those associated with Project Romer.

The Group also recorded a £7.9m charge (2023: £5.6m) associated with ongoing costs in relation to the DPA and our disposed Intertrader business, £20.4m (2023: £13.6m) associated with the revaluation of contingent consideration and a £51.9m (2023: £2.3m) non-cash issue cost write off following the refinancing of the Group's debt in Q2.

In the prior period the Group also incurred corporate transaction costs of £12.2m.

Separately disclosed items
	2024 £m	2023 £m
Legal settlement	(5.9)	(585.0)
Amortisation of acquired intangibles	(148.8)	(110.2)
Impairment	(22.7)	-
Restructuring costs	(18.8)	(6.8)
Legal and onerous contract costs	(7.9)	(5.6)
Movement in fair value of contingent consideration	(20.4)	(13.6)
Corporate transaction costs	-	(12.2)
Other including financing	(51.9)	(2.3)
Total	(276.4)	(735.7)

Profit/(loss) before tax

The Group's profit before tax⁶ and separately disclosed items was £248.8m (2023: £287.6m), a decrease of £38.8m on the prior year. After charging separately disclosed items, the Group recorded a pre-tax loss from continuing operations of £27.6m (2023: £448.1m), with the separately disclosed costs discussed above having a significant impact on reported results.

Taxation

The tax charge on continuing operations for the period was £19.3m (2023: £54.4m), reflecting an underlying effective tax rate pre-BetMGM losses and foreign exchange gains on external debt of 27.4% (2023: 24.1%) and a tax credit on separately disclosed items of £50.9m (2023: £16.1m).

The underlying effective tax rate on continuing operations for the full year ended 31 December 2024, excluding the results of BetMGM and foreign exchange on financing items, is forecast to be c25%.

Discontinued operations

During the prior period, the Group recorded a £3.7m loss in discontinued operations relating to its disposed Intertrader business which was disposed of in November 2021.

The resulting loss after tax after discontinued operations was £46.9m (2023: £506.2m).

Cashflow

Period ended 30 June	2024	2023
	£m	£m
Cash generated by operations	459.2	497.9
Corporation tax	(48.2)	(71.2)
Interest	(127.8)	(65.2)
Net cash generated from operating activities	283.2	361.5

Cash flows from investing activities:
Acquisitions & disposals	(0.2)	(474.9)
Cash acquired/disposed	-	43.2
Dividends received from associates	0.8	-
Net capital expenditure	(141.5)	(130.2)
Investment in Joint ventures	(19.8)	(40.7)
Net cash used in investing activities	(160.7)	(602.6)

Cash flows from financing activities:
Equity issue	-	590.6
Net proceeds from borrowings	1,687.2	1,142.8
Repayment of borrowings	(1,395.5)	(1,007.8)
Subscription of funds from non-controlling interest	-	129.0
Settlement of financial instruments and other financial liabilities	(11.0)	(204.8)
Repayment of finance leases	(35.5)	(35.0)
Equity dividends paid	(56.9)	(50.1)
Minority dividends paid	(0.3)	(3.4)
Net cash used in financing activities	188.0	561.3

Foreign exchange	(5.4)	(14.1)
Net increase in cash	305.1	306.1

During the period, the Group had a net cash inflow of £305.1m (2023: £306.1m).

Net cash generated by operations was £283.2m (2023: £361.5m) including £523.8m of underlying EBITDA⁵ (2023: £499.4m) and an underlying working capital inflow, offset by a cash outflow on separately disclosed items, corporate taxes of £48.2m (2023: £71.2m) and £127.8m in interest (2023: £65.2m).

Net cash used in investing activities for the period was £160.7m (2023: £602.6m) and includes net cash outflows for acquisitions of £0.2m excluding payments under contingent consideration arrangements (2023: £431.7m), net investment in capital expenditure of £141.5m (2023: £130.2m) and an additional £19.8m invested in BetMGM (2023: £40.7m). The Group also received dividends from associates of £0.8m (2023: £nil).

During the period the Group received a net £188.0m (2023: £561.3m) from financing activities with £1,687.2m received through new financing facilities (2023: £1,142.8m) which were used, in part, to repay £1,395.5m of debt (2023: £1,007.8m). In the prior period £590.6m was raised through the equity issuance and the Group also received £129.0m from minority holdings to meet their obligations for earn-outs and acquisitions within Entain CEE. During the half, £11.0m was paid on settlement of other financial instruments and liabilities relating to contingent consideration on previous acquisitions, partially offset by a receipt on the settlement on a number of swap arrangements (2023: £204.8m). Lease payments of £35.5m (2023: £35.0m) including those on non-operational shops, were also made in the period.

During the period, the Group paid £56.9m in equity dividends (2023: £50.1m) and £0.3m in dividends to minority interests (2023: £3.4m).

Net debt and liquidity

As at 30 June 2024, adjusted net debt⁷ was £3,329.3m and represented an adjusted net debt⁷ to underlying EBITDA⁵ ratio of 3.2x. The Group has not drawn down on the revolving credit facility at 30 June 2024 (2023: £nil).

	Par value	Issue costs/ Premium	Total
	£m	£m	£m
Term loans	(3,704.4)	11.6	(3,692.8)
Interest accrual	(2.1)	-	(2.1)
	(3,706.5)	11.6	(3,694.9)
Cash			705.7
Net debt			(2,989.2)
Cash held on behalf of customers			(201.3)
Fair value of swaps held against debt instruments			(58.5)
Other debt related items*			194.0
Lease liabilities			(274.3)
Adjusted net debt			(3,329.3)

*Other debt related items include balances held with payment service providers, deposits and other similar items

Refinancing

On 14 May 2024, the Group raised an additional £600m of borrowings through add-ons to its existing USD and EUR term loans, and used part of the proceeds to repay all amounts drawn under the £300m bridging loan. In March 2024, the commitments available under the Group's revolving credit facility were increased by £45m, further increasing the Group's available liquidity. As such, the Group's revolving credit facility now has total commitments of £635m which, as at 30 June 2024, was completely undrawn save £5m utilised for letters of credit and guarantees.

Going Concern

In adopting the going concern basis of preparation in the financial statements, the Directors have considered the current trading performance of the Group, the financial forecasts and the principal risks and uncertainties. In addition, the Directors have considered all matters discussed in connection with the long-term viability statement including the modelling of 'severe but plausible' downside scenarios such as legislation changes impacting the Group's Online business and severe data privacy and cybersecurity breaches.

Given the level of the Group's available cash post the recent extension of certain financing facilities and the forecast covenant headroom even under the sensitised downside scenarios, the Directors believe that the Group and the Company are well placed to manage the risks and uncertainties that it faces. As such, the Directors have a reasonable expectation that the Group and the Company will have adequate financial resources to continue in operational existence, for at least 12 months (being the going concern assessment period) from date of approval of the financial statements, and have, therefore, considered it appropriate to adopt the going concern basis of preparation in the financial statements.

Notes

(1) 2024 statutory results are unaudited, with the tables presented relating to continuing operations and including both statutory and non-statutory measures

(2) Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2024 exchange rates

(3) Proforma references include all 2023 acquisitions as if they had been part of the Group since 1 January 2023

(4) Contribution represents gross profit less marketing costs and is a key performance metric used by the Group, particularly in Online

(5) EBITDA is earnings before interest, tax, depreciation and amortisation, share based payments and share of JV income. EBITDA is stated pre separately disclosed items

(6) Stated pre separately disclosed items

(7) Adjusted net debt excludes the DPA settlement. Leverage also excludes any benefit from future BetMGM EBITDA or the payments due to acquire the minority interests in Entain CEE

UNAUDITED FINANCIAL STATEMENTS

INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT

For the six months ended 30 June
				2024			2023
	Notes	Underlying items £m	Separately disclosed items (Note 4) £m	Total £m	Underlying items £m	Separately disclosed items (Note 4) £m	Total £m
NGR		2,555.7	-	2,555.7	2,404.3	-	2,404.3
VAT/GST		(35.4)	-	(35.4)	(26.7)	-	(26.7)
Revenue		2,520.3	-	2,520.3	2,377.6	-	2,377.6
Cost of sales		(985.7)	-	(985.7)	(919.9)	-	(919.9)
Gross profit		1,534.6	-	1,534.6	1,457.7	-	1,457.7
Administrative costs		(1,189.4)	(224.5)	(1,413.9)	(1,102.2)	(733.4)	(1,835.6)
Contribution		1,194.2	-	1,194.2	1,126.2	-	1,126.2
Administrative costs excluding marketing		(849.0)	(224.5)	(1,073.5)	(770.7)	(733.4)	(1,504.1)
Group operating profit/(loss) before share of results from joint ventures and associates		345.2	(224.5)	120.7	355.5	(733.4)	(377.9)
Share of results from joint venture and associates		(57.3)	-	(57.3)	(48.1)	-	(48.1)
Group operating profit/(loss)		287.9	(224.5)	63.4	307.4	(733.4)	(426.0)
Finance expense	5	(136.5)	(51.9)	(188.4)	(112.2)	(2.3)	(114.5)
Finance income	5	7.0	-	7.0	3.8	-	3.8
Gains/(losses) arising from financial instruments	5	77.8	-	77.8	(23.0)	-	(23.0)
Gains arising from foreign exchange on debt instruments	5	12.6	-	12.6	111.6	-	111.6
Profit/(loss) before tax		248.8	(276.4)	(27.6)	287.6	(735.7)	(448.1)
Income tax (expense)/credit	6	(70.2)	50.9	(19.3)	(70.5)	16.1	(54.4)
Profit/(loss) from continuing operations		178.6	(225.5)	(46.9)	217.1	(719.6)	(502.5)
Loss for the period from discontinued operations after tax		-	-	-	-	(3.7)	(3.7)
Profit/(loss) for the period		178.6	(225.5)	(46.9)	217.1	(723.3)	(506.2)
Attributable to:
Equity holders of the parent		158.5	(201.7)	(43.2)	206.9	(708.0)	(501.1)
Non-controlling interests		20.1	(23.8)	(3.7)	10.2	(15.3)	(5.1)

Earnings per share on profit/(loss) for the period from continuing operations¹	8	12.5p		(6.8)p	21.8p		(83.9)p
From profit/(loss) for the period¹		12.5p		(6.8)p	21.8p		(84.5)p

Diluted earnings per share on profit/(loss) for the period from continuing operations¹	8	12.4p		(6.8)p	21.6p		(83.9)p
From profit/(loss) for the period¹		12.4p		(6.8)p	21.6p		(84.5)p

Memo:				2024			2023
		Underlying items £m	Separately disclosed items £m	Total £m	Underlying items £m	Separately disclosed items £m	Total £m
EBITDA		523.8	(53.0)	470.8	499.4	(623.2)	(123.8)
Share based payments		(8.9)	-	(8.9)	(9.1)	-	(9.1)
Depreciation, amortisation and impairment		(169.7)	(171.5)	(341.2)	(134.8)	(110.2)	(245.0)
Share of results from joint ventures and associates		(57.3)	-	(57.3)	(48.1)	-	(48.1)
Group operating profit/(loss)		287.9	(224.5)	63.4	307.4	(733.4)	(426.0)

1. The calculation of underlying earnings per share has been adjusted for separately disclosed items, and for the removal of foreign exchange volatility arising on financial instruments as it provides a better understanding of the underlying performance of the Group. See Note 8 for further details.

The accompanying notes form part of these financial statements.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Six months ended 30 June 2024	Six months ended 30 June 2023
	£m	£m
Loss for the period	(46.9)	(506.2)
Other comprehensive income: Items that may be reclassified to profit or loss:
Currency translation losses	(87.7)	(164.3)
Total items that will be reclassified to profit or loss	(87.7)	(164.3)

Items that will not be re-classified to profit or loss:
Changes in the fair value of equity instruments at fair value through other comprehensive income	0.7	0.1
Re-measurement of defined benefit pension scheme	(2.3)	(4.6)
Tax on re-measurement of defined benefit pension scheme	3.4	1.6
Total items that will not be reclassified to profit or loss	1.8	(2.9)

Other comprehensive expense for the period, net of tax	(85.9)	(167.2)
Total comprehensive expense for the period	(132.8)	(673.4)

Attributable to:
- equity holders of the parent	(116.1)	(661.2)
- non-controlling interests	(16.7)	(12.2)

The accompanying notes form part of these financial statements.

INTERIM CONDENSED CONSOLIDATED BALANCE SHEET

		30 June 2024	31 December 2023	30 June 2023
	Note	£m	£m	£m
ASSETS
Non-current assets
Goodwill		4,637.3	4,716.0	4,362.3
Intangible assets		3,737.3	3,960.1	3,703.3
Property, plant and equipment		530.8	533.4	518.1
Interest in joint venture		-	-	-
Interest in associates and other investments		45.4	47.1	55.1
Trade and other receivables		31.2	31.8	44.0
Deferred tax assets		512.0	493.2	488.2
Retirement benefit assets		60.2	61.8	60.0
		9,554.2	9,843.4	9,231.0
Current assets
Trade and other receivables		512.1	503.2	502.7
Income and other taxes recoverable		85.3	71.5	42.5
Derivative financial instruments	13	19.8	31.9	70.4
Cash and cash equivalents		705.7	400.6	964.6
		1,322.9	1,007.2	1,580.2

TOTAL ASSETS		10,877.1	10,850.6	10,811.2
LIABILITIES
Current liabilities
Trade and other payables		(972.9)	(878.6)	(823.9)
Balances with customers		(201.3)	(196.8)	(196.5)
Lease liabilities		(65.0)	(65.7)	(69.2)
Interest bearing loans and borrowings		(26.6)	(319.2)	(613.1)
Corporate tax liabilities		(85.8)	(48.6)	(59.9)
Provisions		(21.4)	(20.9)	(146.8)
Derivative financial instruments	13	(78.3)	(117.5)	(100.4)
Deferred and contingent consideration and other financial liabilities	13	(169.7)	(157.0)	(121.4)
		(1,621.0)	(1,804.3)	(2,131.2)
Non-current liabilities
Trade and other payables		(346.5)	(433.8)	-
Interest bearing loans and borrowings		(3,668.3)	(3,038.8)	(2,567.9)
Lease liabilities		(209.3)	(210.2)	(206.7)
Deferred tax liabilities		(779.8)	(825.1)	(794.5)
Provisions		(14.4)	(4.2)	(465.2)
Deferred and contingent consideration and other financial liabilities	13	(1,625.9)	(1,741.5)	(1,457.0)
		(6,644.2)	(6,253.6)	(5,491.3)

TOTAL LIABILITIES		(8,265.2)	(8,057.9)	(7,622.5)
NET ASSETS		2,611.9	2,792.7	3,188.7
EQUITY
Issued share capital		5.2	5.2	5.2
Share premium		1,796.7	1,796.7	1,796.7
Merger reserve		2,527.4	2,527.4	2,527.4
Translation reserve		75.7	150.4	83.1
Retained deficit		(2,300.6)	(2,211.7)	(1,520.9)
Equity shareholder's funds		2,104.4	2,268.0	2,891.5
Non-controlling interests		507.5	524.7	297.2
TOTAL SHAREHOLDERS' EQUITY		2,611.9	2,792.7	3,188.7

The accompanying notes form part of these financial statements.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Issued share capital	Share premium	Merger Reserve	Translation reserve¹	Retained deficit	Equity shareholders funds	Non-controlling interest	Total shareholders equity
	£m	£m	£m	£m	£m	£m	£m	£m

At 1 January 2023	4.8	1,207.3	2,527.4	240.2	(846.9)	3,132.8	183.8	3,316.6
Profit for the period	-	-	-	-	(501.1)	(501.1)	(5.1)	(506.2)
Other comprehensive expense	-	-	-	(157.2)	(2.9)	(160.1)	(7.1)	(167.2)
Total comprehensive expense	-	-	-	(157.2)	(504.0)	(661.2)	(12.2)	(673.4)
Share options exercised	-		-	-	-	-	-	-
Share-based payments charge	-	-	-	-	9.1	9.1	-	9.1
Equity dividends	-	-	-	-	(50.1)	(50.1)	(3.4)	(53.5)
Equity issue	0.4	589.5	-	-	-	589.9	-	589.9
Transactions with minority interest	-	-	-	-	(129.0)	(129.0)	129.0	-
At 30 June 2023	5.2	1,796.8	2,527.4	83.0	(1,520.9)	2,891.5	297.2	3,188.7

At 1 January 2024	5.2	1,796.7	2,527.4	150.4	(2,211.7)	2,268.0	524.7	2,792.7
Loss for the period	-	-	-	-	(43.2)	(43.2)	(3.7)	(46.9)
Other comprehensive expense	-	-	-	(74.7)	1.8	(72.9)	(13.0)	(85.9)
Total comprehensive expense	-	-	-	(74.7)	(41.4)	(116.1)	(16.7)	(132.8)
Share options exercised	-		-	-	-	-	-	-
Share-based payments charge	-	-	-	-	9.4	9.4	-	9.4
Equity dividends	-	-	-	-	(56.9)	(56.9)	-	(56.9)
Dividends to minority shareholders	-	-	-	-	-	-	(0.3)	(0.3)
Purchase of non-controlling interest	-	-	-	-	-	-	(0.2)	(0.2)
At 30 June 2024	5.2	1,796.7	2,527.4	75.7	(2,300.6)	2,104.4	507.5	2,611.9

1. The translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries with non-sterling functional currencies.

The accompanying notes form part of these financial statements.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

		Six months ended 30 June 2024	Six months ended 30 June 2023
	Notes	£m	£m

Cash generated by operations	11	459.2	497.9
Income taxes paid		(48.2)	(71.2)
Net finance expense paid		(127.8)	(65.2)
Net cash generated from operating activities		283.2	361.5

Cash flows from investing activities:
Acquisitions¹		(0.2)	(474.9)
Cash acquired on business combinations		-	43.2
Dividends received from associates		0.8	-
Purchase of intangible assets		(96.7)	(92.0)
Purchase of property, plant and equipment		(44.8)	(38.2)
Investment in joint venture		(19.8)	(40.7)
Net cash used in investing activities		(160.7)	(602.6)

Cash flows from financing activities:
Proceeds from issue of ordinary shares		-	590.6
Net proceeds from borrowings		1,687.2	1,142.8
Repayment of borrowings		(1,395.5)	(1,007.8)
Subscription of equity from non-controlling interests		-	129.0
Settlement of derivative financial instruments		51.0	-
Settlement of other financial liabilities		(62.0)	(204.8)
Payment of lease liabilities		(35.5)	(35.0)
Dividend paid to shareholders		(56.9)	(50.1)
Dividends paid to non-controlling interests		(0.3)	(3.4)
Net cash utilised from financing activities		188.0	561.3

Net decrease in cash and cash equivalents		310.5	320.2
Effect of changes in foreign exchange rates		(5.4)	(14.1)
Cash and cash equivalents at beginning of the period		400.6	658.5
Cash and cash equivalents at end of the period		705.7	964.6

1. Included within cash flows from acquisitions is £0.2m (2023: £nil) relating to the purchase of minority holdings.

The accompanying notes form part of these financial statements.

1. Corporate information

Entain plc ("the Company") is a public limited company incorporated and domiciled in the Isle of Man whose shares are publicly traded. The principal activities of the Company and its subsidiaries ("the Group") are described in Note 3.

2. Basis of preparation

(a) The Condensed Interim Financial Statements have been prepared in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority and with International Accounting Standards 34 'Interim Financial Reporting' as issued by the International Accounting Standards Board. It should be read in conjunction with the Annual Report and Accounts for the year ended 31 December 2023, which were prepared in accordance with applicable law and International Financial Reporting Standards as issued by the International Accounting Standards Board.

The Condensed Interim Financial Statements are not statutory accounts within the meaning of the Isle of Man Companies Act 2006 and do not include all of the information and disclosures required for full annual financial statements. It should be read in conjunction with the Annual Report and Accounts of Entain plc for the year ended 31 December 2023 which were filed with the Registrar of Companies in the Isle of Man. This report is available either on request from the Company's registered office or to download from https://entaingroup.com/investor-relations/financial-reports/. The auditor's report on these accounts was unqualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and did not contain a statement under the Isle of Man Companies Act 2006.

The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2023 other than those listed in 2(f).

The financial statements are presented in million Pounds Sterling, rounded to one decimal place.

The interim financial information was approved by a duly appointed and authorised committee of the Board of Directors on 8 August 2024 and is unaudited but have been reviewed by the Group's auditor.

(b) Critical judgements and estimates

In preparing these Condensed Consolidated Interim Financial Statements, the Group has made its best estimates and judgements of certain amounts included in the financial statements, giving due consideration to materiality. The Group regularly reviews these estimates and updates them as required.

The existing critical accounting estimates, assumptions and judgements set out in note 4.2 of the Group's Annual Report and Accounts for the 12 months ended 31 December 2023 remain relevant to these Condensed Consolidated Interim Financial Statements.

2. Basis of preparation (continued)

(d) To assist in understanding the underlying performance, the Group has separately disclosed the following items of pre-tax income and expense:

- amortisation of acquired intangibles resulting from IFRS 3 'Business Combinations' fair value exercises;

- profits or losses on disposal, closure or impairment of non-current assets or businesses;

- costs associated with business restructuring;

- corporate transaction costs;

- changes in the fair value of contingent consideration;

- the impact of significant litigation; and

- the related tax impact effect on these items.

Any other items are considered individually by virtue of their nature or size.

The separate disclosure of these items allows a clearer understanding of the trading performance on a consistent and comparable basis, together with an understanding of the effect of non-recurring or large individual transactions upon the overall profitability of the Group.

The items disclosed separately have been included within the appropriate classifications in the consolidated income statement and are detailed in note 4. The directors have also presented Net Gaming Revenue, Contribution and Underlying EBITDA as these are measures used frequently within the industry. All of these items are reconciled within the Income Statement.

(e) Accounting policies

Depreciation

Depreciation is applied using the straight-line method to specific classes of asset to reduce them to their residual value over their estimated useful economic lives.

The estimated useful lives are as follows:

Land and buildings	Lower of 50 years, or estimated useful life of the building, or lease. Indefinite lives are attached to any land held and therefore it is not depreciated
Plant and equipment	3 - 5 years
Fixtures, fittings and equipment	3 -10 years

Amortisation

Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets, unless such lives are indefinite. All indefinite lived assets are subject to an annual impairment review from the year of acquisition. Other intangible assets are amortised from the date they are available for use.

The estimated useful lives are as follows:

Exclusive New Zealand licence	25-year duration of licence
Retail licences	15 years, or duration of licence
Software	2 -15 years
Trademarks and brand names	10 - 25 years, or indefinite life
Customer relationships	3 -15 years

(e) Accounting policies (continued)

Impairment

An impairment review is performed for goodwill and indefinite life assets on at least an annual basis. For all other non-current assets an impairment review is performed where there are indicators of impairment. This requires an estimation of the recoverable amount which is the higher of an asset's fair value less costs to sell and its value in use. Estimating a value in use amount requires management to make an estimate of the expected future cash flows from each cash generating unit and to discount cash flows by a suitable discount rate in order to calculate the present value of those cash flows.

Estimating an asset's fair value less costs to sell is determined using future cashflow and profit projections as well as industry observed multiples and publicly observed share prices for similar gambling companies.

Within Retail the cash generating units are generally an individual Licensed Betting Office ("LBO") and therefore, impairment is first assessed at this level for licences, property, plant and equipment and right of use ("ROU") assets, any impairment arising booked first to licences then to property, plant and equipment and ROU assets.

Separately Disclosed Items

For a full explanation of what is defined as a separately disclosed item and how they are disclosed, please refer to note 2(d).

(f) Updates to IFRS

A number of amendments to IFRSs became effective for the financial year beginning 1 January 2024:

IFRS 16	'Leases'	Lease liability in a sale and leaseback transaction	1 January 2024
IAS 1	'Presentation of Financial Statements'	Classification of liabilities as current or non-current Non-current liabilities regarding long-term debt with covenants	1 January 2024
IFRS 7	'Financial Instrument Disclosure'	Supplier Financial Arrangements	1 January 2024
IAS 7	'Statement of Cash Flows	Supplier Financial Arrangements	1 January 2024

None of the amendments to IFRS noted above had a significant effect on the financial statements.

3. Segment information

The Group's operating segments are based on the reports reviewed by the Executive management team (which is collectively considered to be the Chief Operating Decision Maker (CODM)) to make strategic decisions and allocate resources.

IFRS 8 requires segment information to be presented on the same basis as that used by the CODM for assessing performance and allocating resources, and the Group's operating segments.

Following an internal review the focus of the business and the reports reviewed by the CODM have been amended. The disclosure of segment information has been amended to match the revised reporting structure. Comparative information has been amended to reflect this change.

The group results are now aggregated into the four reportable segments.

- UK&I: comprises betting, gaming and retail activities from online and mobile operations, and activities in the shop estates within Great Britain, Northern Ireland, Jersey, and Republic of Ireland.

- International: comprises betting, gaming and retail activities in the shop estates in the rest of the world apart from UK&I and CEE.

- CEE: comprises betting, gaming and retail activities in Croatia and Poland for brands SuperSport and STS;

- Corporate: includes costs associated with Group functions including Group executive, legal, Group finance, US joint venture, tax and treasury.

- New Opportunities: Reflects the now closed B2C offering under the unikrn brand.

The Executive management team of the Group have chosen to assess the performance of operating segments based on a measure of net revenue, EBITDA and operating profit with finance costs and taxation considered for the Group as a whole. Transfer prices between operating segments are on an arm's-length basis in a manner similar to transactions with third parties.

The segment results for the six months ended 30 June 2024 were as follows:

2024	UK&I £m	International £m	CEE £m	Corporate £m	Elimination of internal revenue £m	Total Group £m
NGR	1,004.7	1,318.8	240.9	-	(8.7)	2,555.7
VAT/GST	(2.1)	(33.3)	-	-	-	(35.4)
Revenue	1,002.6	1,285.5	240.9	-	(8.7)	2,520.3
Gross Profit	680.3	717.4	136.9	-	-	1,534.6
Contribution	553.2	519.5	121.5	-	-	1,194.2
Operating costs excluding marketing costs	(353.8)	(218.5)	(36.8)	(61.3)	-	(670.4)
Underlying EBITDA before separately disclosed items	199.4	301.0	84.7	(61.3)	-	523.8
Share based payments	(3.2)	(2.5)	-	(3.2)	-	(8.9)
Depreciation and Amortisation	(72.9)	(87.2)	(9.2)	(0.4)	-	(169.7)
Share of joint ventures and associates	-	(0.9)	-	(56.4)	-	(57.3)
Operating profit/(loss) before separately disclosed items	123.3	210.4	75.5	(121.3)	-	287.9
Separately disclosed items	(6.9)	(96.2)	(85.7)	(35.7)	-	(224.5)
Group operating profit/(loss)	116.4	114.2	(10.2)	(157.0)	-	63.4
Net finance expense						(91.0)
Loss before tax						(27.6)
Income tax						(19.3)
Loss for the period from continuing operations after tax						(46.9)
Loss for the period from discontinued operations after tax						-
Loss for the period after discontinued operations						(46.9)

3. Segment information (continued)

The segment results for the six months ended 30 June 2023 were as follows:

2023	UK&I £m	International £m	CEE £m	Corporate £m	New Opportunities £m	Elimination of internal revenue £m	Total Group £m
NGR	1,069.5	1,230.9	106.7	-	-	(2.8)	2,404.3
VAT/GST	(2.0)	(24.7)	-	-	-	-	(26.7)
Revenue	1,067.5	1,206.2	106.7	-	-	(2.8)	2,377.6
Gross Profit	726.4	660.7	70.6	-	-	-	1,457.7
Contribution	603.5	459.7	67.9	-	(4.9)	-	1,126.2
Operating costs excluding marketing costs	(361.5)	(187.9)	(15.4)	(57.2)	(4.8)	-	(626.8)
Underlying EBITDA before separately disclosed items	242.0	271.8	52.5	(57.2)	(9.7)	-	499.4
Share based payments	(3.2)	(2.5)	-	(3.4)	-	-	(9.1)
Depreciation and Amortisation	(66.5)	(63.9)	(2.6)	(0.2)	(1.6)	-	(134.8)
Share of joint ventures and associates	-	(0.3)	-	(47.8)	-	-	(48.1)
Operating profit/(loss) before separately disclosed items	172.3	205.1	49.9	(108.6)	(11.3)	-	307.4
Separately disclosed items	(3.5)	(71.4)	(42.0)	(616.5)	-	-	(733.4)
Group operating profit/(loss)	168.8	133.7	7.9	(725.1)	(11.3)	-	(426.0)
Net finance expense							(22.1)
Loss before tax							(448.1)
Income tax							(54.4)
Loss for the period from continuing operations after tax							(502.5)
Loss for the period from discontinued operations after tax							(3.7)
Loss for the period after discontinued operations							(506.2)

Assets and liabilities information is reported internally in total and not by reportable segment and, accordingly, no information is provided in this note on assets and liabilities split by reportable segment.

Geographical information

Revenue by destination for the Group, is as follows:

	Six months ended 30 June 2024 £m	Six months ended 30 June 2023 £m
United Kingdom and Ireland	1,002.6	1,067.5
Australia and New Zealand	278.5	207.1
Italy	263.7	279.3
Rest of Europe⁽¹⁾	755.2	647.4
Rest of the World⁽²⁾	220.3	176.3
Total	2,520.3	2,377.6

1. Rest of Europe is predominantly driven by markets in Croatia, Poland, Belgium, Netherlands, and Georgia.

2. Rest of the World is predominantly driven by the market in Brazil and Canada.

4. Separately disclosed items

	Six months ended 30 June 2024		Six months ended 30 June 2023
	£m	Tax Impact £m	£m	Tax Impact £m
Amortisation of acquired intangibles ⁽¹⁾	148.8	(27.5)	110.2	(19.1)
Restructuring costs ⁽²⁾	18.8	(2.1)	6.8	(0.9)
Legal and onerous contract provisions ⁽³⁾	7.9	-	5.6	0.3
Impairment loss ⁽⁴⁾	22.7	(6.4)	-	-
Movement in fair value of contingent consideration ⁽⁵⁾	20.4	(13.9)	13.6	4.0
Financing ⁽⁶⁾	51.9	(1.0)	2.3	(0.4)
Legal settlement ⁽⁷⁾	5.9	-	585.0	-
Corporate transaction costs ⁽⁸⁾	-	-	12.2	-
Separately disclosed items for the period from continuing operations	276.4	(50.9)	735.7	(16.1)
Separately disclosed items for the period from discontinued operations	-		3.7
Total before tax	276.4	(50.9)	739.4	(16.1)
Separately disclosed items for the period after discontinued operations	225.5		723.3

^1.Amortisation charges in relation to acquired intangible assets arising from acquisitions. The majority of the charge is from recent acquisitions, including Enlabs, Bet.pt, Avid, SuperSport, BetCity, STS, and Tab NZ.

^2.Costs associated with the Group's restructuring programs, including project Romer.

^3.Costs relating primarily to our commitments to the DPA as well as other legal costs associated with disposed businesses.

^4.During the period the Group recognised a non-cash impairment of certain assets in New Zealand, following a platform migration.

^5.Reflects the movement in the fair value of contingent consideration arrangements on prior years acquisitions as well as the associated discount unwind. Further details of contingent consideration liabilities are provided in Note 13.

^6.Write-off of issue costs on the refinancing of Group debt.

^7.During the prior year, Entain plc entered into a Deferred Prosecution Agreement ("DPA") with the Crown Prosecution Service ("CPS") in relation to historical conduct of the Group, thereby resolving the HM Revenue & Customs ("HMRC") investigation into the Group. As a result of the agreement reached, the Group recognised a £585.0m discounted liability during the prior year in relation to amounts it has agreed to be pay in relation to the disgorgement of profits, charitable donations and contributions to CPS costs. The current year charge reflects discount unwind on the original discounted liability.

^8.Transaction costs associated with the M&A activity in the prior year.

5. Finance expense and income

	Six months ended			Six months ended
	30 June 2024			30 June 2023
	Underlying items £m	Separately disclosed items (Note 4) £m	Total £m	Underlying items £m	Separately disclosed items (Note 4) £m	Total £m
Bank loans and overdrafts	(128.9)	(51.9)	(180.8)	(106.3)	(2.3)	(108.6)
Interest arising on lease liabilities	(7.6)	-	(7.6)	(5.9)	-	(5.9)
Losses arising on financial derivatives	-	-	-	(23.0)	-	(23.0)
Total finance expense	(136.5)	(51.9)	(188.4)	(135.2)	(2.3)	(137.5)

Interest receivable	7.0	-	7.0	3.8	-	3.8
Gains arising on financial derivatives	77.8	-	77.8	-	-	-
Gains arising on foreign exchange on debt instruments	12.6	-	12.6	111.6	-	111.6
Net finance expense	(39.1)	(51.9)	(91.0)	(19.8)	(2.3)	(22.1)

6. Taxation

The tax charge on continuing operations for the six months ended 30 June 2024 was £19.3m (six months ended 30 June 2023: charge of £54.4m) including a credit of £50.9m (30 June 2023: £16.1m) related to separately disclosed items. The effective tax rate on continuing operations (excluding the effect of JV results and foreign exchange on financing items) before separately disclosed items is 27.4% (30 June 2023: 24.1%).

The current period's tax charge on continuing operations before separately disclosed items was higher than the UK average statutory rate for the period of 25.0% due to unrecognised deferred tax assets on losses arising in BetMGM, partially offset by credits from updates to prior periods.

The Group's deferred tax assets and liabilities are measured at the tax rates of the respective territories which are expected to apply in the year in which the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets have been recognised based on the availability of future offset against deferred tax liabilities or against future taxable profits. The assessment of future taxable profits is based on forecasts and assumptions consistent with those used for impairment testing.

The underlying effective tax rate on continuing operations for the full year ended 31 December 2024, excluding the results of BetMGM and foreign exchange on financing items, is forecast to be c25%.

The Group's future tax charge, and effective tax rate, could be affected by a number of factors including the geographic mix of profits, changes to statutory corporate tax rates and the impact of continuing global tax reforms.

The UK enacted legislation in 2023 to implement the minimum level of taxation for multinational groups ("Pillar Two"). These rules apply to the Group from 1 January 2024. The impact of these rules for the period ended 30 June 2024 is to increase the tax charge by £1.4m.

7. Dividends

A second interim dividend of 8.9p (30 June 2023: 8.5p) per share, amounting to £56.9m (30 June 2023: £50.1m) in respect of the year ended 31 December was paid on 26 April. An interim dividend of 9.3p (2023: 8.9p) per share has been declared.

8. Earnings per share

Basic earnings per share has been calculated by dividing the loss attributable to shareholders of the Company of £43.2m (30 June 2023: loss of £501.1m) by the weighted average number of shares in issue during the six months of 638.9m (30 June 2023: 593.0m).

The calculation of adjusted earnings per share which removes separately disclosed items and foreign exchange gains and losses arising on financial instruments has also been disclosed as it provides a better understanding of the underlying performance of the Group. Separately disclosed items are defined in note 2 and disclosed in Note 4.

Weighted average number of shares (million):	Six months ended 30 June 2024	Six months ended 30 June 2023
Shares for basic earnings per share	638.9	593.0
Potentially dilutive share options and contingently issuable shares	5.0	5.5
Shares for diluted earnings per share	643.9	598.5

8. Earnings per share (continued)

	Six months ended 30 June 2024	Six months ended 30 June 2023
	£m	£m
Loss attributable to shareholders	(43.2)	(501.1)
- from continuing operations	(43.2)	(497.4)
- from discontinued operations	-	(3.7)
(Gains)/losses arising from financial instruments	(77.8)	23.0
Gains arising from foreign exchange of debt instruments	(12.6)	(111.6)
Tax charge on foreign exchange	11.5	10.8
Separately disclosed items net of tax	201.7	708.0
Adjusted profit attributable to shareholders	79.6	129.1
- from continuing operations	79.6	129.1
- from discontinued operations	-	-

	Standard earnings per share Six months ended 30 June		Adjusted earnings per share Six months ended 30 June
Stated in pence	2024	2023	2024	2023
Basic earnings per share
- from continuing operations	(6.8)	(83.9)	12.5	21.8
- from discontinued operations	-	(0.6)	-	-
From profit for the period	(6.8)	(84.5)	12.5	21.8
Diluted earnings per share
- from continuing operations	(6.8)	(83.9)	12.4	21.6
- from discontinued operations	-	(0.6)	-	-
From profit for the period	(6.8)	(84.5)	12.4	21.6

The earnings per share presented above is inclusive of the performance from the US joint venture BetMGM. Adjusting for the removal of the BetMGM performance would result in a basic adjusted earnings per share of 21.2p (2023: 29.9p) and a diluted adjusted earnings per share of 21.0p (2023: 29.7p) from continuing operations.

9. Impairment

IAS 36 Impairment of Assets states that an impairment review must be carried out at least annually for any indefinite lived assets, such as goodwill and certain brands. Furthermore, it is necessary to assess whether there is any indication that any other asset, or cash generating unit (CGU), may be impaired at each reporting date. Should there be an indication that an asset may be impaired then an impairment review should be conducted at the relevant reporting date.

No current indicators which might lead to a material impairment have been identified by the directors for the six months ended 30 June 2024 and therefore, no impairment, other than on assets no longer in use as disclosed in Note 4, have been recognised.

10. Net debt

The components of the Group's net debt are as follows:

	30 June 2024	31 December 2023	30 June 2023
	£m	£m	£m
Current assets
Cash and short-term deposits	705.7	400.6	964.6
Current liabilities
Interest bearing loans and borrowings	(26.6)	(319.2)	(613.1)
Non-current liabilities
Interest bearing loans and borrowings	(3,668.3)	(3,038.8)	(2,567.9)
Accounting net debt	(2,989.2)	(2,957.4)	(2,216.4)

Cash held on behalf of customers	(201.3)	(196.8)	(196.5)
Fair value swaps held against debt instruments	(58.5)	(85.6)	(30.0)
Other debt related items	194.0	224.8	124.9
Adjusted net debt	(3,055.0)	(3,015.0)	(2,318.0)

Lease liabilities	(274.3)	(275.9)	(275.9)
Net debt including lease liabilities	(3,329.3)	(3,290.9)	(2,593.9)

^{* Other debt related items include balances held with payment service providers, deposits, and similar items.}

11. Note to the statement of cash flows

	Six months ended 30 June 2024	Six months ended 30 June 2023
	£m	£m
Loss before tax from continuing operations	(27.6)	(448.1)
Net finance expense	91.0	22.1
Profit/(loss) before tax and finance expense from continuing operations	63.4	(426.0)
Loss before tax and net finance expense from discontinued operations	-	(3.7)
Profit/(loss) before tax and net finance expense including discontinued operations	63.4	(429.7)
Adjustments for:
Impairment	22.7	-
Depreciation of property, plant and equipment	79.3	67.5
Amortisation of intangible assets	239.2	177.5
Share-based payments charge	8.9	9.1
(Increase)/decrease in trade and other receivables	(12.7)	5.9
(Decrease)/increase in trade and other payables	5.5	36.2
(Decrease)/increase in other financial liabilities	(13.7)	0.5
Increase in provisions	10.7	584.1
Share of results from joint ventures and associates	57.3	48.1
Other non-cash items	(1.4)	(1.3)
Cash generated by operations	459.2	497.9

12. Related party transactions

During the period, Group companies entered into the following transactions with related parties who are not members of the Group:

	Six months ended 30 June 2024	Six months ended 30 June 2023
	£m	£m

Equity investment in the period
- Joint venture¹	19.8	40.7
Sundry income
- Joint venture²	87.1	-
- Associates³	10.3	10.9
Sundry expenditures
- Associates²	(31.8)	(36.2)

1. Equity investment in BetMGM.

2. Income in the normal course of business from BetMGM.

3. Payments in the normal course of business made to Sports Information Services (Holdings) Limited.

The following table provides related party outstanding balances:

	30 June 2024	31 December 2023	30 June 2023
	£m	£m	£m
- Joint venture receivables	78.2	54.7	77.4
- Associates payables	(5.8)	(0.1)	(6.0)
- Associates receivables	10.3	3.2	4.2

13. Financial instruments

Details of the Group's borrowing are set out in note 10.

Fair value of financial instruments

The major component of the Group's derivative financial assets measured at fair value consist of currency swaps held against debt instruments of £19.8m (30 June 2023: £70.4m, 31 December 2023: £31.9m). The fair value of the Group's other financial assets at 30 June 2024 is not materially different to its original cost.

The major components of the Group's financial liabilities measured at fair value consist of; the Group's currency swap liability £78.3m (30 June 2023: £100.4m, 31 December 2023: £117.5m), discounted deferred and contingent consideration of £1,237.2m (30 June 2023: £1,245.9m, 31 December 2023: £1,335.5m) principally on Tab NZ which has been discounted at rates relevant to the local market, put option liabilities of £538.2m ( 30 June 2023: £309.0m, 31 December 2023 £536.3m) principally on Entain Holdings (CEE) Limited, ante post liabilities of £16.8m (30 June 2023: £13.0m, 31 December 2023: £17.1m) and other financial liabilities of £3.4m ( 30 June 2023: £10.5m, 31 December 2023: £9.6m).

Financial assets and financial liabilities measured at fair value in the Statement of Financial Position are grouped into three levels of a fair value hierarchy. The three levels are defined on the observability of significant inputs to the measurement, as follows:

· Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;

· Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

· Level 3: inputs for the asset or liability that are not based on observable market data.

There are no reasonably probable changes to assumptions or input that would lead to material changes in the fair value determined, although the final value will be determined by future sporting results. The valuation of the contingent element of consideration is subject to estimation uncertainty as the amount payable is based on various factors, including future profitability. With the exception of Tab NZ, the range of potential valuations is not expected to be materially different from that provided in the financial statements.

13. Financial instruments (continued)

The Group's financial assets and liabilities that are measured at fair value after initial recognition fall under the 3 levels of the fair value hierarchy as follows:

· Level 1 - £8.0m assets (30 June 2023: £4.9m, 31 December 2023: £7.1m), and £nil liabilities (30 June 2023: £nil, 31 December 2023: £nil).

· Level 2 - £21.9m assets (30 June 2023: £72.2m, 31 December 2023: £34.4m), and £100.4m liabilities (30 June 2023: £78.3m, 31 December 2023: £117.5).

· Level 3 - £8.4m assets (30 June 2023: £8.0m, 31 December 2023: £8.5m), and £1,254.9m liabilities (30 June 2023: £1,261.6m, 31 December 2023: £992.8m).

14. Contingent liabilities

AUSTRAC

In October 2020, AUSTRAC initiated a compliance assessment of Entain Group Pty Ltd, the Group's subsidiary in Australia ("Entain Australia"). Following two years of assisting AUSTRAC with the assessment, Entain Australia was notified in September 2022 that AUSTRAC would be commencing an enforcement investigation. The investigation is focused on whether Entain Australia complied with its obligations under the AML/CTF Act.

Entain Australia continues to co-operate fully with AUSTRAC's enforcement team, and is liaising regularly with AUSTRAC's regulatory operations teams as it implements a detailed remediation plan. As AUSTRAC are still conducting their investigation and reviewing documentation, it is too early to predict the likely timing and potential outcome of the investigation. Whilst the details of the investigation into Entain Australia are different to other AUSTRAC investigations in the bookmaking industry, the directors note that previous penalties in AUSTRAC civil penalty proceedings have been significant. Therefore, as at the Balance Sheet date, uncertainty exists over both the timing and outcome of the investigation, with any potential penalty, should one arise, potentially material.

The Group remains fully engaged, working collaboratively with AUSTRAC and providing detailed quarterly updates on enhancements to its AML/CTF program. Whilst significant progress has been made since 2022, this remains a key area of focus.

As a leading gambling operator, the Group recognises that it has a responsibility to keep financial crime out of gambling, and remains committed to our customers, our shareholders and the communities that we operate in to ensure we act as a gatekeeper for safer betting.

Greek tax

In November 2021, the Athens Administrative Court of Appeal ruled in favour of the Group's appeal against the tax assessment raised by the Greek tax authorities in respect of 2010 and 2011. In February 2022, the Greek tax authorities appealed against the judgements to the Greek Supreme Administrative Court. While the Group expects to be successful in defending the appeal by the Greek authorities, should the Greek Supreme Administrative Court rule in favour of the Greek tax authorities, then the Group could become liable for the full 2010-2011 assessment plus interest, an estimated total of €292m at 30 June 2024.

In addition to the items discussed above, the Group is subject to other litigation claims that arise as part of the normal course of business. Provision has not been made against these claims as they are either not considered likely to result in an economic outflow or it is not possible to estimate the likely quantum and timing of any outflow. Consistent with any claims of this nature, there is inherent uncertainty in the final outcome which could be material. In particular, the Group is aware that, on 1 and 2 August 2024, two groups of shareholders issued separate claims against Entain plc which arise from the circumstances and disclosures relating to GVC's legacy Turkish-facing business and the investigation by HMRC into those operations, an investigation which was concluded upon the entry by Entain plc into a Deferred Prosecution Agreement with the UK Crown Prosecution Service on 5 December 2023. Entain has not yet been formally served with either of the claims.

ADDITIONAL INFORMATION

The following information shows the trading performance for the first half split by channel. This information has been provided in order to assist year on year comparability with previously reported results which, prior to the current year re-segmentation, were analysed as Online and Retail.

Online

		Reported results¹
Six months to 30 June	2024		2023	Change	CC²
	£m		£m	%	%
Sports wagers	7,164.3		6,674.3	7%	10%

Sports margin	14.7%		13.9%	0.8pp	0.8pp

Sports NGR	887.2		742.0	20%	23%
Gaming NGR	898.8		908.9	(1%)	-
B2B NGR	40.1		23.8	68%	68%
Total NGR	1,826.1		1,674.7	9%	11%
VAT/GST	(32.7)		(26.1)	(25%)	(31%)
Revenue	1,793.4		1,648.6	9%	11%

Gross profit	1,059.9		973.7	9%

Contribution	726.8		652.9	11%
Contribution margin	39.8%		39.0%	0.8pp

Operating costs	(282.0)		(243.4)	(16%)

Underlying EBITDA³	444.8		409.5	9%

Share based payments	(4.7)		(4.7)	-
Underlying depreciation and amortisation	(99.0)		(70.9)	(40%)
Share of JV (loss)/income	(0.9)		(0.3)	(200%)

Underlying operating profit⁴	340.2		333.6	2%

Retail

The Retail business is made up of our Retail estates in the UK, Italy, Belgium, Croatia, New Zealand and Republic of Ireland.

			Reported results¹
Six months to 30 June	2024			2023		Change			CC²
	£m			£m		%			%
Sports wagers	2,303.2			2,171.4		6%			7%

Sports margin	19.2%			19.4%		(0.2pp)			(0.2pp)

Sports NGR/Revenue	447.9			429.4		4%			5%
Machines NGR/Revenue	290.4			303.0		(4%)			(4%)
NGR		738.3			732.4		1%	1%
VAT/GST		(2.7)			(0.6)		(350%)	(416%)
Revenue	735.6			731.8		1%			1%

Gross profit	474.7			484.0		(2%)

Contribution	467.4			478.2		(2%)
Contribution margin	63.3%			65.3%		(2.0pp)

Operating costs	(327.1)			(321.4)		(2%)

Underlying EBITDA³	140.3			156.8		(11%)

Share based payments	(1.0)			(1.0)		-
Underlying depreciation and amortisation	(70.3)			(62.1)		(13%)
Share of JV income	-			-		-
Underlying operating profit⁴	69.0			93.7		(26%)

INDEPENDENT REVIEW REPORT TO ENTAIN PLC

Conclusion

We have been engaged by Entain plc ("the Company") to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2024 which comprises the condensed consolidated income statement, condensed consolidated statement of comprehensive income, condensed consolidated balance sheet, condensed consolidated statement of changes in equity, condensed consolidated statement of cash flows and the related explanatory notes.

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2024 is not prepared, in all material respects, in accordance with IAS 34 Interim Financial Reporting adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union and the Disclosure Guidance and Transparency Rules ("the DTR") of the UK's Financial Conduct Authority ("the UK FCA").

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity ("ISRE (UK) 2410") issued for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. We read the other information contained in the half-yearly financial report and consider whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention that causes us to believe that the directors have inappropriately adopted the going concern basis of accounting, or that the directors have identified material uncertainties relating to going concern that have not been appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. However, future events or conditions may cause the Group to cease to continue as a going concern, and the above conclusions are not a guarantee that the Group will continue in operation.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the DTR of the UK FCA.

As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union.

The directors are responsible for preparing the condensed set of financial statements included in the half-yearly financial report in accordance with IAS 34 adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union.

In preparing the condensed set of financial statements, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review. Our conclusion, including our conclusions relating to going concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion section of this report.

The purpose of our review work and to whom we owe our responsibilities

This report is made solely to the Company in accordance with the terms of our engagement to assist the Company in meeting the requirements of the DTR of the UK FCA. Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have reached.

Mark Flanagan

for and on behalf of KPMG LLP

Chartered Accountants

EastWest

Tollhouse Hill

Nottingham

NG1 5FS

08 August 2024

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Entain (ENT)

Tuesday, 17th December 2024

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