Global wagering powerhouse Entain is keen to put a “challenging” 2023 in the rearview mirror after confirming a £842 million ($AU1.6 billion) pre-tax loss, which included a £190 million ($AU368 million) impairment on its Australian business.
Entain released its full-year 2023 results last week, with interim CEO Stella David underlining the difficult circumstances for the company which included the departure of previous CEO Jette Nygaard-Andersen in December.
But besides the headline departure of Nygaard-Andersen, there were a host of other challenges for the owners of the Ladbrokes and Neds brand in Australia, and the new partner in the New Zealand TAB.
The results revealed that net gaming revenue from Entain’s Australian business fell six per cent on 2022, while market share dropped from 18 per cent to 17 per cent.
Entain’s chief financial officer Rob Wood explained that the softer market conditions, which saw a three per cent decline across the entire Australian market, plus Point Of Consumption Tax increases, has prompted the impairment.
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