2022 Financials UK Kindred & Entain

Kindred and Entain releases low performing financial figures – see the full revenue, breakdown of profits before and after tax, and more! (Photo by Christopher Bill on Unsplash)

It’s that time of the year again! The biggest names in online gambling floated on global stock exchange markets are publicly making available their Q4 and full-year 2022 financial results.

The Kindred Group, Entain, Playtech, Flutter, and 888 Holdings are some of the ‘big name’ gambling companies that exist in the United Kingdom. Here on Casinoplusbonus, we mostly cover the UK iGaming scene. For those of you interested, find out more via our fully comprehensive guide to UK online casinos.

With this in mind, this particular report looks at the financial performances of Kindred and Entain. Both have released their most recent Q4 performances as well as their full-year (2022) stats.

888 Holdings, which also includes William Hill since its reverse takeover, has already released its figure, while we are waiting on Playtech PLC to release its revenue figures publicly.

888 Holdings Financials: Another top UK iGaming company is 888 Holdings, which currently resides on the London Stock Exchange (LSE). You can check out how the company performed via our recent 888 Holdings Q4 Revenue Review.

Kindred Financial Results – Year-on-Year Q4 & 12 Month Financial Stats

It wasn’t a great year for Kindred. Although Q4 revenue shows a 25% year-on-year increase from Q4 2021, the overall revenue for the 12 months of 2022 versus 2021 was down by 14%. On top of this, profits after tax in Q4 2022 were down 33% on the same results in Q4 2021. Overall, profits after tax for the entirety of 2022 were also down by 59%.

Kindred Key Q4 2022 Financials

  • Total Revenue B2C + B2B Revenue: £306 million (year-on-year increase from 244.9 million)
  • Underlying EBITDA: £39.1 million (42% year-on-year increase from £27.6 million)
  • Profit Before Tax: £51.9 million after fair valuation of Relax Gaming worth £40.8 million (year-on-year decrease from £78.8 million)
  • Profit After Tax: £50 million (year-on-year decrease from £75 million)
  • Active Customers: Increased to 1,827,881 (year-on-year increase from 1,461,009)
  • Active (%) Customer: 25% increase / 13% from the Netherlands
  • Earnings per Share: £0.23 (year-on-year decrease from £0.33)
  • Free Cash Flow: £30.9 million (2021 – £7.7 million)

Kindred Key Jan to Dec 2022 Financials (Full Year)

  • Total Revenue B2C + B2B Revenue: £1.08 billion (2021 – £1.26 billion)
  • Underlying EBITDA: £332.1 million marked a 61% drop (2021 – £332.1m)
  • Profit Before Tax: £126.8 million after fair valuation of Relax Gaming worth £80.4 million (2021 –  £338.4 million)
  • Profit After Tax: £120.1 million (2021 – 295.3 million)
  • Earnings per Share: £0.54 (2021 – £31)
  • Free Cash Flow: £69.6 million (2021 – £1 million)

Kindred Group

Key Q4 Financial Stats 2022 Vs 2021

Revenue: +25%
Profits After Tax: -33%

Free Cash flow: +301%

Key Full Year Financial Stats 2022 Vs 2021

Revenue: -14%
Profits After Tax: -59%

Free Cash flow: -70%

See the full stats: Some of the highlights of the year pointed out by Kindred CEO Henrik Tjärnström include strong growth in the Netherlands market since the company’s 2022 entrance, a low sports betting margin of 8.9% impacted revenue, and the World Cup saw the second highest active customer base – see the full Kindred Group Year End Report 2022 PDF here.

Entain Financial Results – Year-on-Year Q4 & 12 Month Financial Stats

Entain shows strong financial figures. During the period of 1 October to 31 December 2022 (Q4) the company saw a huge increase in Net Gaming Revenue (NGR) up 11% year-on-year. That figure would have cushioned the final full year’s

Entain Key Q4 2022 Financials Vs 2021 (Year-on-Year Percentages)

  • Group NGR: Increased by 11%
  • Online NGR: Increased by 12%
  • Customer Growth: Increased by 14%
  • Retail NGR: Increased by 10% (The UK market drove strong growth)

Entain Key 2022 Full Year (Jan to Dec) Financials Vs 2021 (Year-on-Year Percentages)

  • Group NGR: Increased by 15% *includes revenue via the 50% BetMGM joint venture.
  • Online NGR: Decreased -1% (Due to Covid comparators as well as the costs affecting revenue due to regulatory changes) *most notably in the UK and Germany
  • Customer Growth: Increased by 7%
  • Retail NGR: Increased by 66% (the current increase is higher than pre-covid levels)
  • Expected EBITDA: Increased by 12% (£985 million to £995 million)
  • EBITDA Contribution: £8 million of the above EBITDA figure comes via the Croatian SuperSports acquisition (the deal went through November 2022)

BetMGM Joint Venure Key 2022 Full Year (Jan to Dec) Financials Vs 2021 (Year-on-Year Percentages)

  • NGR: $1.44 billion (Increased by 71% year-on-year)
  • Same State NGR: Increased by 51%
  • Market Share: 19% (Includes all states BetMGM operates)
  • iGaming Market Share: 30%
  • Expected H2 EBITDA: On target
  • Long Term: To gain a 20% to 25% market share + 30 to 35% EBITDA margin

See the full Entain financial stats: You can see the full ENT FY22 Q4 RNS Final PDF here – the report explains much of the financial information provided in the bullet points above.

Entain [LON:ENT] Share Prices

Since DraftKings has its 2021 £22 billion bid for Entain turned down, you may have learned that DraftKings does not intend to make another offer.

Although no second bid is in the pipeline this does affect the below financial results, however, as DraftKings CEO confirmed the company is no longer interested, the previously reported Entain share price increase has now worn off, and the company is now trading 3.2% down from its 2023 starting price.

For more information on the current Entain stock prices, keep your eyes out for tomorrow’s iGaming stock price watch which covers Entain as well as a number of other top gambling companies – 888 Holdings, Aristocrat, Evolution, Entain, Light and Wonder and Playtech.

Entain Share Price 14 Feb 23
£1,306.97

2023 Starting Price
£1,350.50

Loss/Gains (£)
-£43.53

Loss/Gains (%)
-3.2%

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