Investment case

Entain is a differentiated customer-focused business operating in a global industry with attractive growth dynamics. We are the most diversified, leader of scale in our sector, with superior growth embedded across our business, delivering profitable and sustainable returns for our stakeholders.

Entain is operating in a growth market

  • Attractive global industry dynamics underpin large and expanding market

15% Market growth over the past 10 years

  • Evolving customer needs, growing existing and new markets

11% Growth forecast between 2022 and 20271

  • Trebling of Total Addressable Market (TAM)

$170bn TAM opportunity over the medium term

Leveraging scale advantages to drive superior growth

  • Entain Platform benefits from scale advantages

£3bn+ Regulated Online NGR on tech platform

In-house Expertise and capabilities

  • Scaled capabilities support deeper and broader customer engagement
  • Strong track record of superior market growth
  • Compelling M&A enhances market growth, diversification and scale

Sustainable growth built in

  • Unrivalled diversification - geographic, product, customer base

30+ leading brands across 40+ licenced territories

10,000+ games on the Entain Platform

14% CAGR of active customers2

  • Domestically regulated revenues

100% regulated or regulating market exposure

  • Leadership of responsible engagement and player protection

ARCTM Entain's revolutionary technology-led real-time risk reduction system

Superior financial delivery

  • Disciplined capital allocation

Compelling value accretive M&A

Progressive dividend policy

  • Profitable operations

>20% Group EBITDA margin

  • Strong cash generation

£0.5bn Underlying Free Cashflow3

  • Strong and flexible balance sheet

<2x Medium term leverage target

>£1.1bn available cash including undrawn RCF3

1 Source: H2 Gambling Capital, February 2023
2 Compound annual growth rate for 2019 to 2022, Group Online active customers
3 Reported Full Year 2022

Our strategy

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Market drivers

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