Entain plc Annual Report 2023

Transforming game our Annual Report 2023

Refreshed corporate strategy, focusing on three strategic objectives (Drive Organic Growth; Expand online margins; Empower growth in US) to deliver value for our shareholders as the next phase of our transformation. Further expansion into regulated markets with leading market positions; expansion into Poland with acquisition of STS Holdings and partnership with TAB NZ providing unique access to New Zealand sports betting market. Enhancement of in-house content and capabilities with acquisition of 365Scores and Angstrom Sports. Strong performance of BetMGM boosted by product and tech enhancements including Single Account Single Wallet in 27 markets. Only global operator with 100% revenue from regulated or regulating markets. Launch of new sustainability strategy including an updated regulatory and safer gaming charter.

Strategic and operational highlights

Financial highlights


Group Revenue	£4.8bn
+11%
2022: £4.3bn
Online Net Gaming Revenue	£3.4bn
+12%
2022: £3.1bn
BetMGM Net Gaming Revenue 1	$2.0bn
+36%
2022: $1.4bn
Group Underlying EBITDA 2	£1,008m
+1%
2022: £993.0m
Loss after Tax from Continuing Operations	£879m
2022: proﬁt of £33m
Adjusted Net Debt	£3.3bn
3.3x (3.1x proforma)
2022: £2.8bn (2.8x)
Proﬁt after Tax from Continuing Operations before Separately Disclosed Items	£339m
2022: £224m
Adjusted Diluted EPS	44.2p
2022: 60.5p

01 Introduction
02 We are Entain
06 Investment proposition
08 Chairman’s introduction
12 Chief Executive’s Review
18 The industry in which we operate
20 How we create value
23 Our strategic framework
38 Regulatory update
40 Sustainability
42 ESG Governance
44 Safer betting and gaming
46 Secure and trusted platform
48 Working environment
50 Positively impact our communities
53 ESG KPIs
56 TCFD Statement
64 Engaging with stakeholders
68 Chief Financial Ofﬁ cer’s Review
79 ERM and Principal Risks
87 Viability Statement
88 Chairman’s Governance Overview
89 Board of Directors
92 Governance framework
98 Board Activities during 2023
101 People & Governance Committee Report
104 Audit Committee Report
110 Sustainability & Compliance Committee Report
113 Directors’ Remuneration Report
138 Directors’ Report
141 Independent Auditor’s Report
160 Consolidated income statement
161 Consolidated statement of comprehensive income
162 Consolidated balance sheet
163 Consolidated statement of changes in equity
164 Consolidated statement of cash ﬂows
165 Notes to the consolidated ﬁnancial statements
215 Company income statement
216 Company balance sheet
217 Company statement of changes in equity
218 Notes to the Company ﬁnancial statements
223 Glossary
224 Shareholder information
225 Corporate information

Represents NGR from 100% of BetMGM.
Underlying EBITDA is earnings before interest, tax, depreciation and amortisation, share based payments and share of JV income. EBITDA is stated pre-separately disclosed items.

Entain plc Annual Report 2023 | 1
Overview | 8
Strategic report | 88
Governance | 140
Financial statements

At Entain, we’re on a mission to provide our customers around the world with the most entertaining experiences, supported by market leading player protection across betting & gaming.

We are Entain

Betting and gaming is in our DNA. It’s the purple thread that drives our evolution, our people, and our purpose. We’re the brands our players hold in their hands – and heart.

Our values

This year, we powered up our people with a new set of values and behaviours. These new values form the cornerstones of our culture, unlock the highest performance of our teams and lay the foundations for creating incredible experiences for our customers. Our new values mean we’re all looking towards the same future. At Entain, we:

Do What’s Right
We put our customers ﬁrst and play a leading part in protecting our players. We are creating a work environment where everyone can be themselves, and act with integrity all the time. To do what’s right we must keep ourselves honest so our people should never be afraid to speak out if something feels wrong.
Keep it Simple
We make things easy for our customers by focusing on them and their needs. We’re clear on our goals and who’s accountable for what, so we all know what success looks like. We remove complexity wherever we ﬁnd it, because we all perform better that way.
Go Beyond
We stay curious. We need to learn from our successes AND from setbacks to push forward. We surround ourselves with the best people and we put in the effort needed to turn ambitions into reality. We embrace change because that’s when progress happens.
Win Together
We have a shared vision for Entain. We collaborate, break down barriers and share ideas for the greater good. We never forget that we’re on the same side, so we treat everyone the way we want to be treated. We’re inspired by our teammates. We celebrate their success, because when they win, we all win together.

We only operate in regulated or regulating betting and gaming markets, which means we’re focused on delivering asecure and trusted betting and gaming business for ourstakeholders.Now,weoperateinover 30 markets, with leadership positions in the ﬁve larges t regulated markets and two fastest growing – US and Brazil. And, through our global scale and household names, we’re focused on leveraging our skills, talent and capabilities to elevate our technology and data insights to create product s and ex periences like noother.

Entain, today.

Global & Diversiﬁed portfolio
Leadership positions
Customer Focused
High Quality Revenue & Growth
Largest sports betting & gaming platform
Leading Responsible Operator


130+	130 licences across >40 territories
40	Territories worldwide
42	Currencies accepted
33	Languages offered
K W c a G W	l e f W W W W b g
30+	Leading brands

Entain plc Annual Report 2023 | 02
1Overview | 8
Strategic report | 88
Governance | 140
Financial statements

Our commitment to sustainability

This year, we introduced our new Sustainability strategy. A strategy that makes a real positive impact in the communities in which we work and play, one that builds trust with wider society, and ensures we are a leader in player protection. We’re continuously building on insights and have refreshed our strategy across four pillars that encapsulat the sustainability issues that are most important to Entain, our customers, investors and partners:

Be a leader in player protection: Player safety is a fundamental building block of our business and we are proud to play a leading role across our markets.
Provide a secure and trusted platform: We lead on integrity in everything that we do. From having the highest ethical standards, to only operating in regulated or regulating markets, to having an aim of gold standard data protection, and cybersecurity.# Entain plc Annual Report 2023

1 Overview

8 Strategic report

88 Governance

140 Financial statements

We are Entain

Our timeline of transformation

Year	Corporate Activity – February	Corporate Activity – July	Corporate Activity – November	Corporate Activity – December
2017
2018		Created BetMGM, 50/50 Joint Venture with MGM Resort	new corporate strategy announced – project Sunrise re 100% regulated markets)
2019
2020	GVC admitted to LSE Main Market			GVC Holdings renamed Entain plc Business alignment to 100% regulated markets
2021
2022
2023

Growth through transformative acquisitions

Year	M&A Activity – March	M&A Activity – March	M&A Activity – July	M&A Activity – September
2018	GVC and Ladbrokes Coral Group completed, creating one of the largest listed online gaming businesses in the world
2019
2020		acquisition of Enlabs (Baltics)	acquisition of Bet. pt (Portugal)	acquired remaining 49% of Crystalbet
2021	acquisition of Klondaika (Latvia)	acquisition of Avid Gaming/Sports Interaction (Canada)	acquired Totolotek (Poland)	acquisition of SuperSport (Croatia)
2022	acquisition of BetCity (Netherlands)	announced partnership with TAB NZ	announced 365 Scores acquisition	completed acquisition of STS
2023		completed acquisition of Angstrom Sports

Leadership changes

Year	Event
2018	– Barry Gibson appointed Group’s Non- executive Chairman. – Shay Segev appointed as CEO, succeeding Kenneth Alexander.
2020
2021	– Jette Nygaard-Andersen appointed as CEO
2022
2023	– Jette Nygaard-Andersen resigns as CEO. Stella David becomes Interim CEO

Corporate activity

Year	Event
2016	July – GVC acquisition of bwin.party
2017
2018
2019
2020
2021
2022	August – formation of Entain CEE (venture with EMMA Capital, to create a strategic platform across CEE)
2023	December – secured DPA to conclude HMRC investigation into legacy business November – new evolved 3-year plan: organic growth, margin expansion and US market share. January – accelerated exits from unregulated market June – equity raise

Evolved strategy 2023

Investment proposition

Entain is a leading consumer-focused business operating in the global betting and gaming industry which enjoys attractive dynamics and structural market growth. Our strong local brands supported by in-house technology and operational capabilities, enable leading positions in regulated markets. Execution of our focused strategic objectives of organic growth, margin expansion and US market share, will deliver sustainable long term value for our stakeholders.

Operates in large and growing markets
Diversiﬁed regulated operator
Attractive global industry dynamics
Structural market drivers
High-single-digit % growth across our markets
Portfolio optimised for growth and ROI
100% regulated or regulating markets
Diversiﬁed by geography, product & customer
Strong brands underpin leading market positions

Read more: pages 18-19 Read more: page 26-37

Focused execution of strategic targets

Superior ﬁnancial returns
Execution plan
Increased localisation driving engagement & retention
Disciplined capital allocation
A leader in player protection
Target revenue growth ahead of our markets
Operational leverage supports margin expansion
Strong operating cash ﬂow & balance sheet
Progressive dividend policy

Read more: pages 23-25 Read more: pages 68-77

Metric	2023 Performance
Online NGR	+12%(CC)
Dividend	+17.8p
2022 Dividend	17p
BetMGM NGR	+36%

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.

Chairman’s introduction

J M Barry Gibson
Chairman

Entain plc Annual Report 2023

Our commitment to the customer

Customers are the focus of everything we do.
Our purpose is to provide them with the most entertaining customer experience supported by market- leading player protection.
We will offer them exciting and trusted sports betting and gaming products and services.
Listen to and respond to customer needs.
Using our technology platform, we will continuously innovate to introduce new products and create a personalised and localised experience for each of our customers.

Segment	2023 NGR Split	2023 Underlying EBITDA Split
Online	71%	75%
Retail	29%	25%
Other	–	–

Wager Type	2023 Volume	Year-on-Year Change	2022 Volume
Online sports wagers	£13.7bn	-3%	£14.1bn
Retail sports wagers	£4.3bn	+12%	£3.9bn

Our commitment to the game

Our divisions

New opportunities and Corporate are excluded as they are negative.

Our leading brands

Entain plc Annual Report 2023

Create the environment for everyone to do their best work: We attract a broad and diverse audience from the inside out. Positively impact our communities: We play our role in limiting global warming to no more than 1.5°C and we create a positive impact on our communities. Read more about our sustainability strategy and commitments in 2023 here.

Chairman’s introduction

Our positive contribution to corporate social responsibility.

Financial performance During 2023, we delivered Total Group revenue growth of 14%, with Group Net Gaming Revenue (NGR), excluding our 50% share in BetMGM, growing 11%. However, this was down 2% on a proforma basis reﬂecting the operational and regulatory challenges the organic business faced. We delivered EBITDA of just over £1bn, despite sacriﬁcing proﬁts as we re-shaped the business to focus on regulated markets. Our balance sheet is robust and while leverage is above levels we would ideally like over the longer term, our balance sheet and available cash is healthy. As a result, we are continuing with our progressive dividend with a payment of approximately £113m for the year.

Deferred Prosecution agreement December’s Deferred Prosecution Agreement with the Crown Prosecution Service was important in drawing a much- needed line under legacy GVC issues. Confronting these challenges was never going to be easy, but we can be proud of the positives – particularly the recognition of Entain’s extensive co-operation, the “wholesale changes” within our business and above all, the acknowledgement that “the company in its current form is effectively a different entity”. Those welcome comments on Entain and our transformation reﬂect our commitment to operate only in markets that are regulated or have a clear pathway to regulation. We are proud We’ve made signiﬁcant strategic progress; lessons have been learned on operational implementation and we draw to a close a period overshadowed by the behaviours of a different era. Entain can now look forward conﬁdently as a global operator with a clear and sustainable strategy, supported by the hard work and commitment of our 31,000 colleagues.

This year the business has:

Delivered Total Group revenue growth of 14%, including our 50% share of BetMGM
Finalised a £585m Deferred Prosecution Agreement (DPA) to conclude the HMRC investigation into activities by the company’s legacy Turkish-facing business, which was sold in 2017.
Accelerated our exit from unregulated markets, delivering our commitment to only operate in regulated markets.
Expanded into new regulated markets, in particular Poland and New Zealand, whilst withdrawing from less attractive opportunities.
Reﬁned our operational strategy to streamline the business, grow revenues and improve margins, as well as invest behind our US business to drive market share gains.
Refocused our leadership under our Interim Chief Executive, Stella David, and added new expertise to our Board.
Led by example in our commitment to safer gambling and player protection and won recognition for  as a period of necessary, but ultimately positive, transition for Entain. We strengthened our revenue base, enhanced our Board, and delivered a satisfactory resolution to our previous regulatory issues.

Geographically, we embedded our footprint in Central and Eastern Europe in 2023 with Entain CEE’s acquisition of STS, the leading sports-betting operator in Poland. Following our acquisition of SuperSport in Croatia during 2022, STS further consolidates our position across the region, with a regulated betting market which is expected to continue to grow rapidly in the years ahead. Similarly, our 25-year partnership with TAB NZ, secured Entain’s position as the sole licensed operator with access to the very attractive New Zealand market. We also enhanced our technology and product capabilities in the US market with the acquisition of Angstrom Sports, which will provide an unrivalled experience for our customers in the U.S., the most important and fast-growing new regulated market in the world. Additionally, bringing 365scores, one of the world’s leading scores and sports media companies into our group, supports our ambitions of improving the customer experience and broadening our pathways to growing our customer audiences.

Driving operational focus
In our rapidly consolidating global industry, acquisitions have been important in cementing the strategy of our business and securing leading positions in attractive regulated markets.# Entain plc Annual Report 2023

1 Overview

8 Strategic report

88 Governance

140 Financial statements

Chairman’s introduction

As we look forward, in November we revised our strategic targets, outlining our plans to drive organic growth expand our EBITDA margins to 28% by 2028 and deliver on our market share ambitions in the US. We cannot be complacent and must recognise that we have to deliver operational excellence on time, every time and our management are focused on delivering a stronger performance in the coming year. Looking forward we have many opportunities to improve our performance. Most importantly we must better leverage the beneﬁts of our scale whilst being agile to ﬁne tune our offering to customers and to respond to changing markets. In the US we’re more excited than ever about the prospects for BetMGM and are working with our partners in MGM to drive our market share to at least 20%. The recent introduction of a new single wallet capability, new apps and games are just the beginning of improvements we have been working hard to deliver and they are already demonstrating great improvements for our customers. of that commitment to deliver higher quality and more sustainable revenues in the future despite forgoing around £100 million of EBITDA from those 140 + unregulated markets that we have now exited. In our industry we must embrace regulation, it’s the right thing for our customers and it’s the right thing for our stakeholders. Good regulation, properly implemented and well enforced, is good for our business. It improves visibility and stability of earnings, and means that the most credible, respected and responsible operators can engage with customers. We work constructively with industry bodies and regulators around the globe to ensure that wherever we can we inﬂuence the development and implementation of better regulation and its application. We are continuing to cooperate fully with AUSTRAC in relation to their investigation into our Australian business, which commenced in September 2022 and remains ongoing. Over time the wider beneﬁts of regulation will far outweigh the short-term ﬁnancial cost of market exits. I’m conﬁdent that because of our strategic decisions, we are now ﬁrmly on the right road to deliver the enhanced value our shareholders and other stakeholders deserve and expect.

Strategic focus on regulated growth markets

Having gone through a period of re-focusing our portfolio, we are now the most diversiﬁed operator of scale in our sector working exclusively in regulated or regulating markets. While M&A activity will be much slower going forward as our focus shifts to organic growth, we made some key strategic transactions for the business in 2023.

10 Entain plc Annual Report 2023 1 Overview 8 Strategic report 88 Governance 140 Financial statements

Chairman’s introduction

Our newly formed capital allocation committee has begun reviewing Entain’s markets with the goal of maximizing shareholder value of the portfolio. This will help the company to effectively manage its balance sheet as well as be in a position to make further investments in growth opportunities.

Fresh perspectives and leadership

I’d like to thank Jette Nygaard-Andersen for her hard work leading the business for nearly three years. Having taken the reins amid the Covid pandemic, she set in place the foundations of our regulated markets strategy, executing our portfolio re-shaping and leading signiﬁcant acquisitions as well as enhancing our management team. Jette offered leadership at a time of great change and challenge for our business. The conclusion of the HMRC investigation through the DPA and our revised strategy provided a natural transition point. The Board was pleased to be able to call on Stella David to take on the Chief Executive Ofﬁcer role on an interim basis. Stella knows the business extremely well and as an experienced leader with a strong track record across many ﬁelds, she is well placed to drive operational delivery while we seek a permanent Chief Executive Ofﬁcer – a process that is well advanced. Alongside refreshed leadership, we have also brought fresh experience to the wider board. We welcomed Amanda Brown as a new Non-Executive Director and Remuneration Committee member in November. Amanda brings extensive commercial and Human resource experience to us. In January 2024 Ricky Sandler, the Chief Executive of our shareholder Eminence Capital, was also appointed to our Board and to our new Capital Allocation Committee. Ricky knows our business extremely well and his focus will be on generating value for all shareholders. Nobody has a monopoly on wisdom and as Chairman I believe Entain will beneﬁt from the fresh perspectives and constructive challenge that both Ricky and Amanda bring. We anticipate further Non-Executive Director appointments over the coming weeks and recognise that we need to re- balance the board’s gender balance following recent changes. Pierre Bouchut has also become our Senior Independent Director and Virginia McDowell has been appointed as Chair of the Remuneration Committee. I am chairing the People and Governance Committee together with our new Capital Allocation Committee, which has a clear mandate to ensure a disciplined return on investment from the markets and products we choose to prioritise. Importantly it underlines our ﬁrm commitment to deliver shareholder value.

Safer gambling and community engagement

Even though Entain has seen much transition as a business this year, player protection remains vital. We continue to ensure we provide an environment that is as safe as possible for our customers. We care about our customers, and we want them to enjoy their experience, which is why we developed our Advanced Responsibility and Care programme to provide an invisible safety net. ARC has already delivered 1m proactive interactions, and protected 400k unique customers from harmful play. Amidst all the change, another thing that will never falter is our commitment to investment in people and making a positive contribution to the communities in which we operate, such as through our Entain Foundation.

The Entain Team

Sufﬁce to say any business as complex and geographically spread as ours has to rely on a committed team of highly talented individuals. During this last year we have beneﬁted from over 30,000 people working every day to deliver better service and results. On behalf of the Board, I would like to thank each and every one of our colleagues for the hard work, loyalty and enthusiasm they have shown.

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

“We must better leverage the beneﬁts of our scale whilst being agile to ﬁne tune our offering to customers and to respond to changing markets.”

11 Entain plc Annual Report 2023 1 Overview 8 Strategic report 88 Governance 140 Financial statements

Chief Executive’s Review

Stella David

Interim Chief Executive Ofﬁcer

12 Entain plc Annual Report 2023 1 Overview 8 Strategic report 88 Governance 140 Financial statements

Dear Shareholder

Entain is a leading sports betting and gaming business, operating in a global industry with attractive dynamics and structural growth. We are only operating in regulated or regulating markets. Our strong brands, leading market positions and increasingly localised offering are supported by in-house technology and product capabilities. The Group’s strategy is focused on delivering the most entertaining customer experience supported by market-leading player protection to deliver quality growth and sustainable returns for our shareholders.

While 2023 presented many challenges and our performance in some of our markets was behind our expectations, overall we made good strategic progress. We re-shaped our geographic footprint enabling us to focus on leadership positions in regulated or regulating markets, broadened our customer engagement and continued to implement leading player safety measures. We also secured a conclusion to a material overhanging legacy issue.

Reﬂecting the signiﬁcant progress made in re-focusing our business, in November 2023 we revised our strategic ambitions, focusing on key objectives and priorities for the next three years that will drive shareholder value.

One of these changes has been leadership. I have been on Entain’s board as Senior Independent Director since March 2021 and was honoured to accept the role of Interim CEO. Although my appointment is on an interim basis, the business will not be treading water. We have clear targets to deliver. I will focus on driving the execution of our revised strategic priorities until the appointment of a new, permanent, CEO.

Performance in 2023

During 2023, we achieved total revenue growth of 14%, including our 50% share in BetMGM, in spite of operational and regulatory challenges. We expanded into the regulated markets of Croatia, Poland and New Zealand as well as adding to our capabilities with the acquisitions of 365Scores and Angstrom. Entain’s operations now span over 30 regulated or regulating territories, with established brands supporting leading positions in many of our markets.

Regulation remains an over-arching factor in our industry and for the Group’s performance. Clear regulatory frameworks that are appropriate and well enforced, are positive for us and our customers. However, in the short term, they can create headwinds as signiﬁcant changes are put in place and uneven implementation can occur ahead of consistent enforcement. During 2023, we managed regulatory change in a number of our larger markets, impacting headline organic performance. The most notable being our implementation of ever-tightening UK affordability measures and the persistent lack of impactful regulatory oversight in Germany.# Entain plc Annual Report 2023

Chief Executive’s Review

We estimate the aggregate of regulatory impacts was a negative 6ppt headwind to Online NGR performance in 2023. As a result, proforma 3 organic Online NGR was down 3%cc 2 versus the prior year, whilst proforma 3 Retail NGR grew 2%cc 2. Total Group NGR, including our 50% share of BetMGM was up 14% and up 2%cc 2 on a proforma 3 basis. We also continued to improve the sustainability of our business, ensuring more diversified, sustainable and ultimately higher quality earnings. We achieved another record level of active customers, with proforma 3 actives +10%, demonstrating the underlying strength in our core business as well as our broadening, more recreational customer base.

In the UK, Online NGR was down 6%, reflecting the ongoing digestion of regulatory changes. We estimate that we experienced a headwind of approximately c10ppt to our Online NGR growth. Unfortunately, this drag did not ease during H2 as we expected due to the imposition of further affordability measures. The iterative imposition of cumulative safer gambling measures throughout 2023 has resulted in overly complex journeys for our customers. We continue to believe that restrictions should be personal and appropriate for each customer, however, we must ensure the experience for our customers is smooth. In the short term we expect that the measures currently in place will continue to weigh on performance. However, we are encouraged that our industry and regulator are working together to agree a pragmatic framework for customer safer gambling checks. If implemented, as currently anticipated, these will provide a clear and consistent approach to player protection for customers across all operators in the UK.

Our focus remains firmly on acquisition and retention of customers to grow market share. In 2023 we grew UK online actives by +18% driven by continued customer engagement with exciting marketing campaigns, new product releases and wider offering enhancements. UK Retail NGR was up +2% on a LFL 4 basis with a good performance in both sports and gaming across both machines and OTC. Our strong performance is underpinned by our market leading retail offering reaching a broader demographic of customers supported by exclusive and in-house content coupled with digital in-shop experiences.

Our business in Italy continues to perform well, with online NGR up +3%cc 2 versus 2022. The underlying market growth remains strong and omni-channel operators continue to outperform. Despite increased competitive activity, Eurobet, bwin and GiocoDigitale grew actives +13% by leveraging our omni-channel proposition, brand strength and ongoing investment in our products. Retail NGR was up +16%cc 2 and the retail shop network remains invaluable to our omni-channel offering, with combined Online and Retail NGR +63%cc 2 versus pre-Covid levels.

Combined Online NGR in Australia and New Zealand was up 11%cc 2, although down -5%cc 2 on a proforma 3 basis. In Australia, whilst we experienced a softer market along with increased competition, our Ladbrokes and Neds brands continue to deliver unique content and engaging products. Entain Australia’s partnership with TAB NZ also provides a broader differentiated experience for sports betting customers in New Zealand as well as Australia, and we look forward to customers in New Zealand enjoying an enhanced experience as our offer migrates to Entain Australia’s technology platform in 2024.

Our NGR in Brazil was down 14%cc 2 year on year reflecting our disappointing operational execution in early 2023. We installed a new management team, taking swift action to realign customer acquisition channels, payment processing and product engagement, and are pleased to be seeing positive signs from the impact of these actions taken. As the Brazilian sports betting and gaming regulation progresses towards licencing during 2024 the market will remain intensely competitive. However, we remain excited for our Brazilian business and believe we are well positioned in this fast growing regulated market. Sportingbet remains a strong brand and we are focused on rebuilding market share growth, leveraging an improved app experience, product innovation, as well as our 365Scores acquisition supporting growth going forward.

Entain’s CEE business continues to perform strongly, maintaining its market leadership with the SuperSport brand in Croatia and expanding our presence across the CEE region with the acquisition of STS Holdings in Poland. Proforma 3 NGR was up 13%cc 2 for Online and 4%cc 2 for Retail on a constant currency basis. SuperSport proforma 3 Online NGR grew 29%cc2 benefiting from its leading omni-channel offering and its first to market cashout offering, whilst STS Online NGR was flat year on year, reflecting its sports only offering impacted by customer friendly sporting results in October offsetting prior growth.

Our Crystalbet brand remains the market leader in Georgia and continues to perform well. Online NGR grew +7%cc 2, reflecting the strength of our operations and brand, and sees us well positioned as the market digests increases in online gaming taxes and licence costs in 2024. Enlabs continues to perform well, with profoma NGR +3%cc 2 despite some markets in the Baltics and Nordics experiencing more challenging economic environments. Enlabs delivered +13% growth in active customers supported by localised offering of sports and gaming products.

In Germany, we continue to see the impact of new regulatory measures alongside limited regulatory enforcement. Despite some unregulated operator exits during 2023, the uneven operating landscape remains a significant challenge to licenced operators adhering to regulation. Our Online NGR for Germany declined year on year. However, our bwin brand continues to be strong and we remain positive on the German market’s long-term prospects, but regulatory enforcement is critical.

During 2023, we added further capabilities to evolve our offering and customer engagement further. Our acquisitions of 365Scores and Angstrom Sports enable us to expand our content, data and analytical capabilities, and ultimately enhance our customer’s experience. 365Scores is one of the world’s leading sports apps providing highly engaged sports fans real time action and results. Its access, content and data insights are a key part of how we are reinvigorating our offering in Brazil and addressing this exciting regulating growth opportunity. Arguably the most significant for our business, particularly for the US opportunity and BetMGM’s performance, was our acquisition of Angstrom Sports. Angstrom will provide next generation sports modelling, forecasting and data analytics. BetMGM is already seeing benefits from offering customers more betting markets and more accurate pricing. With this addition, Entain will become the only global operator with a full in-house suite of end-to-end analytics, risk and pricing capabilities for US sports betting products.

We are excited to build on BetMGM’s momentum and successes during 2023. Its performance inline with targets and achievement of H2 EBITDA profitability validates our business model and sees BetMGM in position to be self funded going forward. BetMGM is established as one of the leaders in the fast-growing, highly competitive US sports betting and iGaming market. In 2023, BetMGM continued delivering good growth, with NGR up 36% to $1.96 billion and achieved profitability over the latter three quarters of the year. Our products are available in 28 markets with a combined market share of 14%5 in sports betting and iGaming across the US. Aligned with our strategy, 2023 saw delivery of growth coupled with sustainability, ensuring more diversified, sustainable and ultimately higher quality earnings.”

Operational Leverage

We can expand our EBITDA margins over time, creating better returns for our shareholders.

US Market Growth

Our focus to drive our US performance remains a key strategic priority. BetMGM is established as one of the leaders in this fast growing highly competitive industry. Much of this success is underpinned by Entain technology and product capabilities, which have been significantly strengthened for our US proposition. Entain’s acquisition of Angstrom further accelerates this, particularly for our parlay and in-play products with Same Game Parlay (“SGP”), SGP+ and new LIVE SGP pricing models. Our strategic roadmap for 2024 sees BetMGM invest behind this strengthening and differentiated offering. BetMGM’s Big Game commercial campaign, as well as partnership with X, demonstrate the drive behind the brand to accelerate player acquisition and retention. BetMGM is the only top three operator with a licenced mobile app live in Nevada. This advantage will be amplified when BetMGM’s single account single wallet functionality receives licence approval in Nevada. Working closely with our co-parent, BetMGM will be able to unlock the power of MGM Resorts unique omni-channel advantages leveraging the Las Vegas visitor footfall as well as tentpole events for a deep and replenishing pool of players. We remain committed to empowering BetMGM as it continues to progress towards delivering c$500m of EBITDA in 2026.

Drive Organic Growth

We are rebalancing our portfolio to prioritise growth and returns, exiting smaller markets where the timeframe for suitable returns is too long, such as Chile, Peru, Zambia and Kenya. In addition, we have closed our B2C operations of Unikrn and are focusing on delivering the Unikrn eSports offer through our existing sports betting and gaming brands.# Entain plc Annual Report 2023

Chief Executive’s Review

We are refocusing our operational execution on customer acquisition and retention, by reinvigorating our acquisition channels and accelerating technology and product delivery. In two of our markets, UK & Brazil we see significant opportunities to drive value through our commercial excellence programme, including, simplified and streamlined customer journeys, more effective marketing, improved app experience and products, especially in sports betting. Player protection remains embedded in our ambition to deliver the best experience for customers, however, our approach must evolve along with our offering, ensuring it is localised and appropriate for each market.

Margin Expansion – Having grown rapidly through M&A we now need to focus on simplifying our operations, removing duplication and enabling greater agility. Our efficiency programme, Project Romer, will not only improve ways of working for our teams, but will also unlock efficiencies through operational streamlining, functional integration and restructuring, as well as deliver net cost savings of £70m by 2025. Coupled with maximising our BetMGM also made fantastic progress against key strategic initiatives, solidifying the foundations for 2024 and beyond. As well as delivering substantial enhancements to our app features, design and speed, the seamless execution of SASW functionality across 21 states was the most significant upgrade to BetMGM’s customer experience. BetMGM players can now travel across these states, betting with the same account credentials and wallet. We have already seen improved retention KPIs, a 5x increase in new state bettors who had previously played with BetMGM in a different state, with multi-state customers now representing over 20% NGR. Together with our partner, MGM Resorts International, we look forward to unlocking this powerful differentiator for BetMGM customers in Nevada, with state regulator’s approval of our SASW functionality expected during 2024.

Revised strategic priorities

The Group has been transformed over the last four years since becoming Entain, delivering an improved sustainable business only operating in regulated or regulating markets. In November 2023 we updated our corporate strategy, focusing on three strategic objectives to deliver value for our shareholders as the next phase of our transformation:
* Drive organic growth
* Expand online margins
* Empower growth in US

Positively impact our communities – We were proud to be the first betting and gaming company to formally commit to a Net Zero target for carbon emissions with the Science-based Targets Initiative (SBTi). This reflects our ambition to lead the industry on decarbonisation, along with our commitment to reduce our absolute scope 1 and 2 (market-based) and material Scope 3 emissions by 42% by 2027 and 60% by 2030, from a 2020 base year. In 2023, our Net Zero Action Group developed our first net-zero strategy to help us achieve these ambitions. We also want to make a positive impact on our communities 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. Last year we also continued to partner with a range of charities, such as bringing access to technology with community-based technology hubs in partnership with ComputerAid as well as delivering support to under privileged communities in the US with the Charles Oakley Foundation.

Awarded; EGR North America Socially Responsible Operator 2023, SBC Global and SBC LATAM Socially Responsible Operator of the Year, and Vixio Global Regulatory Award for Outstanding Contribution to Safer Gambling.
Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2023 exchange rates.
Proforma references include all 2022 and 2023 acquisitions as if they had been part of the Group since 1 January 2022.
UK Retail LFL YoY NGR is calculated based on shops that traded for the full year in both 2023 and 2022
Market share for last three months ending November 2023 by GGR, including only US markets where BetMGM was active; internal estimates used where operator-specific results are unavailable.

At the start of 2024 we updated our regulatory and safer gaming charter based around four principles:
* Only operate in regulated markets or in markets with a clear path to regulating
* Committed to a constructive and progressive relationship with regulators
* Always comply with in-market regulation
* Take a market leading approach to player protection in each market we operate, developing and using tools to identify & limit customer harm

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 – from gold standard data protection, keeping crime out of betting and gaming, to eliminating poor working conditions in our supplier base. Through this strategy, our expectations of ourselves is to exceed these standards. We have a comprehensive training programme for all our colleagues across the Group and I am delighted with the completion rates. Governance oversight from the Board is key to ensuring robust execution and accountability across the business. Further details on these processes are set out in our Governance report on page 96.

Create an environment for everyone to do their best work – Ensuring we are able to attract a broad and diverse pool of the best talent is vital for our success. We aim to be an employer of choice with an inclusive and supportive culture, where talents from all backgrounds can flourish. Our Diversity, Equity and Inclusion (DE&I) strategy is built on establishing strong networks and having launched the Women@Entain and Pride@Entain groups in 2022, in 2023 we launched Black Professionals@ Entain, a new network designed to create a culture where black colleagues can thrive professionally and personally. As a technology based employer, we also recognise the importance of encouraging women to succeed in the sector. In 2023, Entain partnered with the McLaren F1 team on a returnship programme, providing unique opportunities for skilled women to resume their STEM careers. Over six months, 10 career returners worked at both Entain and McLaren in roles ranging from Data Analysts to Software Developers. The programme received accolades, including the Innovator of the Year at the Women in Gaming Diversity Awards.

Sustainability – A key enabler supporting our growth

In November 2023, we unveiled a refreshed sustainability charter. This updated charter was informed by a double materiality assessment we conducted throughout H1 2023, which identified how sustainability-related issues impact our business and how we impact the environment in which we operate. Our charter’s four pillar structure encapsulates the sustainability issues that are most important to Entain, our customers and partners:
* Be a leader in player protection
* Provide a secure and trusted platform
* Create an environment for everyone to do their best work
* Positively impact our communities

A leader in player protection – Our objective is to be a leader in player protection. In 2023, our safer gaming programme ARC™ (“Advanced Responsibility and Care”) was rolled out across 22 jurisdictions alongside the continuing optimisation of ARC™ features. This saw a significant increase in the volume of interactions and interventions with customers, with 6.1 million ARC™ interactions in 2023, up 121% versus 2022. In recognition of these efforts, during 2023 Entain won a number of responsible operator awards 1 including EGR, SBC and Vixio. Our new sustainability charter reiterates the importance of sustainability as an enabler to our overall corporate strategy.”

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Year	Value
2012	£23.0bn
2011	£20.0bn
2013	£25.0bn
2014	£28.0bn
2015	£31.0bn
2016	£35.0bn
2017	£40.0bn
2018	£46.0bn
2019	£53.0bn

Source: H2GC (25/01/2024) – Global Online GGR (including offshore).

Global Online Growth

Entain’s Retail operations are in the UK, Italy, Belgium, Republic of Ireland (ROI), New Zealand and Croatia. The UK Retail market was estimated to be worth £7.2bn in 2023, an increase of 6% versus 2022, as operator investment in gaming cabinets and self-service betting terminals has broadened engagement with products such as in-play now being available through SBBI. The UK Retail market is highly consolidated, with four operators accounting for over 85% of all betting shops. Entain is the leading operator in UK Retail, with over 2000 stores across the Ladbrokes and Coral brand covering 96% of all postcodes in the UK.

The Italian Retail sports betting market is estimated to be worth £1.2bn in 2023, up from £1.1bn in 2022. Entain operates via the Eurobet brand as the 3rd largest operator in the market for over the counter sports betting in Italy. The Republic of Ireland and Belgium Retail markets are smaller, estimated to have been worth £1.0bn and £0.9bn respectively in 2023. Entain operates in Belgium and ROI via the Ladbrokes brand and is the largest operator in Belgium and third largest in ROI. A new market for Entain, Croatia, is relatively small, valued at £0.4bn in 2023, however the shops serve an important bridge for customers between the offline (retail) and online experience.# Entain plc Annual Report 2023

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In 2023 Entain gained a Retail presence in New Zealand, as part of the exclusive 25YR partnership signed with the New Zealand government, through which Entain is responsible for operating TAB NZ, the only operator with an Online and Ofﬂine licence in the country.

2023 Landbased Gambling Total Market Size – £bn

Market	Total Market Size – £bn	Betting	Casino	Machines	Bingo	Lottery
UK	7.2	18%	1%	2%	38%	29%
Italy	15.1	8%	1%	53%	2%	36%
ROI	1.0	38%	5%	27%	4%	27%
Belgium	0.9	14%	12%	20%	15%	38%
New Zealand	1.2	7%	28%	47%	0%	18%
Croatia	0.4	21%	13%	53%	0%	12%

H2GC (25/01/2024) – Landbased GGR

Entain’s Online Markets Geographically, in 2023 Core markets represented 67% of the total Online betting and gaming Market that Entain operated in. The largest individual countries being the UK (c15%), Italy (c8%) and Australia (c6%). In 2023, the UK market grew 10%, with growth unevenly distributed amongst operators, reﬂecting the timing of implementation of affordability changes by operators. The Italian online market grew 13%, as it continued to beneﬁt from the Ofﬂine to Online transition. The Australian market shrank 3%, due to tightening market conditions combined with the lapping of a very strong 2022, which had beneﬁted from a lagged Covid effect. Growth markets accounted for 33% of the Total Online Market for Entain in 2023, the majority of which was USA (21%) and Brazil (5%). The USA grew 43% versus 2022, driven largely by growth of existing states, as well as the annualization of 2022 state launches. Brazil grew 31%, driven in part by an increasing awareness of Online gambling ahead of legislation aimed at creating a licenced regime which is expected to take effect in 2024 following Government approval at the end of 2023.

Global Online Growth

Entain only operates in regulated or regulating markets. The total global online gaming market, which also includes unregulated markets, was estimated to be worth c£107bn in 2023. Over the past twelve years the market grew at 13% CAGR and growth from 2022 to 2023 was 15%, in part driven by same state betting and gaming growth in US States.

Entain’s markets

Entain’s Online portfolio is categorised into Growth & Core markets, Core markets are forecast to grow at 6% CAGR 2023-2026 and Growth markets at 17% on an Entain- weighted basis. The next largest market is the unregulated Asia market which represents 26% of the global total, followed by regions that are part regulated, part unregulated including North America (18%), Oceania (7%), Latin America (3%), and Africa (2%). Excluding Asia, Entain has online operations in countries in these regions.

Retail

	2020 £67.0bn	2021 £84.0bn	2022 £95.0bn	2023 £107.0bn
Share of Global online market by region
Core				67%
Growth				33%
UK				15%
Europe				38%
N America				21%
Oceania				6%
Latam				8%
N America				7%
Europe				2%
Oceania				1%
Africa				1%

Entain’s markets Core markets (£bn)

	2021	2022	2023	2024	2025	2026	2027	2028
	26	26	29	31	33	36	38	41

Entain’s markets Growth markets (£bn)

	2021	2022	2023	2024	2025	2026	2027	2028
	8	10	14	16	19	22	26	31

Source: Regulus Partners, Online NGR

Online gaming is forecast to grow 11% CAGR between 2021 and 2027, with the US growing at 23%.

2027 Forecast

The industry in which we operate

Player protection

Industry leading products

Market leading protection

Online

SPORTS BETTING

GAMING

We provide sports betting and gaming offerings to customers through both Online and Retail channels. We offer our customers engaging and entertaining experiences supported by market-leading player protection.

Engaging customer experience

How we create value

Retail

Customers
Customer satisfaction 78%
Positive experience
Safer betting & Gaming
8.7m Customer interactions in 2023

Our people
Employee Engagement 77%
Actively engaged
Wellbeing 83%
Manager’s care about employee wellbeing

Communities
Entain Foundation
£100m Committed over 5 years
Net Zero by 2035
Throughout all operations

Investors
2023 EBITDA £1bn
Revenue from regulated and regulating markets 100%

Marketing Excellence
Product & Content
CRM and Data
Proprietary Technology
Leading Player Protection

We create value for all our stakeholders: We deliver on our strategy and create value by leveraging a unique set of capabilities…

People and Talent
Regulatory Expertise
Global Scale and Brands

How we create value

We deliver on our strategy and create value by leveraging a unique set of capabilities.

Marketing Excellence
We have unparalleled customer insight that we use to engage our audiences with new experiences, media content and marketing to attract a broader demographic of recreational players. Read more: pages 34 to 37

Product & Content
Our award-winning in-house development studios enable us to create exclusive content and innovate to provide our customers with a richer, more engaging experience. Read more: pages 26 to 33

Proprietary Technology
By owning and operating our own technology we can be more ﬂexible and adaptable, keeping us ahead of the competition and enabling us to expand into new markets, provide great products and lead on responsibility. Read more: pages 27 to 29

CRM and Data
Our customer CRM capabilities and player analytics enable a powerful data-led approach to marketing. Read more: pages 14 to 16

People and Talent
Our people are our number one asset and our ability to attract and retain the best minds both within and beyond the industry is key to our success. Read more: pages 46 to 47

Regulatory Expertise
As the world’s only global operator operating exclusively in regulated and regulating markets we have unparalleled experience of working with regulators coupled with an uncompromising approach to player safety. Read more: pages 38 to 39

Leading Player Protection
We provide best-in-class customer protection through innovative features, customer support, communications and our culture. Read more: pages 44 to 45

Global Scale and Brands
We offer over 30 leading brands, some dating back more than 135 years, offering customers a great trusted offer. Read more: pages 2 to 3

Our strategic framework

Before a refresh in November 2023, Entain’s strategy was based on the two pillars of growth and sustainability.

Key:
* Achieved
* On target
* Not achieved

2023 priorities	KPIs	2023 progress
Growth
1. Leadership in North America	Established Top 3 operator with 14% share of Sports Betting & iGaming market in US and Ontario NGR $1.95bn, +36% YoY growth
		28 live markets with 49% adult population; 4 new launches; Ohio, Massachusetts, Puerto Rico, Kentucky
		Successful delivery of Single Account Single Wallet functionality across 27 states
		Signiﬁcant digital sports offering improvements; app speed, user experience, broader bet offering
		iGaming strength supported by new games & product enhancements – 33 exclusive new game launches by our in- house studios (Read more on page 27)
		Acquisition of Angstrom Sports (Read more on page 29)
		Global Online market 107bn
		Group NGR £4.8bn
		Online NGR £3.4bn
		Underlying EBITDA £1.0bn
2. Grow presence in core markets	Online Actives +10%, FTDs +7%
		Online NGR growth on a compound annual basis over the last four years of 12%
3. Expanding into new markets	Entered Netherlands (BetCity completion Jan-23), Poland through acquisition of STS, and New Zealand through 25yr partnership with TAB NZ
4. Extend into interactive entertainment	Pivoted eSports strategy, Unikrn no longer B2C brand, now supporting eSports offering for our other brands.
Sustainability
5. Lead on Responsibility	Rolled our ARC™ across 27 jurisdictions, including real-time models in 23 jurisdictions. ARC™ for retail now live across UK and ROI
		98% completion rate of annual compliance, safer gambling, and AML training
		Contributed 1% of our GGY in the UK to Research, Education and Treatment (RET), totalling £18.7m
		£20.8m Contribution to safer betting and gaming initiatives
		83% Employee satisfaction with approach to wellbeing
		2035 Target set for carbon Net Zero throughout operations
		£100m Commitment to Entain Foundation over ﬁve years
6. Diversify our regulated activities	100% of revenues from regulated or regulating markets since February 2023
7. Broaden our customer appeal	F2P Coral Racing Club – (Read more on page 30)
		Ladbrokes Live – (Read more on page 33)
		F1 – (Read more on page 37)
8. Invest in our people & communities	Entain’s Returnship programme with McLaren Racing receiving accolades at the Women in Gaming Diversity Awards and the Personal Today Awards
		250+ aspiring champions received SportsAid ﬁnancial award since 2019, to cover the costs of training, equipment, and travel.
		250 non-league football clubs supported via Pitching In since 2020, reaching their communities
		Launch of Black Professionals@Entain network

These refocused objectives recognise the progress achieved by the business, whilst acknowledging there is still further transformation needed to maximise the opportunities ahead. We have set clear targets and initiatives to deliver value for our stakeholders. Ensuring focused execution in driving Organic Growth, Margin Expansion and US market share growth.# Entain plc Annual Report 2023

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The world leader in betting, gaming and interactive entertainment
To deliver the most entertaining customer experience supportive by market leading player protection

Priorities	Enablers	KPIs	2023 progress
Online organic NGR growth in-line with market (from 2025, Ex-US)	Ongoing optimisation of market portfolio to maximise growth and ROI	>28-30%	+7%
	Implemented Comprehensive commercial and operational excellence program in key markets	>28% for 2026
	Build on capabilities and innovate our sports product	30% BY 2028
Online EBITDA margin (Ex-US)	Launched Project Romer to create a more agile organisation and drive gross cost efﬁciencies of c£100M	20-25%	20-25%
Market share	Capitalise on new product and pricing capabilities, and omnichannel
	Delivery of Single Account, Single Wallet functionality in 27 markets
	Enhancement of in-house content and capabilities through acquisition of Angstrom
People and culture	Technology and product
Governance	Organic growth
	Grow presence in existing markets, synergistic adjacencies
	Margin expansion	Drive margin expansion through scale and operational leverage
US market growth	Empower proﬁtable growth and share gains in the US

Purpose
Vision

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Strategic framework

Risks

Executive annual bonuses are linked to Operating Proﬁt, Online NGR growth and safer betting and gaming targets and customer metrics. Safer betting and gaming metric and customer satisfaction metrics implemented for 2023 bonus schemes.

Principal risks
1
2
3
4
5
6
7
8
9
10
Read more: pages 83 to 86

Principal risks
1
2
3
4
5
7
8
10
Read more: pages 83 to 86

Sports betting and gaming courses through our DNA. It’s the purple thread that steers our evolution, guides our people and shapes our purpose.

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Our technology and product

Entain today, is underpinned by incredible talent, in-house technology and leading product capability. We have hundreds of always-on sports data and game supplier integrations, which we bring to life as easy to play games way. With the largest RMG platform in our industry and a sportsbook powering approximately 1.8K matchers per day, we’re evolving our strong in-house technology,

Shaping the game:
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Our award-winning in-house gaming studios have continued to go from strength to strength in powering our brands globally and providing our customers with exclusive gaming experiences. From branded BetMGM non-traditional tap games, our in– house team has now delivered over 300 titles to our retail and digital brands. Demonstrating that our customers love our products, one of our original 2023 games, Pig Banker, saw over double the revenue of an average in-house new game within 60 days of launch. Pig Banker was so popular with our customers, that it trotted to the top 3 games worldwide, including number 1 in the UK, Brazilian, and Canadian markets. And to top things off, the follow up release, “Pig Banker: Three Little Piggies” proved to be an immediate player hit by taking the top spot for spins per player to

Our in-house gaming team also had cause for celebration in 2023, launching game “Pot O’ Fortune: Golden Tap”, which reached the top spot for GGR for game release of its type when compared to third party releases.

In-house gaming at Entain

Metric	2023 Performance	vs 2022
In House Studios GGR increased by 26%	+26%
Active players on in-house games across non US	+28%
Average spins per active also increased by 18%	+18%
14 in-house studios saw GGR growth across 14 European
33 new in-house games launched in the US

“The milestones reached and quality delivered this year are a testament to the unrivalled creativity and hard-work of our people in our in-house game studios. We’re proud of the way we develop, construct, and bring to life the exclusive gaming experience for our customers across our brands.”
Ciara Nic Liam
Gaming Director

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When it comes to in-house technology at Entain, our trading team are right at the heart of it. Our in-house trading platform is powered by our own propriety technology, which turns millions of real-time data points into odds for our customers. Every kick, goal, overtake and point scored is integrated from multiple data feeds and turned into a betting opportunity for players worldwide. What makes our in-house tech so fundamental to our transformation is the strength of its core. With it, we’re set up to be able to tweak, adapt and localise the peripherals of our platform to suit the needs of our players, all over the world.

The technology that powers our in-house trading platform

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Betstation brings a market leading digital experience to our players which is a cut above the rest.”

Introducing Angstrom: next generation sports betting

Our Retail technology -Major milestones hit for our digital in-shop experience

Last October, we completed the acquisition of the newest member of the Entain Group, Angstrom. Angstrom Sports’ unrivalled sports modelling, forecasting and data analytics provision simulates predictive modelling, in order to create highly sophisticated pricing and forecasting capabilities. In short, it will be a game changer for our in-house trading technology. Angstrom will enable BetMGM to provide endless moments of excitement for fans in the US, with the most accurate lines in the industry. The acquisition secures Entain as the only global operator which will have a full in-house suite of end-to-end analytics, risk and pricing capabilities for US Sports betting products.

We hit a milestone moment last November, as Group BetStation went live in our 1000th shop in the UK & Ireland Retail Estate. Our in-house developed software gives customers the freedom to place their bets in players that’s a cut above the rest.

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With over 30 brands, across 40 markets, we’re able to provide entertaining experiences to customers all over the world. But it’s not just through our core product offering that our customers engage with us. At Entain, we go beyond the game to enhance the sports betting and gaming experience for our players – beyond a bet, scroll or tap.

Coral Racing Club brings customers closer to the action than ever before following the launch of the free-to-join Coral Racing Club. The club provides a unique opportunity for racing fans to feel like a racehorse owner through unmissable content, priceless opportunities, exclusive offers and much more. Now over 160,000 members strong, the Coral Racing Club has created thousands of unforgettable memories with its stable of 10 racehorses, including over 1,000 raceday tickets won by members, 37 unique ‘owner for the day’ experiences created and in excess of £40,000 being shared in prize money.

For many years Coral has demonstrated a deep passion for, and commitment to, British Racing, expanded our sponsorship portfolio to become the leading bookmaker sponsor in the UK. And now, with the Coral Racing Club, Coral is doing more than any betting operator has done before to grow the appeal of racing and promote the sport.”
Simon Clare
Director of PR

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Beyond the game: customer experiences

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Elevating the social betting experience with STS and Eurobet

STS’s new brand campaign, Kocham zakłady, has been a huge success in the last few months in the form of a new ecosystem designed to inspire customers. It incorporates a new smart betting experience and empowers customers.

Eurobet’s ReadyBet

Empowered by a seamless digital experience across various devices, Eurobet’s Readybet effortlessly generates weekly, the leading betting experience. Readybets, generated weekly through inputs from retail shop managers, the trading room, marketing teams, and even digital and retail customers, provide customers with a tailored and enhanced betting experience.Offering a curated selection of “wise” picks from reputable and successful sources, the Readybet platform fosters a sense of community by turning customers and betting shops into interactive “tipsters.” Enhanced with dedicated promotions and challenges, this approach bridges the gap between conventional sports betting and a social experience, creating a vibrant marketplace accumulator bets. Last year, our joint venture BetMGM continued to offer fans unforgettable entertainment built around the game they love, with a multi-year extension of their NHL ® . ‘Players Bet’ is built around the trusted community of STS players who draw inspiration from each other’s bets, including bets shared by the best players with a proven track record of effectiveness. Over 2 million bets have been copied in 2023 indicating that players actively seek bets from trusted sources. The fact that 51% of copied bets are turning into real bets, shows the strength of this feature and the power dormant in the community. Through team-branded casino games, a selection of slots, VIP fan experiences, and sponsored branding in national broadcasts, players will experience the ultimate in sports and entertainment. This includes special branded games such as the NHL ® Slot game, Gold Blitz, VIP fan experiences, and sponsored branding in national broadcasts. Entain’s premier partners, the NHL and NHLPA, deliver exciting activations, including the NHL ® : 32 Entain plc Annual Report 2023

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The O2, AEG Presents, and NME.

Last year we embarked on an exciting new era for Ladbrokes, connecting thousands of fans with free events through the Ladbrokes LIVE platform. In The O2, AEG Presents, and NME, we’re working with three of the biggest and most iconic brands in the entertainment industry and this means we will be able to reward our audiences with the chance to attend some of the most exciting live shows in Britain for free.” Kelly Rose, Marketing Director, Ladbrokes.

Ladbrokes LIVE, powered by Sportradar, furthered its ambition to provide customers with excitement beyond the sportsbook and into the world of entertainment. Ladbrokes LIVE is an entertainment platform that rewards thousands of fans with free access to the UK’s best live music, comedy and sports events, powered by exciting content partnerships with The O2, AEG Presents, and NME.

The unique collaboration between Ladbrokes and NME has also seen the return of the iconic Club NME nights with a series of dates across the UK featuring incredible headline talent and unmissable DJ sets. Fans have been able to win free access to Club NME nights through the Ladbrokes LIVE platform. With over 135,000 plays and hundreds of tickets already won in 2023, we are giving reasons for consumers to engage with us again and again in, everyday play.

Besides bringing pure entertainment and joy to the football fans and uniting players from across Europe, bwin and other Entain brands were able to generate unrivalled brand presence across the continent during the 22/23 season, with branding visible at 80% of all matches across 56 countries; 20% of this being Responsible Gambling messaging.

“For us, it’s about being there for our customers, and as UEFA’s Official Partner, we’ll be there for every shot, pass and tackle to make the third season an even better one for our customers.” Gemma Bell, Head of Sponsorship, bwin.

For the past two seasons (21/22 & 22/23) bwin has delivered the ultimate football experience by giving fans the opportunity to play in ‘the bwin Fans Final’ in the UEFA Europa League Final Stadium.

During the UEFA Europa League Final in Budapest, bwin welcomed 40 customers to the Puskas Arena, the day after the UEFA Europa League Final in Budapest.

Joined by legends Esteban Cambiasso and Luis García, bwin laid out the red carpet in Budapest for 40 customers who witnessed the UEFA Europa League epic between Roma and Sevilla unfold, before taking to the turf of the Puskas Arena the next day. Customers were treated to pre- match training sessions, personalised kits and the opportunity to lift a customised trophy just like the Sevilla players did a few hours prior. Joined by legends Esteban Cambiasso and Luis García, the bwin Fans Final saw dreams brought to life for our players. An intimate lunch with the ambassadors and the nomination of the Player of the Match rounded the experience into an unforgettable event with one of the winners stating: “These days I will never forget, the memories will live with me forever. It was the best football trip ever, a dream came true, what a privilege to have been part of it.”

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Championing the game: Advertising

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All of our brands have their own unique identity – from the striking blue of Coral to the playful orange of Foxy Bingo. It’s our heritage and brand recognition that has built up such trust with our customers, and it’s through this trust that we’ve been able to push boundaries with iconic advertising, activations and campaigns. Last year saw Foxy Bingo’s ‘Get Your Fox On’ ATL campaign level-up with creative activations including Foxy’s Mullet Salon, The Celebrity Swap Shop and Dirtie Gertie’s.

Opened by Geordie Queen, Vicky Pattison, Dirtie Gertie’s Mullet-only Salon in Newcastle offered consumers free mullet haircuts, foxy nails and games of bingo. In central London, the brand partnered with a range of pedicabs and iconic parts of the centre were turned purple and orange with incredible out-of-house advertisement, with over 2 million impacts. In total, the campaign gained a 1.1 billion reach via media coverage, gave 94 dodgy haircuts and engaged whole new community of Foxy fans.

Get Your Fox On with Foxy’s Celebrity Swap Shop & Mullet Salon

35 Entain plc Annual Report 2023

Gala Bingo continued to build community spirit amongst its players, with a summer activation called ‘The Jolly Good Fish & Chip Hotel’.

With the iconic bingo call 33, Gala’s ‘The Jolly Good Fish & Chip Hotel’ gave British seaside goers the chance to enter Gala Land and be in with a chance of winning one of 100 prize holidays, alongside games of bingo. The activation built on Gala’s ‘Where A Little Joy Goes A Long Way’ campaign and brought together elements of seaside fun and bingo to create an unforgettable experience, especially for those who might not have had the chance to visit the seaside during the summer. With over 800 consumers attending the prototype hotel and 314 million people reached via earned social media coverage, it’s safe to say customers experienced the brand in a whole new way, combining the classic charm of the Great British seaside with the wonder and joy of Gala Land.

Eurobet.Live with Luca Toni

Eurobet.live elevated the football experience for fans across Italy with the launch of its innovative platform, fronted by Italian legend and World Cup winner, Luca Toni, as its presenter. The campaign seamlessly integrated the excitement of live scoring with the thrill of the matches themselves, providing viewers with real-time updates, insights and analysis, detailed statistics and engaging multimedia content. Eurobet.live not only celebrated the passion and excitement of football, but also underlined its commitment to providing fans with a comprehensive and immersive platform to stay connected to the game they love. Eurobet.Live has also strengthened it’s connection with fans, through prestigious partnerships with several Serie A teams, including the iconic Juventus as well as a partnership with the entire Serie C league. These strategic alliances served as a powerful bond between the Eurobet.live brand and football fans on the ground, solidifying its position as the premier platform for live scoring, results, and multimedia content in Italy.” Alexis Grigoriadis Marketing Director, Italy

Get Your Fox On with Foxy’s Celebrity Swap Shop & Mullet Salon continued

In the wake of Foxy’s new laundrette theme ads, the team brought the screen to life up north with The Celebrity Swap Shop, where locals swapped drab for fab and get their hands on a celebrity item. 17 celebrities donated items to the laundrette, and in total, 23 bags of clothes were donated to charity. Foxy consumers took to the laundrette to experience the brand’s new and engaging identity and with free Bingo sessions on site. The brand saw a 17% increase in betting players from the activation.# Entain plc Annual Report 2023

BetMGM

BetMGM and our joint venture, BetMGM, left a lasting impression at the Las Vegas GP. From exclusive grandstand hospitality to the excitement of experiencing incredible entertainment within touching distance of the track in their retail shops, BetMGM bolstered the anticipation of placing bets on the race with awesome experiences throughout the GP weekend. The team also pulled off some incredible activations with McLaren Racing; from BetMGM’s logo being centre stage on the car to a series of marquee and On-property digital placements, BetMGM certainly gave F1 superfans an experience to never forget. The spectacle received 3X the number of bets compared to any other F1 event in the company’s history. The Las Vegas GP certainly shattered records for the King of Sportsbooks.

TAB New Zealand

TAB, as the naming rights sponsor for the meeting, wanted to do something different to attract attention of customers. A few days before the meeting, Entain Australia and NZ took over the second tallest freestanding structure in the southern hemisphere, Auckland’s Sky Tower, and projected the barrier draw for the three main races onto it. Watched on by trainers, owners and horse racing fanatics, the incredible display revealing which horse starts where, set the scene for a weekend that ended up smashing records for TAB’s horse racing history. The six-race meeting saw a 26.6% increase in turnover compared to the highest wagered meeting in the previous year for two separate races, as well as an increase in customers and turnover for the Karaka Millions raceday. The Year-on year-turnover for the TAB Karaka Millions up 66%.

Super Bowl LVIII

Known for its massive audiences, thrilling action, much-anticipated commercials, and the spectacle of the game itself, the Super Bowl presented a huge opportunity for BetMGM to be at the centre of the action, having the world’s largest sports spotlight shone on it. To maximize this opportunity, Entain launched its new Nevada app with access to BetMGM’s full sportsbook offering, weeks before the Super Bowl, giving the best BetMGM experience to the NFL fans in Nevada for this landmark event. Then, BetMGM set out to do what so many other brands struggle to do in this domain, carve out a memorable Big Game commercial that perfectly complements and establishes a connection with the brand.

Its three-part campaign which featured the never-before-seen pairing of sports legends, Tom Brady and Wayne Gretzky, along with actor Vince Vaughn, marking an iconic moment for BetMGM. The BetMGM team didn’t stop there. In addition to the advertisement, BetMGM executed a multi-faceted approach to “Win Las Vegas” for Super Bowl week. Alongside extraordinary VIP experiences with celebrity ambassadors, BetMGM painted Las Vegas gold and black with a variety of outdoor, indoor, digital and special advertising campaigns that greeted fans from the moment they get off the plane.

BetMGM partnered with X in a one-of-a-kind collaboration to amplify its presence on the platform, starting with the Super Bowl and continuing through 2025. Regardless of who was the Super Bowl champion, BetMGM came out a winner. The new platform was able to handle a 30% uplift in activity over the Super Bowl weekend and a 72% increase in customers from the 2023 Big Game, thanks to the incredible efforts and collaboration between the Entain, BetMGM and MGM teams. Smashing records under the neon lights of Las Vegas.

37 Entain plc Annual Report 2023

1 Overview

8 Strategic report

88 Governance

140 Financial statements

Regulatory update

Unlike slots and poker, casino table games are regulated on a state-by-state basis. The states may either create a monopoly or issue as many licences as the state has land-based casinos. By the end of 2023, the German Federal states of Schleswig-Holstein and North Rhine-Westphalia had opted for a licensing system. To date, only Schleswig-Holstein has completed the licensing process, but the group has opted not to apply for a licence for commercial reasons. In North Rhine-Westphalia, details on the tendering process were expected to be published in 2023 but due to various delays, the details are now expected in Q1 2024. Entain looks forward to participating in this process.

Germany

Germany has now been operational in Germany for over a year. Encouragingly, the GGL has been more proactive in issuing sanctions against unlicensed operators, but we still see room for improvement in terms of enforcement and player protection. We are continuously working with the regulator and state governments to push for more effective enforcement against illegal operators and in 2023 worked jointly with the University of Leipzig and the local online casino association to produce a study investigating the scale of the issue. While the Group was granted three slots and two poker licences in November 2022 and the Group´s sports betting licences were also extended for another 5 years in late 2022, the restrictive environment in Germany continues to prove challenging. The process for managing playing limits for slots, poker and sports betting remains one of the most pertinent regulatory challenges for licensed operators. There is also mounting political pressure for stricter sports betting advertising regulations, with the updated Interstate Treaty set to be published soon.

The UK

The UK Government published its White Paper of the 2005 Gambling Act Review in April 2023. As expected, this document included consultations on a number of areas, including online slots staking limits; regulatory levies; affordability measures, including a Gambling Ombudsman; additional requirements on game design and direct marketing as well as the creation of an Ombudsman. We continue to engage government actively in this process, both directly and via our trade body. We have continued to develop and enhance our Advanced Responsibility and Care™ programme to identify and protect customers at risk, as well as targeted interventions and interactions. Whilst many of the changes within the White Paper can be achieved via secondary legislation, we are collaborating with the other major operators to voluntarily progress initiatives such as a single view of the customer and the creation of an Ombudsman.

Gaming is a truly global market and in 2023 the Group held licences in over 30 jurisdictions across the world. The Group is committed to only operating in regulated or regulating markets and as from February 2023, 100% of the Group’s revenue was generated in regulated or regulating markets. We believe that viable regulation of the betting and gaming sector is in everyone’s interests. It provides stability for operators, important taxation streams for governments and – most importantly – provides the consumer with proper protections and safeguards by ensuring that only responsible providers operate in the market.

38 Entain plc Annual Report 2023

1 Overview

8 Strategic report

88 Governance

140 Financial statements

Africa

In late 2023, Entain decided to withdraw from the regulated markets of Zambia and Kenya but the Group remains committed to its strategy of only operating in regulated or regulating markets within South Africa, where it has been present for a number of years.

US

The sports betting regulatory activity continues at pace in the United States. Kentucky, North Carolina and Vermont are amongst the US states that have regulated in 2023. Rhode Island has been added to the list of US iGaming states. Finally, additional states have adopted, or are in the process of adopting, modernised forms of responsible gambling regulation; a trend Entain welcomes with an eye on the long- term sustainability of the US market. Bearing in mind that over 35 US states have already allowed for sports betting in one form or another, the Group remains of the view that in the coming years some 40 or even 45 US states will have regulated sports-betting, which will provide BetMGM with even broader market access across the country. The number of states that permit online casino is also expected to grow in the years to come – for example the state of New York as already announced its intention to attempt iGaming regulation in 2024.

LATAM

In Latin America, Brazil adopted a law that allows for domestic licensing of sports betting and online casino in late 2023. The law will be implanted throughout 2024, with the market expected to launch at some point in Q3 2024.The regulation will extend to all online gambling verticals, including sports betting and gaming, and will allow for an open licensing system subject to payment of betting and other taxes and fees. Furthermore, the Group has launched licensed operations in Mexico under its bwin brand. There was better news in France where we have seen nascent discussions about the possible legalisation of online casino, while in Croatia the Government completed a regulatory review and is now looking to bolster its efforts to tackle the illegal market.At the end of 2023, Entain only operated in two markets in Europe where it is not yet locally regulated. Despite our best efforts in Austria, there have been no changes to the status quo and the Government has no imminent plans to initiate the reforms it announced in March 2021. Nevertheless, we will continue to push for regulatory reforms. Encouragingly, in Finland the legislative process of dismantling the monopoly in favour of a licensing system that we expect to come into force sometime in 2026.

Australia
A parliamentary inquiry issued a report in 2023 calling for a ban on gambling advertising as part of a 31-point plan to reform the Australian gambling market. It also proposed various other measures including the establishment of a single national regulator and a formal duty of care. We expect the Government to come forward with its response to the report and to outline its proposed next steps. Elsewhere, the National Self-Exclusion Register BetStop launched in August, while a ban on credit card betting was adopted in December 2023 and will come into effect in mid-2024.

Canada
The Ontario online betting and gaming market became regulated on 4 April 2022, creating a framework for the Province to issue domestic licenses for private operators. Entain operates in Ontario through its bwin and Party brands as well as Sports Interaction, a Canadian brand the Group acquired in February 2022. Going forward, other Canadian Provinces such as Alberta and British Colombia are expected to introduce regulation.

Other Europe
In 2023, wide-reaching advertising restrictions were introduced in Belgium, while a pending parliamentary bill and a draft Royal Decree could impose further restrictions on local operators in 2024. Fortunately, the sector was successful in blocking a proposal to introduce an additional 5% tax which would have had a detrimental impact on licenced operators and encouraged customers to move to black market operators and therefore reduce player protections.

In the Netherlands, Entain completed the acquisition of BetCity in January 2023. National elections took place in November and we await the formation of a new coalition government which could lead to change in direction for gambling policy. We are also expecting the Dutch authorities to come forward with new proposals on playing limits, AML and duty of care requirements which are likely to come into effect in 2024 and impose stricter compliance requirements on operators. The headline gambling tax rate also increased by 1% to 30.5% from 1st January 2024.

In Italy, the Government published a new framework law in 2023 laying the foundations for potentially wide-reaching sectoral reforms to be enacted in 2024 and beyond, including an overhaul of the current gambling licence tender procedure which will increase licensing costs and impose stricter regulatory requirements on operators.

In Spain, the government has moved oversight of gambling to a newly-formed Ministry, while plans to introduce a system of cross-operator limits remain on the medium-term agenda.

In Ireland we are still awaiting the enactment of the pending Gambling Regulation Bill that will introduce a formal regulatory and licensing regime for online gambling.

In Portugal, a draft law has been published to amend the Gaming Act, including the introduction of a B2B licence regime to take effect from 2025.

In 2023, we have seen tax increases announced in several of the markets where we operate. The Prime Minister of Georgia announced plans to increase taxes for online gaming from 10% to 15% GGR, and player winnings withholding taxes from 2% to 5%, effective from 1 January 2024. The Swedish government has announced its intention to increase the rate of gaming tax from 18% to 22% with effect from 1 July 2024, while the Latvian Government plans to increase online gambling tax from 10% to 12% GGR from January 2024.

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Entain plc Annual Report 2023
1 Overview 8 Strategic report 88 Governance 140 Financial statements
Regulatory update

At Entain, sustainability is a key enabler of our corporate strategy. The Sustainability Strategy 2023-2025 is our roadmap for delivering on our ESG commitments and targets. It is built on a robust framework of policies and procedures, and aligns with the UN Sustainable Development Goals. 2023 was a pivotal year for sustainability at Entain as we unveiled our new Sustainability Strategy, building on our longstanding commitment to sustainability and taking it to the next level. With this new Strategy, we wanted to strengthen our sustainability leadership position as well as listen to our stakeholders and respond to the changing Environmental, Social, and Governance (“ESG”) landscape. We conducted a double materiality assessment to help us understand our unique sustainability-related risks and opportunities, as well as our impacts on society and the environment. We conducted surveys and interviews, analysed industry reports, and held leadership workshops, gathering input from over 250 internal and external stakeholders from around our business, to understand how we can ensure we are supporting value creation to all stakeholders. These insights helped us develop a strategic framework that will focus our sustainability actions in the coming years. Our new approach, which is presented on the next page, is structured across four pillars that encapsulate those ESG issues that are most important to Entain, our customers, investors, and partners:

Be a leader in player protection
Provide a secure and trusted platform
Create the environment for everyone to do their best work
Positively impact our communities

We report extensive progress across each of these strategic pillars. We invite you to discover our achievements on the following pages, which include:

Rolling out our player protection programme ARC™ in our digital offer to cover 27 jurisdictions and launching ARC™ for retail in the UK and the Republic of Ireland.
100% of our revenues coming from regulated or regulating markets since February 2023.
Winning Innovator of the Year at the Women in Gaming Diversity Awards for our Returnship programme with McLaren Racing.
Partnering with EcoVadis, the world’s largest platform for supplier sustainability ratings, and onboarding 35% of in-scope vendors and supporting them to improve their sustainability performance.

Looking at 2024, we will remain sharply focused on delivering our new strategy and continuing to embed sustainability into every aspect of our business. This includes our ongoing work to drive our ESG agenda and to ensure that sustainability continues to be a key differentiator for Entain and plays a vital role that underpins our long-term growth.

Sustainability at Entain
1 Overview 8 Strategic report 88 Governance 140 Financial statements
Entain plc Annual Report 2023
40
Sustainability
Entain’s Sustainability Strategy
At Entain, we see sustainability as a key enabler of our corporate strategy and growth. We embrace our role within society with the strongly held belief that the most sustainable business in our industry will be the most successful. Our approach to sustainability is guided by our Board-level strategy and targets, and by the expertise of our dedicated Sustainability team. The Board’s Sustainability and Compliance Committee has ultimate oversight and has assigned Board-level oversight, summarised below. You can read more details about how we developed the strategy using the results of our 2023 double materiality exercise here.

What it means
Aligned material clusters
Focus areas
Oversight

Be a leader in player protection
We provide industry-leading customer protection through innovative features, customer support, communications and our culture.
Safer betting and gaming
Ethical & compliant behaviour
Innovation
Industry-leading tailored customer protection tools and processes
Empower our people to support and protect our customers
Harm prevention through education and responsible communications
Promote research and share evidence-based learnings with the industry
Sustainability & Compliance Committee

Provide a secure and trusted platform
We lead on integrity in everything that we do. From having the highest ethical standards, to only operating in regulated markets, with an aim of gold standard data protection, and cybersecurity.
Ethical & compliant behaviour
Data privacy and cybersecurity
Corporate Governance
Only operate in regulated markets
Ethics and integrity at the core of our organisation and culture
Provide industry-leading cybersecurity, data privacy and AI governance
Clear and robust governance processes for each of our key ESG areas
Sustainability & Compliance Committee

Create the environment for everyone to do their best work
We are an employer of choice, and we build an inclusive and supportive culture where talents from all backgrounds can thrive.
Diversity, equity and inclusion
Having the right people
Attract, engage and retain the best, most diverse talent
Provide the right growth opportunities for all
Build a sense of belonging for all Entainers
People & Governance Committee

Positively impact our communities
We play our role in limiting global warming to no more than 1.5°C and we create a positive impact on our communities.
Environmental Sustainability
Corporate Governance
Reduce our environmental impact
Creating a sustainable value chain
Promote grassroots, women’s and disability sports
Support communities where we operate
Sustainability & Compliance Committee

Entain plc Annual Report 2023
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1 Overview 8 Strategic report 88 Governance 140 Financial statements
Sustainability
Climate governance
Given the urgent need for action to address the climate emergency, we have stepped up our governance in this area. Our CEO is now responsible for our approach to climate change, and climate-related risks and opportunities. In addition, we have developed our Net Zero Action Group. The Net Zero Action Group reports to the ESG Steering Committee, which is a selection of leaders from around the business who are responsible for delivering and developing an organisation-wide approach to achieve our Net Zero ambitions.You can read more about how we manage our climate-related risks and opportunities in our TCFD Statement on pages 56 to 63. In addition to the ESG Steering Group and the Net Zero Action Group, we have formed groups that report to the ESG Steering Group that focus on delivering our additional expertise and insights from the business. Steering groups include groups focused on Anti-modern Slavery and Human Rights, Safer Betting and Gaming, Anti-Money Laundering, and Diversity & Inclusion.

Board Committee Oversight

In May 2023, Entain restructured its Board oversight of ESG issues to better manage the increasing workload of the prior ESG Committee and further embed sustainability across the Group. The newly created Sustainability and Compliance Committee was created to take on the bulk of the responsibilities of the former ESG Committee. The Sustainability and Compliance Committee has oversight for safer betting and gaming, regulatory compliance, anti-money laundering and & corruption, human rights (including our approach to addressing modern slavery risks), health and safety, environmental impact (including the evolution of our strategy and processes in response to the Taskforce for Climate-related Financial Disclosures), data protection and charitable donations, including the work of the Group’s Entain Foundation. Chaired by Virginia McDowell, one of our Non-Executive Directors, the Committee has three members and guides the business on all aspects of ESG strategy, sets targets and monitors our performance.

The second newly created Committee, the People and Governance Committee, took on the responsibilities of the previous Nomination Committee and added responsibility for oversight of the Group’s approach to Diversity, Equity and Inclusion and other people-related functions such as engagement and culture and employee wellbeing.

The ESG Steering Group

The ESG Steering Group, which meets monthly, consists of functional leaders from across the business, including Sustainability, Investor Relations, Human Resources, Corporate Affairs, Legal, Health, Safety & Security, Operations, People and Communications. Convened by our Group Head of Sustainability and chaired by our Group oversees the implementation of our sustainability strategy. Delivering our Sustainability Strategy starts with robust governance. As our ambitions grow, and best practice evolves, we continue to expand our processes.”

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1 Overview
8 Strategic report
88 Governance
140 Financial statements

Strategy
Board
Delivery
Coordination
Oversight
ESG Steering Group
Operating Units and Central Functions
Operational teams

People and Governance Committee
People and Governance Committee
Sustainability and Compliance Committee
People and Governance Committee
Anti-Money Laundering and Counter-terrorism Financing
Anti-Bribery and Corruption
Health and Safety
Environmental Impact
Modern Slavery and Human Rights
Privacy and Data Protection
Net Zero Action Group
Regulatory Compliance
Safer Betting and Gaming
Talent and capability
Diversity, Equality and Inclusion
Employee engagement
Employee well-being

Our performance across ESG

Rating Agencies

We are proud to be a sector leader amongst many of the leading independent ESG rating providers. The below table summarises our performance and improvement over time. We will continue to work tirelessly to further improve our ESG practices and performance, with the aim of further improving the standards for our industry and in these external assessments.

Rating	Evaluation	Score (31 December 2023)	Score (31 December 2022)	Industry Rank
MSCI ESG Score	AA	7.2	6.7	N/A
Sustainalytics ESG Risk Rating	Low	19.6 (a lower score shows a lower risk)	22.3	13/87 in the Casinos & Gaming industry
ISS ESG ESG Score	C	49	47	1 st decile
S&P Global ESG Score	S&P Yearbook and DJSI Europe constituent	60	67	95th percentile
FTSE4Good ESG Score	Inclusion in FTSE4Good Index	3.8<>	3.8	93 rd percentile
CDP Climate Management	B	B	N/A

ESG Governance Structure

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1 Overview
8 Strategic report
88 Governance
140 Financial statements
Sustainability

Material issues
Safer betting and gaming
Ethical and compliant behaviour
Innovation
Oversight

Sustainability & Compliance Committee

Advanced Responsibility and Care™ (“ARC TM ”): Our leading tailored customer protection tool

Our recent materiality assessment found that safer betting and gaming is our most material ESG issue, and ARC™ is our – providing a technology-led approach to player protection through real-time and individually tailored detection, interaction and interventions with players that are potentially at risk. Given its importance to Entain and our customers, the roll-out and effectiveness of ARC™ is linked to through our Group Bonus Scheme, which includes our executive team. The details of how we incentivise the delivery of player protection is outlined further in the Remuneration Report on p131.

This year, ARC™ continued to mature in the UK and expand globally. By the end of 2023, ARC™ is now live across our core international markets (except Brazil). Our safer betting and gaming programmes in our retail estate in the Republic of Ireland and the UK are also supported by ARC™. This provides our customer facing retail colleagues with data-driven insights to help them spot and address risky play in our shops. We continue to monitor the effectiveness of ARC™, the results of which are reviewed by the Executive Committee and Sustainability and Compliance Committee quarterly.

Empowering our people

We continue to deeply embed safer gaming into the culture of our company. At the end of 2023, 98% of our colleagues were up to date with their mandatory annual safer betting and gaming training. This training provides all colleagues with the essential understanding of our approach to, and compliance requirements on, safer betting and gaming. However, we also understand key responsibilities for player protection.

Focus area	2023 Highlights
Best-in-class tailored customer protection tools and processes	Rolled our ARC™ to cover 27 jurisdictions (2022: 22), including real-time models in 23 jurisdictions ARC™ for retail now live across UK and ROI 7.5 million ARC™ interactions (+98% YoY) to 742,112 unique customers
Empower our people to support and protect our customers	98% completion rate of annual compliance, safer gambling, and AML training Enhanced safer gaming training, delivered by EPIC Risk Management, delivered to all senior leaders
Harm prevention through education and responsible communications	Expanded our stakeholder education and training in the US, through our partnership with EPIC Risk Management and major leagues as well as players associations such as the Major League Baseball, National Football League, League Soccer Players Associations and the NHL Alumni Association 20% of TV advertising space and football sponsorship dedicated to safer betting and gaming communications or Foundation promotion
Promote research and share evidence-based learnings	Final year of partnership with Harvard Medical School’s Cambridge Health Alliance Research into Safer Betting and Gaming Contributed 1% of our GGY in the UK to Research, Education and Treatment (RET), totalling £18.7m

Awards and accreditations:
UK North America International
GamCare Advanced Safer Gambling Standard
Online: Advanced Level 2 (highest level)
Retail: Advanced Level 2
EGR North America Awards 2023: Socially Responsible Operator
SBC Global and SBC LATAM Socially Responsible Operator of the Year
Vixio Global Regulatory Awards: Award for Outstanding Contribution

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1 Overview
8 Strategic report
88 Governance
140 Financial statements

Be a leader in Player Protection

For these roles, we continue to roll out more our senior leadership periodically undertakes in-depth training from EPIC Risk Management. Customer-facing roles who are responsible for engaging directly with our customers also receive in-depth training on identifying and interacting with customers who may be at higher risk of harmful play. We are also leveraging our partnership with Harvard Medical School’s Cambridge Health Alliance Division on Addition (“CHADA”) to support our training programmes. Since 2019, 16 of our safer betting and gaming training programmes have been reviewed by the team at CHADA the latest research.

Responsible marketing

Responsible marketing is a core part of our commitment to promote responsible attitudes, and protect children, young persons and vulnerable individuals. We have a long history of leading the industry in this area, spearheading the UK whistle-to-whistle advertising ban, sponsorship in UK football. Our commitment to responsible advertising and marketing is underpinned by our recently refreshed External Marketing Policy. This Policy outlines our responsible marketing principles. All relevant staff receive training on the policy. We also work closely with trade associations to strengthen best practice for our industry’s marketing and advertising. For example, we are a signatory of – and contributor to – the European Betting and Gaming Association’s (“EGBA”) Code of Conduct.# Promoting research through our partnership with Harvard Medical School

We are committed to promoting research through our partnership with the Cambridge Division on Addiction, which has now produced 14 research papers since 2019. The outcomes of this research have been highly practical, underpinning our 26 markers of protection – the behavioural patterns found to indicate signs of risk that are used by ARC™. As this research is published, or is in the process of publication, this allows not just Entain but the whole industry to access the latest research. You can read more about this research programme in our 2023 Social Impact Report.

Interactions excellence

Interaction Excellence aims to promote insightful and valuable discussions with teams that deal with customers that are potentially the most at risk. The training focuses on strengthening soft skills that colleagues will draw upon during customer interactions. In 2023, this training was reviewed by the Harvard Medical School’s Division on Addiction, Cambridge Health Alliance. Moving forward we will also conduct in-depth training with leaders from around the business (aimed at our senior leadership team and Board Directors), to further integrate a culture of player protection right at the top of the organisation. This training will be run by EPIC Global Solutions and refresh the leadership training delivered in late 2022.

Embedding safer betting and gaming into our culture

As part of the 2023 Group Annual Bonus Plan, a mandatory training module was implemented on compliance, safer gambling and anti-money laundering, achieving a 98% completion rate. Our goal is to train all colleagues on the importance of player protection, preventing money laundering, and responsible marketing – with retail colleagues receiving a more tailored version of the content relevant to their role. We also know that some colleagues have unique responsibilities for their role – whether it be engaging directly with customers, designing new products, or leading teams or divisions. In 2023 we worked with EPIC Global Solutions to deliver in-depth masterclasses and face-to-face-training on safer betting and gambling responsibilities. For example, our customer service and retail colleagues took part in sessions that equipped them with the skills to:

Core countries are those that are using our core technology platform. ARC™ is embedded within this core technology, so in these countries we can use the full power of our markers of protection and interactions.
Risk is determined based on our Long-term Excessive Play (LTEP) model, which is one of our three primary ARC™ Markers of Protection models, which scores every user of the Entain Platform from 1 (low risk) to 100 (high risk) daily. LTEP is used for assessing risk due to identify underlying problem gambling behaviour over time.
Introduce our retail teams to problem gambling to help them understand how gambling related harm can present itself and ensure that they are aware of how to protect our customers to limit the negative impacts of gambling.

Between May and August 2023, 294 colleagues attended the EPIC Safer Gambling Awareness training.

Affordability Interactions

This training provided our colleagues with guidance on the key steps they should take to ensure that customers are keeping their betting affordable, and the communication tools they can use to encourage safer gambling and manage customer interactions.

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1 Overview
8 Strategic report
88 Governance
140 Financial statements

Lead on player protection

Ethics and integrity at the core

We are committed to conducting our business in line with the highest ethical standards. We heavily invest in governance, resources, and training to combat problem gambling. For Entain, this starts with playing an active role in safeguarding the values and integrity of sport. We want all sports events to be fair and played to the best of participants’ abilities. This is why we work closely with regulators and sports governing bodies to prevent and detect corrupt betting activity. We are a member of the International Betting Integrity Association (IBIA) and the Sports Betting Integrity Forum (SBIF).

In 2023, we continued to reinforce our Ethics & Compliance (“E&C”) function with new team members and stronger governance. We launched a new Ethics & Compliance Charter and Strategy, which sets clear accountability across the group and ensures that our E&C team has the required independence and authority to act as an effective second line of defence. We also launched a three-year E&C Strategy, which sets our action plan for achieving a best-in-class E&C programme.

Only operate in regulated markets

The commercially viable regulation of the betting and gaming sector is in everyone’s interests. It offers stability for operators, important taxation streams for governments and – most importantly – provides the consumer with proper protections and safeguards by ensuring that only responsible providers operate in the market.

Since February 2023, 100% of our group’s revenue come from regulated or regulating markets. As of 31 December 2023, we held licences in 34 jurisdictions across the world.

We are actively pursuing opportunities in markets where we can see a clear pathway to regulation that will enable us to obtain domestic licences in the next two years. These regulating markets are Brazil, Mexico, Peru, Austria and Finland. For more about this, please refer to our regulatory update on pages 38 to 39.

We appointed a Group Money Laundering Reporting Officer (“MLRO”) and Head of Anti-Financial Crime (“AFC”), and we expanded our AFC team. After a period of growth and multiple acquisitions, we revised our organisational structure with all colleagues with AFC responsibility reporting to the central AFC Leadership Team. This new governance framework gives us better control and oversight across all our entities, subsidiaries, and joint ventures. We have also initiated an evaluation of our international subsidiaries to assess the maturity of local AFC programmes. This will conclude in 2024 with on-site visits and upskilling programmes tailored to the needs of our colleagues.

We are committed to the highest standards of financial crime prevention and are focused on strengthening our controls and procedures in this area to ensure we meet our regulatory obligations.

Material issues	Ethical & compliant behaviour	Data privacy and cybersecurity	Corporate Governance Oversight	Sustainability & Compliance Committee Focus area
2023 Highlights	Only operate in regulated markets 100% of revenues from regulated or regulating markets since February 2023 Ethics and integrity at the core of our organisation and culture New Ethics & Compliance Charter and Strategy Average completion rate of 95% across Entain’s Big Four Compliance Training Modules Refreshed set of Entain Values, with “Do what’s right” at its core	Provide industry-leading cybersecurity and data privacy Growing headcount in Data Privacy and Cybersecurity teams, by 25% and 35% respectively compared to 2022.	Clear and robust governance processes for each of our key ESG areas New ESG governance structure with two board-level committees (Sustainability & Compliance and People & Governance) # Entain plc Annual Report 2023

Throughout the year, we further embedded our Data Ethics Charter, which we launched in 2022, to ensure the responsible use of AI and data-driven technologies. We collaborate across the business to embed Privacy by Design, building data privacy considerations directly into the development of our products and processes. We have also been preparing for emerging legislation such as the EU’s AI Act. Working closely with our Data Sciences & AI (“DSAI”) colleagues, the Privacy team created a blueprint for Entain’s AI Governance Framework and developed a new AI policy which will be released in 2024.

As cybercrimes continue rising globally, we are continuously improving our cybersecurity programme to protect our players from digital threats. In 2023, we introduce new security features in our products such as customer multi-factor authentication. We also reinforced our cyberattack detection processes by deploying machine-learning and AI- based systems which uncover patterns of malicious activity and block attacks before they can reach our customers. We managed to decrease the average time to detect and respond to security incidents by 65% compared to 2022.

As part of our commitment to best practice for information security, we are working towards achieving ISO 27001 certification for our key data centres. As of 31 December 2023, 80% of our operations were ISO 27001 certified. In 2024, we will continue to build on our existing certifications and extend them to our 2023 acquisitions.

Clear and robust governance processes for each of our key ESG areas

In April 2023, Entain restructured its Board oversight of ESG issues to better manage the increasing workload of the prior ESG Committee and further embed sustainability across the Group. This new committee, the Sustainability Committee, reflects the increasing importance of ESG topics for the group. You can read about our ESG governance structure on page 43.

Focus area 2023 Highlights


Attract, engage and retain the best, most diverse talent	Launch of Black Professionals@Entain employee network
	Entain ranking 5 in the 2023 All-In-Diversity Project Index
	Entain’s Returnship programme with McLaren Racing receiving accolades at the Women in Gaming Diversity Awards and the Personnel Today Awards
Provide the right growth opportunities for all	Launch of Your Goals, Entain’s new objective-setting programme
Build a sense of belonging for all Entainers	Launch of refreshed values and behaviours
	94% of Entain Managers received mental health training through the Workplace of Tomorrow programme
	400,000 employee interactions with Entain’s Well-Me events, activities, and content
	9.1% utilisation rate for our Employee Assistance programme
Awards and accreditations:	Personnel Today Equity, Diversity & Inclusion award
	Women in Gaming Diversity Awards Innovator of the Year award

Material issues

Diversity, equity and inclusion

Having the right people is key to delivering on our strategy. Diversity, Equity and Inclusion (DE&I) are key to Entain’s future sustainability and success. Attracting and retaining key talent remains one of our Principal Risks as a tech business (see page 85), and workforce diversity plays an essential role in innovating, driving change, and delivering outstanding products and services for our customers.

As part of our commitment to DE&I, we understand the importance of global employee networks in providing a safe space for colleagues with a shared identity or experience. Launched in 2022, the Women@ Entain and Pride@Entain groups continue to grow, with over 1200 and 250 members respectively. In 2023, Women@Entain piloted a new mentoring programme for women in our Product & Technology team, matching participants with senior mentors. We also launched Black Professionals@Entain, a new network designed to create a culture where black colleagues can thrive professionally and personally. Led by our network, we signed a UK partnership with the 10,000 Black Interns Foundation, and have pledged to offer career opportunities to Black students and graduates in the summer of 2024.

On International Women’s Day 2023, we launched our Menopause policy. Our ambition was to help colleagues understand menopause-related issues and normalise talking about the symptoms. The policy came with a global awareness campaign and support for managers in having conversations around menopause. We built a virtual Menopause Hub with resources and bite-size training for those going through the menopause journey and for managers and teammates wanting information on how to best support women in the workplace.

We are committed to positively impacting diversity not just within Entain, but across our industry. We partner with universities and charities to improve female representation within STEM careers. One example of this is our partnership with Girls Who Code, through which we have reached 10,680 young women since 2021. You can read more about our work to drive diversity in the tech sector in our 2023 Social Impact Report.

In 2024, we will focus our efforts on further embedding DE&I within our Resourcing Strategy to increase representation in our hiring process. Our new recruitment and candidate management platform will provide us with better DE&I data on our candidates and recruits, allowing us to tailor interventions and set group-wide targets. We will also continue to remove any barriers in the hiring process for candidates and colleagues through the design and launch of our new recruitment platform in 2024.

Gender diversity at Entain

	2023	2022	2021
Group Board	3 out of 9 (33%)	3 out of 9 (33%)	4 out of 10 (40%)
Senior managers	221 out of 794 (28%)	194 out of 752 (27%)	128 out of 364 (26%)
All Employees	13,645 out of 29,576 (46%)	13,479 out of 28,940 (47%)	11,583 out of 25,554 (45%)

Provide the right growth opportunities for all

Our colleagues’ continuous personal and professional growth is essential, and we invest in targeted learning & development (“L&D”) within our business units. Programmes, courses, and self-led learning are tailored to the needs of our teams and individuals. Entainers globally have access to best- in-class learning resources, such as LinkedIn Learning, Get Abstract, and Pluralsight. These platforms enable our colleagues to continuously develop their skills – from marketing to Python coding or public speaking.

In 2023, we focused our L&D efforts on customer-facing roles, both in our global Customer Services team and across our Retail Estate. We know that customer satisfaction starts with great leadership and employees who feel supported and valued. In our Customer Services team, we kicked off Let’s Lead, a new leadership programme. The seven-week curriculum includes a mix of self-paced learning, in-person training, virtual sessions and coaching. With over 20 modules, the programme equips our managers with all the technical knowledge and soft skills they need to successfully lead their teams. This includes completing a Mental Health First Aider course, as part of Entain’s commitment to wellbeing. 979 colleagues have already completed the course, with 113 learning sessions delivered and we will roll it out to Hyderabad, India and Montevideo, Uruguay in 2024.

In our retail business, we have built a consistent foundation of competency and knowledge among managers and team leaders. The Enhance, Establish and Elevate Your Game programmes support colleagues at different points in their careers, with a focus on developing leadership skills. In 2023, the programme trained over 2000 colleagues. We are proud that many of our retail management team started as Customer Service Managers before growing into senior roles.

Last year, we also worked to harmonise the way our colleagues think about their professional objectives. We launched Your Goals, an objective-setting programme, to ensure all our colleagues have meaningful conversations with their managers about their goals and understand how these align with Entain’s strategy. In 2024, we will develop Entain Leadership Expectations which will be supported by a structured, consistent, and global leadership pathway.

Build a sense of belonging for all Entainers

Following an intensive period of business growth, we wanted to bring our colleagues together and consolidate our shared culture. 2023 saw us launching a refreshed set of values and behaviours which build on our core beliefs whilst helping us prepare for the next phase of our evolution: Do what’s right, Keep it simple, Go beyond, and Win together. More than words on a wall, these values act as guiding principles for our colleagues across all locations and at all levels. They have been embedded in everything we do, from the way we recognise our colleagues to how we set individual objectives. In line with these values, we remain passionately committed to creating a supportive and encouraging environment where all our colleagues can thrive.The Entain Well-Me strategy is designed to help employees make positive changes to improve their physical, mental, and emotional health. Our 2022 global well- being survey, which was completed by 9,600 colleagues, helped us identify strategic priorities for the coming years. In 2023, we rolled out Workplace of Tomorrow, a mental health programme designed to give people managers the tools to support their teams and create a culture of trust and psychological safety. Developed by experts at Unmind, the training equipped our managers to have supportive conversations, giving them practical knowledge on topics such as self- care, stress and anxiety, or active listening. 94% of the Entain managers completed the course last year. 74% of them taking action with their team as a result. Our 2023 global wellbeing campaigns were tailored to boost the mental and physical wellbeing of our colleagues. Our first wellbeing campaign, the Live-Well Festival consisted of a week- long event with expert-led workshops on healthy living, nutrition, and mindfulness. The campaign generated over 65,000 engagements on our intranet. In November, nearly 600 colleagues joined Breaking Stereotypes Together, a live event to champion men’s mental health and share techniques for combatting stress. Looking at 2024, we are using data from our global wellbeing survey to pilot Entain’s new resilience training, The Energy Edge. The programme aims to help colleagues grow their energy and performance through a mix of text learning, bite-sized videos, and interactive activities. We will open the programme to our retail colleagues in early 2024 before opening to our global workforce.

In 2023, we partnered with the McLaren F1 team on a Returnship programme, providing unique opportunities for skilled women to resume their STEM careers. Over six months, 10 career returners worked at both Entain and McLaren in roles ranging from Data Analysts to Software Developers. The placements were tailored to their experience and ambitions, and they received extensive support to ensure a successful transition back into work. We are delighted that, at the end of the returnship, most returners secured a role at Entain or McLaren. The programme received two accolades, including the Innovator of the Year at the Women in Gaming Diversity Awards.

Driving Diversity Forward with McLaren Racing

Entain plc Annual Report 2023 49

Create the environment for our people to do their best work

Material issues

Environmental sustainability

Corporate Governance Oversight

Sustainability & Compliance Committee

## Focus area	2023 Highlights
Reduce our environmental impact	70% global electricity from renewable sources, including over 99% in the UK through green tariffs and a 5-year Power Purchase Agreement. 9% decrease in market-based Scope 1 & 2 emissions globally from the prior year. Near-term and Net Zero submitted to the Science Based Targets Initiative (SBTi), with validation expected in 2024.
Create a sustainable value chain	35% of our in-scope third-party spend enrolled on the EcoVadis platform with 28% having a sustainability rating. 100 non-league football clubs supported via Pitching In since 2020, helping to cover the costs of training, equipment, and travel.
Promote grassroots, women’s and disability sports	251 athletes supported through SportsAid since 2019, helping with costs of training, equipment, and travel. £500,000 committed to SportsAid by 2024. 100 non-league football clubs supported via Pitching In since 2020, enabled to reach their communities.
Support communities where we operate	Donating £25.4m, to support our communities. Fundraising £0.5m for Prostate Cancer UK and £1m for Chance for the Children via the Ladbrokes Coral Trust, funding life-saving research and treatment.

Awards and accreditations: ISO 14001: Environmental Management across our operations in GB (shops, stadia and offices), ISO 45001: Occupational Health and Safety Management across our operations in GB (shops, stadia and offices), and ISO 27001: Information Security Management across our global operations.

Entain plc Annual Report 2023 50

Positively impact our communities

Environmental Impact

Doing what’s right is one of Entain’s long- standing values. Whilst our greenhouse gas (GHG) emissions are relatively low compared to companies in other industries, we have an important role to play due to our size and global scale – especially given the critical and urgent importance of climate change.

Entain has become the first FTSE-listed gambling and gaming company to formally commit to a Net Zero target with the Science-based Targets initiative. This process commenced in 2023 and is due to be concluded in 2024.

We are setting the industry on decarbonisation. We have committed to reduce our absolute scope 1 and 2 (market-based) and material Scope 3 emissions by 42% by 2027 from a 2020 base year, and 60% by 2030. We have also committed to be net zero by 2015 – reducing our Scope 1, 2 and 3 emissions by 90% by 2035, and investing in credible carbon removal projects to neutralise the remaining 10%. These targets, which follow the SBTi criteria, will see us reduce our emissions in line with a 1.5 decarbonisation pathway ahead of the UK Government’s 2050 timeline.

In 2023, our Net Zero Action Group has been formed to drive forward the delivery of our decarbonisation strategy and embed sustainability throughout the business. The group’s remit is to ensure we are on track to meet our targets and to identify opportunities for further carbon reduction (see next section). We continue to procure over 99% of our electricity in the UK from renewable sources, which equates to 70% renewable electricity globally. We are currently looking at the viability of sourcing renewable electricity in our key markets globally.

We recognise that as a digital business, we need to understand our digital emissions. We have been collecting and analysing data from our data centre suppliers to understand the energy consumption and renewable energy purchasing of our major providers. Our most recent analysis in 2022 indicated that over 50% of our data centres are on renewable electricity contracts, and we are engaging with our providers to increase this further. We know that ambitious decarbonisation requires credible and up-to-date data to monitor and address our emissions hotspots. In 2023 we signed up to carbon accounting software that we will launch and operationalise in 2024. To increase the quality of our emissions reporting, we have also commissioned the Carbon Trust to verify our Scope 3 emissions footprint in addition to our annual scope 1 and 2 reporting.

Creating a sustainable supply chain

Our commitment to ethics and sustainability extends to our business partners. We want to work closely with our suppliers to support them on their decarbonisation journey and to protect human rights beyond our operations. In early 2023, we took an important step by partnering with EcoVadis, the world’s largest platform for supplier sustainability ratings. EcoVadis allows us to evaluate our key suppliers and set corrective action plans across four topics – environment, labour and human rights, ethics, and sustainable procurement. The platform also provides our suppliers with e-learning training on a self-service model.

Working with EcoVadis provides us with access to primary emission data from our suppliers and helping us identify those who are committed to the Science Based Targets Initiative (“SBTi”).

This year, we focused on onboarding our existing suppliers to the platform, enrolling and assessing over 35% of in-scope vendors. This represents £523m of third-party spend. So far, we found that our suppliers scored on average 59.6 out of 100 on EcoVadis, 13.6% higher than the benchmark. We also embedded EcoVadis in our tender process, making its sustainability assessment a mandatory requirement for all winning suppliers. We are now working with our suppliers to create corrective action plans, supporting them in improving their sustainability performance. We encourage them to set Science-based Targets, increase their use of renewable energy sources, and publish policies around Anti-Bribery and Corruption (“ABC), Modern Slavery, and Diversity, Equity and Inclusion (“DEI”). Our ambition is for 75% of our in-scope third-party spend to be assessed on EcoVadis by the end of 2025. Next year, we will start implementing our 2024-2026 Modern Slavery Strategy by conducting an extensive risk assessment of all our in-scope suppliers, mapping areas where modern slavery could be more prevalent based on factors such as purchasing category or political instability.

We have the ability to request specific supplier self-assessment questionnaires and plan for external on-site audits to be completed in 2025.

Promoting Grassroots, Disability and Women’s Sports

Entain is passionate about sports and understands the role it plays in society. We are proud to invest at the grassroots level, supporting amateur and professional athletes of all ages, backgrounds, and abilities to chase their dreams. The Entain Foundation supports projects across the globe that you can discover in our 2022/23 Social Impact Report.

In the UK, we are proud of our long-term commitment to SportsAid, helping young British athletes aspiring to become the country’s next Olympic, Paralympic, Commonwealth, and world champions. Since 2019, Entain has helped 251 athletes by providing financial support to help with training, equipment, competition costs, and personal development training. We empower a diverse cohort of sports people nationwide, with a close to even gender split, 48% of our athletes with a disability and 16% coming from ethnic minority backgrounds. By 2024, we will have donated £500,000 to SportsAid.Entain plc Annual Report 2023 51

Strategic report

Positively impact

In the U.S., we have partnered with Oak Out Hunger Entain since 2022. The project, launched by the Charles Oakley Foundation, provides education in responsible gambling with other forms of support to underprivileged communities. The Entain Foundation U.S. sponsorship provides funding and expertise in preventing and mitigating problem gambling to the Oak Out Hunger community project. In 2023, the Entain Foundation U.S. helped fund 10,000 meals to those communities in need. If you would like to learn more about the difference we make with our partners across the globe, we invite you to review our 2022/23 Social Impact Report.

We also launched Pitching In in 2020 to support and develop grassroots sports in the UK, helping non-league clubs improve their facilities. This multi-million-pound, multi-year investment programme works with the Trident Leagues to champion their achievements and tell their stories. Pitching In has been designed from the ground up to deepen links between clubs and their local communities. We are also the founding partner of the Trident Community Fund since 2020, investing £150,000 every year to enable clubs to engage in vital community-based projects and invest in their local areas. In 2022, we unveiled the Pitching In Volunteer Hub, a unique online portal and one-stop shop for every Trident League club to connect football fans with potential volunteers. The Volunteer Hub provides a simple web-based interface where clubs can post volunteering vacancies, while fans can search for available opportunities in their preferred clubs or locations. To date, nearly 300 positions have been processed through the hub, helping to bring a vitally needed new generation of volunteers to the Pitching In clubs.

Support communities where

As a global business, we want to positively impact local communities across the markets where we operate. Entain partners with small to large-sized charities across the globe to support the causes that are the most important to our colleagues, our customers, and our communities.

In Kenya, we partner with ComputerAid, an international charity aiming to address unequal access to technology in African countries. Our support is helping to create a Solar Learning Lab (“SLL”) in Al Huda Primary School, providing technology access to traditionally marginalised communities in South Kenya. The SLLs are shipping containers converted into learning spaces powered by solar panels to generate electricity, enabling them to be deployed in remote locations. In 2023, we enabled ComputerAid to install two containers in Al Huda Primary School with 20 computer stations, 20 laptops, as well as drinking water and toilet facilities. We expect over 750 students to access this communal space in the coming months.

The Scope 3 categories included in our target are: Category 1: Purchase Goods & Services, Category 3: Fuel and Energy-related Activities, Category 4: Upstream Transportation and Distribution, Category 5: Waste Generated in Operations, Category 6: Business Travel, and Category 7: Employee Commuting.
We completed a similar risk assessment exercise in 2022 and we intend to repeat it every other year.

Entain plc Annual Report 2023 52

Strategic report

Our ESG Key Performance Indicators

Pillar	Data point	2023	2022	2021
Lead on player protection	Number of jurisdictions outside the UK covered by the ARC™ player protection programme	27	22	-
	% contributions of GGY to RET	1%	0.75%	0.5%
	Cash and in-kind contributions towards responsible betting and gaming initiatives	£20.8m	£18.3M	£12.9m
	Customer interactions regarding problem gambling	8.7m	1.8m	2.3m
	ARC™ Interactions	7.5m	3.7m	n/a
	Customer complaints	3,927	4,215	4,045
Safe & trusted platform	Number of customer interactions where proactive safer gambling measures were taken (e.g. direct customer outreach)	715	629	655
	Self-exclusions made	53,745	60,261	61,644
	% of revenues from domestically regulated or regulating markets	100%	100%	Nearly 100%
	Number of markets exited with no clear path to a sustainable and safe regulated betting and gaming industry	5	93	5
	% of Technology budget dedicated to Cybersecurity	3.2%	n/a	n.a
	Number of markets exited with no clear path to a sustainable and safe regulated betting and gaming industry	£0.7m	£3.6m	n/a

Entain plc Annual Report 2023 53

Our ESG Key Performance Indicators

Pillar	Data point	2023	2022	2021
Foster an inclusive culture	Employees worldwide (headcount)	29,582	28,940	25,554
	Employees worldwide (FTE)	23,650	24,195	19,314
	Female employees	13,645	13,479	11,583
	% female employees	46%	47%	45%
	Part-time employees	9,968	9,754	4,328
	% part-time employees	34%	34%	17%
	Median hourly pay difference between male and female colleagues (Gender Pay Gap)	4%	3%	5%
	Mean hourly pay difference between male and female colleagues (Gender Pay Gap)	16%	17%	16%
	Median bonus pay difference between male and female colleagues	44%	39%	60%
	Mean bonus pay difference between male and female colleagues	65%	66%	63%
	Females in all management positions (as % of total workforce)	37%	37%	38%
	Females in junior management positions (as a % of total workforce)	39%	40%	40%
	Females in technical roles	28%	31%	30%
	Female managers in revenue generating functions	40%	42%	38%
	Employees from a minority background, as a percentage of UK employees that have reported their ethnicity	15%	14%	18%
	Employees from an ethnic minority background	7%	7%	10%
	Employee age groups: <30	35%	37%	38%
	Employee age groups: 30-50	47%	46%	48%
	Employee age groups: 50+	15%	14%	14%
	Employee age groups: Unknown	3%	3%	0%
	Employee contract types: Permanent	99%	99%	98%
	Employee contract types: Fixed-termed	0.1%	0.1%	1.21%
	Employee contract types: Contractors	1%	1.5%	1.78%
	Customer Satisfaction	78%	60%	60%
	Average hours per employee of training and development	8.1	10.5	-
	Employee turnover – all	28%	36%	32%
	Employee turnover – voluntary	20%	27%	25%
	Whistleblowing incidents reported and investigated	65	51	29
	Whistleblowing incidents reported and investigated, broken down by category: Fraud and theft	12	12	5
	Whistleblowing incidents reported and investigated, broken down by category: Code of conduct	32	23	12
	Whistleblowing incidents reported and investigated, broken down by category: Procedural non-compliance	15	15	3
	Whistleblowing incidents reported and investigated, broken down by category: HSSE	1	1	7
	Whistleblowing incidents reported and investigated, broken down by category: HR Grievance	4	4	1
	Whistleblowing incidents reported and investigated, broken down by category: Not provided	1	0	N/A
	Accidents	603	624	456
	Employee work-related injuries	72	112	117
	Employee reportable incidents	5	5	-
	Public work-related incidents	11	9	-
	Public reportable incidents	0	22	-
	Robberies	50	73	36
	Incidents of anti-social behaviour	6,137	5,979	4,216
	Incidents of assault	452	240	132
	Absenteeism rate	4%	5%	N/A
	% of internal hires	23.8%	19%	N/A
	Employee engagement score	77%	74%	78%

Entain plc Annual Report 2023 54

Pillar	Data point	2023	2022	2021
Positive impact on communities (including Streamlined Energy & Carbon Reporting Data)	Total energy consumption (kWh)
	UK	124,771,815	125,026,096	110,509,736
	Rest of the world (RoW)	77,957,313	82,641,345	85,336,239
	Total	46,814,502	42,384,750	25,173,497
	Absolute direct emissions (scope 1) – (tCO 2 e)	5,899	4,414	3,663
	Absolute indirect emissions (scope 2, location-based) – (tCO 2 e)	27,202	26,846	24,767
	% of purchased electricity from renewable sources	70.3%	66.4%	67.4%
	Total GHG emissions – direct & indirect: location based (tCO 2 e)
	UK	33,101	31,259	28,430
	RoW	14,885	15,569	18,286
	Total	18,216	15,690	10,144
	Absolute GHG emissions intensity per employee (tCO 2 e/headcount)	1.12	1.08	1.13
	Absolute indirect emissions (scope 2, market-based) – (tCO 2 e)	9,171	12,151	12,677
	Total GHG emissions – direct and indirect: market based (tCO 2 e)
	UK	15,071	16,565	16,340
	RoW	625	1,980	4,932
	Total	14,445	14,585	11,408
	Waste generated (tonnes)	3,738	4,384	3,858
	Total Scope 3 GHG emissions (tCO 2 e)
	Category 1: Purchased Goods & Services (EEIO methodology)	346,051	315,550	288,524
	Category 4: Upstream Transportation & Distribution	15,726	12,100	6,399
	Category 5: Waste	7,873	83	4,398
	Category 6: Business Travel	101	4,456	4,046
	Category 7: Employee Commuting	312,603	315,550	288,524
	Supplier spend	£2.8bn	£2.7bn	£2.1bn
	Number of suppliers	12,613	12,006	10,380

Data covers all Great Britain licenses.
Data covers all UK licenses.
ARC™ real-time packages and risk-based interceptors, as well as ARC™ emails. It is a count of the number of customer interactions, not at a distinct customer.
Data only includes self-exclusions made via Entain’s own processes (e.g., via customer services) and does not include third-party self-exclusion schemes such as, for example, GAMSTOP (National Online Self-Exclusion Scheme) and the Multi-operator Self Exclusion Scheme. This information has been obtained from Entain’s Regulatory Returns.
Markets exited with no clear path to a sustainable and safe regulated betting and gaming industry from 01/01/2023 to 31/12/2023.
Includes all employees that have reported their gender, with the exception of those where gender has not been disclosed.
Data collected on 31 December 2023.
The gender pay gap figures are calculated using methodology recommended by the UK government.
Technical roles includes IT, Data Science, Engineering, Analytics, and Product functions.
Revenue generating functions include Marketing, Commercial, and Operations.
Includes employees who have reported their ethnicity as Asian, Black, Mixed, or Other, as a percentage of UK employees that have reported their ethnicity.
Data refers to all employment contracts active on 31 December 2023.
Average hours per employee of training and development for the full year.
Customer satisfaction measured via post-interaction surveys.
Absenteeism rate calculated as the percentage of working days lost due to sickness absence.
Employee engagement score based on annual employee survey.
Total energy consumption includes all energy used across operations, including electricity, natural gas, and other fuels.
UK data includes Great Britain and Northern Ireland.
% of purchased electricity from renewable sources is based on supplier declarations and renewable energy certificates.
Total GHG emissions are calculated using the GHG Protocol Corporate Standard. Location-based scope 2 emissions are calculated using average emission factors for the grid in each region.
Waste generated includes all waste streams, including general waste, recycling, and hazardous waste.
Total Scope 3 GHG emissions are calculated using a combination of industry-specific data and company-specific data, as well as the GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard.
SuperSport, Puni Broj, and Minus 5 who have left the business between 1/01/2023 and 31/04/2023.8. Data covers UK colleagues only. Data is based on a snapshot date of 5 April for the year stated, as per the requirements of the UK’s Gender Pay Gap Reporting.
Data covers UK colleagues only. Data is based on a snapshot date of 5 April for the year stated, as per the requirements of the UK’s Gender Pay Gap Reporting.
This 2023 data is based on a sample of 47% of UK-based Entain employees who have provided us with their ethnicity information. To prevent us from over or understating the
As a percentage of the total number of employees excluding contractors.
As a percentage of the total number of employees.
Our methodology to measure customer satisfaction changed in 2023, as we stopped using email surveys and replaced them with digital pop-up surveys shared with customers whilst online.
Data covers UK retail colleagues only.
We measure employee engagement based on the results of the annual Your Voice survey. The 2023 survey was postponed to January 2024, which is the basis for the 2023 data.
Coverage of energy consumption and emissions data is 100% for the UK, and 87% globally, by employee headcount. Global and ROW energy and emissions data are scaled up based on this coverage to estimate totals across global operations. This data includes energy consumption related to both scope 1 (company vehicles, gas, and fuel) and scope
Energy from renewable sources only includes electricity purchased that was actively sourced from renewables. All remaining electricity used by Entain is sourced from the local grids where we operate.
Emissions are calculated using the GHG Protocol Corporate Accounting and Reporting Standard. Consumption data has been converted to GHG emissions using 2023 BEIS emissions factors and 2023 IEA emissions factors for non-UK grid electricity. Emissions reported above are calculated using both the location-based and market-based methods, using an operational control boundary. 2021 and 2022 GHG emissions (Scope 1 & 2) data has been assured to limited assurance by the Carbon Trust based on ISO

Entain plc Annual Report 2023 55
1 Overview
8 Strategic report
88 Governance
140 Financial statements
Our ESG Key Performance Indicators and opportunities (Metrics and targets – disclosure C), in particular the physical risks outlined in Table 2. These updates will be included in the 2024 Annual Report. This statement was developed by following the guidance in Section C of the TCFD Guidance Document: Implementing the Recommendations of the Task Force on Climate-related Financial Disclosures. Table 1 is structured against the four pillars of the TCFD framework: Governance, Strategy, Risk Management and Metrics and Targets. Table 2 summarises our most material climate-related risks and opportunities and their estimated impact on the Group. Table 3 outlines the climate change scenarios used in our 2022 analysis and subsequent 2023 review.

2022 scenario analysis, we reviewed our climate-related threats and opportunities to
the group. This process helped us
our list of climate-related threats and opportunities accordingly.

Over the past year, we have made progress in integrating climate-related risks into our group enterprise risk management (“ERM”) framework. In line with the ‘comply or explain’ obligation under the UK’s Financial Conduct Authority Listing Rules, the Group

The reporting of environmental metrics for the year ended 31 December 2023 covers the following:

The Group has adopted the TCFD framework. The Group’s reporting on climate change is aligned with the TCFD recommendations. Our approach is to continue to develop and mature our disclosure against the TCFD recommendations. This statement has been prepared in accordance with the TCFD framework. In the 2022 ESG report, we committed to the TCFD recommendations, and to restate previous years according to our rebaselining policy. In 2023, we have adopted the TCFD framework. The Group’s reporting on climate change is aligned with the TCFD recommendations. Our approach is to continue to develop and mature our disclosure against the TCFD recommendations. This statement has been prepared in accordance with the TCFD framework.

Entain plc Annual Report 2023

TCFD

Risk Management

(a) Describe the organisation’s processes for identifying and assessing climate- related risks.

FC
We understand that climate-related threats and opportunities can have longer-term time horizons that span beyond typical enterprise risk management and business planning processes. We considered climate-related risks based on the following time horizons:
* Short (0-3 years)
* Medium (3-5 years)
* Long (5+ years)

(b) Describe the impact of climate- related risks and opportunities on the organisation’s businesses, strategy, and  FC

In Table 2, we describe the potential impact of climate-related threats and opportunities on the   Addressing climate change is a key part of our strategy, and our Net Zero by 2035 commitment is an important aspect of the Sustainability enabler in our strategic framework. Delivering on this requires  already been made with the climate in mind. For example:
* Continuing to invest in our green electricity tariff for the UK Retail estate, despite increasing energy costs.
* Investing in a renewable Power Purchasing Agreement (PPA) to secure renewable energy at a 
* Increasing our price banding for our company car selection, giving a wider choice for relevant colleagues opting for hybrid and electric vehicles.

 strategic planning processes as we further enhance our assessment and response to climate- related issues and further integrate climate- related risks into our day-to-day processes. Currently,  

(c) Describe the resilience of the organisation’s strategy, taking into consideration different climate- related scenarios, including a 2°C or  FC

In Table 2, we describe the Group’s strategic response and resilience regarding our climate- related risks and opportunities. The risks outlined in Table 2 were developed through a series of workshops held throughout 2022 and reviewed again in 2023 against our ERM methodology. Our analysis raised risks that have not yet been deemed to be Principal Risks in and of themselves, but climate change may become a factor in affecting the impact of our current Principal Risks, and the subsequent actions required to manage those risks, both threats and opportunities.
 
 integrated into functional and divisional risk registers and they are continuously reviewed by their 

57Entain plc Annual Report 2023

TCFD Risk Management (a) Describe the organisation’s processes for identifying and assessing climate- related risks.

FC

 Advisors. The purpose of these workshops was to gather insights from leaders around the business on the climate-related threats and opportunities that were relevant to Entain, identifying those that required further in-depth analysis to determine their impact on our business. In these workshops, we explored three climate change scenarios outlined in Table 3, enabling the workshop participants to draw out how each would affect Entain’s ability to deliver on our strategy. The climate-related



In 2023, we wanted to further integrate these threats and opportunities into our group enterprise risk management framework and start evaluating their impact on the Group in absolute terms as well as in relation to other business risks. We convened leaders and experts from across the business to review the risks and assess them against our ‘Impact versus Action’ matrix, as described on page 82. All risks were assessed for their impact on the business and the actions required to bring those risks within Entain’s risk appetite. The impact of each risk was measured by
 and services), the effect on the reputation of our brands and whether it affects our commitment to
 very low impact to very high impact. Any climate-related risks potentially having a medium or above impact on the Group is deemed as material and disclosed in Table 2. These material risks have been integrated into our functional and divisional risk registers (see disclosure C below).

(b) Describe the organisation’s processes for managing climate-related risks.

FC
 as described on pages 83 to 86. The feedback from our 2022 and 2023 TCFD workshops found that our climate-related threats and opportunities do not qualify as Principal Risks but rather

 functional and divisional risk registers and they are continuously reviewed by their divisional heads.

TCFD Metrics and Targets

(a) Disclose the metrics used by the organisation to assess climate- related risks and opportunities  strategy and risk management process.

FC
In 2023, the Group started evaluating our climate-related threats and opportunities against Entain’s ‘Impact versus Action’ matrix, described on pages 60 to 61. The impact of each risk was measured different scenarios and timeframes by evaluating its potential:
*  operational impact
* effect on the reputation of our brands
* affect to health, safety, security, and well-being of our employees

This allowed us to evaluate the business impact of climate-related risks – from very low to very high – across three different climate scenarios. Entain also uses the following metrics to monitor its performance in managing transition risks and progress against its Net Zero target:
* Scope 1 and 2 greenhouse gas emissions
* Scope 3 greenhouse gas emissions
* Global energy consumption
* Percentage of electricity purchased on renewable energy contracts
* Water consumption (where data is available)
* Waste (where data is available)




In line with prior years, the Group will report 2023 scope 3 data within its forthcoming 2023-24 ESG Report, expected to be published in Q2 2024. At the time of reporting, climate-related metrics are not linked to remuneration. Entain does not currently have an internal carbon price.

(b) Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks.

FC
 2023, and 2021, showing historical trends. We use the GHG Protocol Corporate Standard and GHG Protocol Corporate Value Chain (Scope 3) Standard as our methodology, using the ‘operational control’ boundary to disclose this information. Given the reputational risk of inaccurate reporting and the need for high-quality ESG data, we commissioned the Carbon Trust to assure our Scope 1, 2, and 3 data. Assurance of our Scope 1 and 2 information has taken place since 2019, and our Scope 3 data for 2021 and 2022 has now been completed. These assurance statements available on the Entain website.

(c) Describe the targets used by the organisation to manage climate- related risks and opportunities and performance against targets.

C
 Committee Report on page 131, linked with customer satisfaction and safer betting and gaming. Currently, Entain does not have a climate-related target that is linked with remuneration. As described on pages 50 to 51, we have set a Net Zero by 2035 target, which is underpinned by a near-term reduction target of 29.4% in our scope 1, 2 and 3 emissions by 2027 from a 2020 baseline year. In 2023, we started quantifying the impact of climate-related threats and opportunities.# TCFD

Link to Strategic Priorities (see pages 23 to 25)

Principal Risks

Potential Impact	Strategic Response & Resilience	1.5°C	2°C	3°C
Physical Risk Acute Medium-term 08 – execution of the Group Strategy Threat: Disruption of live events on trading markets due to increased  We see the risk of this in climate scenarios where extreme weather events continue to affect society, sporting events and other events that are critical to our markets. This may manifest itself in last-minute cancellations or postponement of live events, which has the potential to negatively impact revenues.	As a global entertainment business, Entain facilitates betting and gaming across more than 30 sports and offers betting opportunities on more than 40,000 different events in any given week. The 
Physical Risk Acute Medium to Long-term 3 – Tech & product 5 – Drive market share 08 – execution of the Group Strategy  Entain operates globally, and our climate-related physical risks will vary across our markets and global operations. There are several key sites which are critical to the day-to-day operations of the Group and where disruptions would impact our ability to provide customers with our products and generate revenues.	In response to this threat, we have incorporated physical climate-related risks into the management  Business continuity plans and arrangements for off-site data storage, alternative system availability and remote working for key operational colleagues and senior management have been tested to certain extents throughout the Covid-19 pandemic and continue to be subject to ongoing review.
Physical Risk Acute Long-term 3 – Tech & product 5 – Drive market share 02 – Data Privacy and Cyber resilience 07 – Maintain Technology platform resilience 08 – execution of the Group Strategy  Our operations are highly dependent on technology and advanced information systems. A disruption or interruption due to weather events in our critical digital value chain could affect trading and customer experience.	We are managing this threat by incorporating climate-related physical risks into the management of our current Principal Risk – Maintain Technology Platform Excellence. Our technology resilience is supported by robust operational procedures and business continuity plans. All critical revenue- generating systems are built to mission-critical and high availability standards with all operational data across the ecosystem protected, replicated, and safeguarded. As part of the Group’s technology strategy and objectives we are continuously enhancing our processes and making further improvements and, where necessary, to automate the Group’s full geographical disaster recovery capability.
Physical Risk Chronic Short-term 4 – 08 – execution of the Group Strategy Threat: Increased operational costs. In scenarios where global warming is most prevalent, we may see an increase in costs for cooling our infrastructure. This may have implications in terms of operating expenditure due to increased energy usage, as well as capital expenditure where new systems may need to be installed. Alternately, in a 1.5 o scenario, we may  	We are already addressing this threat through the decarbonisation of our operations (please  improvements.
Physical Risk Chronic Medium-term 4 – 09 – ensure Health, safety, security and well-being of employees, customers, and communities  In the 2 o and 3 o scenarios, our colleagues may be impacted by the effects of climate change in the medium to long term. The increase in vector-borne diseases in new locations in the long term may also impact absentee rates. Similarly, travel disruptions and increased costs of living may affect our colleagues’ ability to travel to work.	Supporting our colleagues is an essential part of our ESG strategy and we will continue to monitor the needs of our colleagues to make Entain the best place to work. As stated above, we already have arrangements in place for remote working across our different business functions and operations. We have worked with our IT teams to ensure that all colleagues (excluding colleagues working in shops) have the equipment they need to work remotely.
Transition Risk Policy & Legal Short-term 2 – Key Markets 4 – 01 – Laws, Regulations, Licensing and Regulatory Compliance Threat: Increased regulatory requirements to disclose our climate impacts and demonstrate progress against our targets. This risk is particularly relevant to our strategy to grow in key markets, notably our BetMGM and US strategic priority, where operations in these markets may require further compliance with climate-related reporting regulations. This may lead to increases in costs of compliance, such as external assurance costs, and penalties for non-compliance.	We have an established process in place to report robust organisational emissions – which are assured annually by the Carbon Trust – to comply with our requirements as a UK-listed company. At the beginning of 2024, we started implementing Normative’s carbon accounting tool to continue improving our data collection and quality. We continue to monitor changing regulation in the markets and jurisdictions where we operate and improve the robustness of our emissions reporting.

Table 2- Summary of our most material climate-related risks and opportunities and their estimated impact

Business Impact	Strategic Response & Resilience	1.5°C	2°C	3°C
Transition Risk Market Long-term 1 – Portfolio Review 5 – Drive market share Threat: Changing Customer Behaviour. In the 2 o and 3 o scenarios, reducing crop yields and supply chain shocks may increase the cost of living in the short to medium term. This may reduce the income available to our customers to spend on entertainment. In addition, more extreme weather events may lead to changes in how customers engage with our products. For example, we may experience a decrease in the footfall of customers travelling in person to our shops. We could also notice an increase in customers receiving entertainment within the home, with a positive impact on our digital business and ability to attract new audiences.	We don’t anticipate this threat to materialise in the short to medium-term. Furthermore, our access to both the online and retail markets mitigates the threat of a reduced footfall in our shops as we can offer our products to customers directly in their homes. We will continue to monitor changes in  expenditure decisions when considering the location of our shops.
Transition Risk Technology Reputation Short to Medium-term 4 –  decarbonisation process. It remains uncertain how the wider economy will respond to climate change, and therefore the availability and pricing of low- carbon solutions. In the 2 o and 3 o scenarios, the availability of low-carbon alternatives would be lower. This has the potential for lower availability of these products and services, in turn leading to increased costs for reaching our net zero target. Our suppliers may face similar challenges and fail to support our Net Zero commitment, impacting our ability to decarbonise our business within the timeline we set. This would have follow-on reputational risks to the Group. In the longer term, we also see a risk due to price uncertainty in credible carbon removals that will be required to mitigate any of our residual emissions to achieve our Net Zero target in 2035, in line with the Science Based Targets Initiative (SBTi)’s Net Zero Standard.
Opportunity Products  Short-term  06 – Attracting and retaining key talent Opportunity: Sustainability Leadership. In a 1.5 o scenario, where there is immediate and rapid decarbonisation, we anticipate ambitious decarbonisation commitments from our suppliers and greater availability of lower-emissions products and services at scale, reducing the costs required to deliver our net-zero strategy. This presents Entain with an opportunity  2035 ambition.

Table 2- Summary of our most material climate-related risks and opportunities and their estimated impact continued# Entain plc Annual Report 2023

1 Overview

8 Strategic report

88 Governance

TCFD

Engaging with stakeholders

In addition, the Remuneration Committee assesses the overall performance of the Group, including progress against its responsible betting and gaming ambitions as well as delivery against its Environmental, Social and Governance (“ESG”) strategy to support decision making on remuneration outcomes. To ensure that the Group continues to operate in line with good corporate practice, Directors as part of their induction receive training on the scope and application of Section 172 to ensure that they are aware of how a Board, in its decision making, must consider its stakeholders.

Our approach

The Board believes in the importance of engaging in effective communication with all of its stakeholders. Depending on the nature of the issue in question, the relevance of each stakeholder group may vary and not every decision the Board makes will necessarily result in a positive outcome for every stakeholder. At each meeting the Board ensures that the process of considering its stakeholders is embedded in papers it receives to enable it to discharge its duties. The Board monitors the progress and delivery of strategic initiatives through metrics reported in meetings.

Section 172 of the Companies Act 2006 imposes a general duty on Directors to act in a way that they consider, in good faith, to most likely promote the success of the company as a whole. The Directors in setting policies and strategies continue to have regard to the interests of the Group’s employees, shareholders, investors, suppliers, customers and regulators, including the impact of its activities on the community and on the Group’s reputation. These factors underpin the way in which the Directors discharge their duties and the Board is cognisant of the need to engender strong relationships with all stakeholders to help the Group deliver its strategy and support its long-term values including sustainability. The Board recognises the importance of effective governance and operates in line with the UK reporting regulations. The information below should be read in conjunction with the rest of the Strategic Report.

Colleagues

In order to gather feedback from colleagues around the Group, Board members participated in a number of virtual and face-to-face employee events in 2023.

We held our employee forums in our major employment locations. These Forums are a vital component of our employee listening and engagement strategy, enabling our people to discuss how their teams connect with the company purpose, strategy and values, as well as discussing topics that impact them and their colleagues. Virginia McDowell, Chair of both the Sustainability & Compliance and the Remuneration Committees, is our appointed Designated Workforce Director, a position she has held since 2019. Virginia is a regular attendee at Employee Forums, enabling her to provide the Board and its Committees with informed feedback and insight into the realities of everyday working life at Entain. Virgina McDowell and Rahul Welde (Independent Non-Executive Director) attended both the National Forum AGM and the Global Engagement Conference in 2023. In addition, we regularly hold hybrid virtual and physical ‘townhall’ meetings through which our CEO, Board Directors and senior management provide updates and dialogue with our colleagues. Twelve such hybrid townhall meetings were held in 2023. We believe that by encouraging and supporting a diverse workforce where individuals can thrive and success no matter their background, is the best way maximise our talent pool and better represent our global customer-base. We do not discriminate on the basis of age, disability, gender or gender reassignment, pregnancy or maternity, race, religion or belief, sexual orientation or marital status.

Shareholders

Engagement with our shareholders remains critical for the Group to understand and respond to their views and expectations. The Group undertakes regular conference calls and investor presentations, publication of the Annual Report, dedicated ESG Report, press releases and Stock Exchange announcements. In 2023, the Group conducted a targeted shareholder engagement programme, including six feedback and audit exercises to gather insights from institutional investors. These included a detailed business and strategy update held In November 2023; two updates on the performance of the Group’s BetMGM joint venture and; Entain Sustain, a virtual showcase and presentation of the Group’s refreshed sustainability strategy in December.

The Board receives feedback on shareholder views through a variety of channels, including regular meetings throughout the year between shareholders, our Chairman and executive management. In addition to providing the Board with updates on shareholder discussion topics as part of its regular Board reports, over the past year the investor relations team conducted three feedback and audit exercises to enable us to better address investors views based on a number of satisfaction and perception surveys. The quantitative analysis and qualitative feedback were presented to the Board during the year. The audits showed positive progress in investor engagement through the year with Entain performing more positively than the benchmark in all measures. In addition, Board members listen in to results and trading updates held by the Group for analysts and institutional investors and can hear directly the questions and comments on Company performance and are able to gauge investor sentiment and commentary on the Company throughout the year.

Customers

Our customers’ interests range from product availability, ethical behaviour, service, pricing and promoting responsible attitudes to betting and gaming.

Suppliers

We are also actively engaging with our suppliers on decarbonisation, with an initial focus on these 19 suppliers who represent over a third of our scope 3 emissions. Our new partnership with EcoVadis provides us with a platform to help us understand our suppliers’ sustainability performance and will allow us to identify opportunities for improvement. Whilst the price of offset is not a threat for the Group in the short to mid-term, we will continue to monitor carbon markets and carbon removal standards developments. Entain has the necessary strategy and governance in place to seize this opportunity.

Decarbonisation is a central part of our ESG Strategy. We are committed to achieve Net Zero emissions by 2035 and are now focused on achieving our near-term science-based target. We have committed to a reduction of 29.4% in our scope 1, 2 and 3 emissions by 2027 from a 2020 baseline year. This has been submitted to the Science-based Targets initiative to ensure our journey to decarbonisation is in line with limiting global warming to 1.5 o , as per the Paris Agreement. Our Net Zero Action Group, which reports to board-level Sustainable & Compliance Committee. Please refer to page 43 for more details.

Table 3 – Entain’s Climate Change Scenarios

The three scenarios used in identifying Entain’s climate-related threats and opportunities have been tailored for the group, based on a combination of evidence and sources, primarily provided by the Intergovernmental Panel on Climate Change (IPCC), the International Energy Agency (“IEA”), and the Principles for Responsible Investment (PRI).

Scenario	Basis	Description
1.5°C	PRI IPR: 1.5°C Required Policy Scenario	Action taken has achieved the aims set out in the 2015 Paris Agreement to limit climate change rise to below 1.5°C of pre-industrial levels, but with significant societal and economic disruption.
2.0°C	PRI IPR: Forecast Policy Scenario	Not much has changed from today. Some action has been taken, but it’s very much business as usual. Uncertainty increases and impacts of a changing climate manifest themselves in vulnerable parts of the world.
3.0°C		Economies around the world have continued to be powered by fossil fuels. As a result, the planet reaches a point where it is in crisis and well past the point of no return by 2030. Global warming has accelerated and changes in climate are all around, tangible and, in some cases, catastrophic.

Key: Low, Medium, High, Very High

1 Overview
8 Strategic report
88 Governance
140 Financial statements

1 Overview
8 Strategic report
88 Governance
140 Financial statements# Entain plc Annual Report 2023

8 Strategic report

88 Governance

The Group, as part of its commitment to safer betting and gaming, engages through initiatives. Our industry-leading ARC™ safer betting and gaming programme was developed in recognition of the importance of tailoring our approach to the individual customer and providing them with the protection and assurance which they should expect from us. Read more: pages 43 to 52. Read more: pages 8 to 11.


2	3
65 Entain plc Annual Report 2023	1 Overview 8 Strategic report 88 Governance 140 Financial statements

Engaging with stakeholders

Suppliers

As part of the three-year modern slavery statement to ensuring a responsible supply chain, last year engaged EcoVadis, the world’s largest platform for supplier sustainability ratings. The EcoVadis platform enables us to evaluate our key suppliers and set corrective actions plans across four topics – environment, labour and human rights, ethics, and sustainable procurement. Our supplier interests range from fair trading, payment terms, success of the business and long-term partnerships. The Group engages with suppliers by direct engagement, supplier conferences and corporate responsibility and ethics reporting. The Board in its duties receives regular reporting on retail performance and modern slave. Read more: page 55.

Our Communities

Entain has committed to investing £100m in a range of initiatives and good causes. In areas including safer betting and gaming measures, investment in grassroots sport, reducing environmental impact, diversity in technology and projects with a clear link to our local communities.

The Group’s Pitching In grassroots sport investment programme, through which the Entain Foundation supports The Trident Leagues in the UK, made up of 248 clubs at the heart of England’s non-league football pyramid. The Foundation also supports a range projects to promote diversity in and through technology and partnered with ComputerAid and the Turing Trust in 2023 to deliver community hubs in sub-Saharan Africa.

The Company provides a comprehensive update to stakeholders through the publication of both annual ESG report and annual Social Impact Report. The Board has overall oversight of corporate responsibility planning and reporting as well as involvement in corporate affairs strategy which is delegated to the Sustainability and Compliance Committee. The Sustainability and Compliance Committee is advised by the executive ESG Steering Group and also works with external consultants which assist the operational units and review the environmental and social performance data.


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66 Entain plc Annual Report 2023	1 Overview 8 Strategic report 88 Governance 140 Financial statements

Regulators

As part of the Group’s commitment to operating in a responsible and sustainable manner, we engage with a wide range of stakeholders. These include regulators, investors, trade associations, safer betting and gaming charities and customers. This engagement is core to our ability to understand and manage our business effectively and to ensure that each of them is informed by our approach to corporate responsibility and sustainability. Engaging with regulators on an open and regular basis helps us to ensure that each of them is able to fulfil their remit effectively and that we are able to shape our industry environment to best serve our stakeholder groups.

Governments and regulators
* UK Government departments.
* UK Gambling Commission.
* Governments and regulators in territories where we hold gaming licences.
* US state licensing bodies.
* National information commissioners.
* Domestic and International trade Associations.

What are their expectations?
* Providing an enjoyable and safe leisure experience.
* Making sure we operate legally and in a fair manner.
* Minimising harm and maximising player protection.
* Ensuring that we protect the young and the vulnerable.
* Reducing crime and unlawful behaviour.

Ongoing dialogue with regulators, domestic and international trade associations and local authorities.
* Responding to the UK Government’s Review of the 2005 Gambling Act.
* Numerous face-to-face meetings bilaterally or as part of industry meetings.
* Quarterly meetings, at a minimum, between the UK Gambling Commission and senior members of Entain’s leadership team.
* Detailing governance, risk management and safer betting and gaming strategies through submission to the UK Gambling Commission Annual Assurance Statement process.
* Partnerships with the GB Health & Safety Executive.
* Engagement with the Nevada Gaming Commission’s Compliance Committee.
* Formal meetings with our regulators in Gibraltar, Malta, the US and our other global regulated jurisdictions.
* Engage with the Department of Justice in Ireland as it implements new Anti-Money Laundering regulations.
* Respond to formal regulatory consultations including most recently the call for evidence on affordability by the UK Gambling Commission and RG consultations in Spain and Sweden.
* e-betting and gaming international workshops in Spain, annual industry meeting in Denmark and the ‘Licensing information session’ in Germany.
* Suspicious activity disclosed to relevant national bodies and membership of industry bodies promoting responsible gambling.
* Engagement with regulatory authorities in regulating markets via local associations and advisors in the run up to licensing (eg Finland, Brazil).


6	67 Entain plc Annual Report 2023

Rob Wood Chief Financial Officer


1 Overview 8 Strategic report 88 Governance 140 Financial statements Entain plc Annual Report 2023	68

Financial Highlights: Group

NGR (excluding US) up +11% (+11%cc 2 ), -2% on a proforma basis
Online NGR up +12% (+12%cc 2 ) in 2023, -3% on a proforma basis
- Excluding regulatory impacts, underlying proforma Online NGR growth of +3%cc 2
- Record level of Online active customers, +23% YoY, +10% proforma
Retail NGR up +9% (+8%cc 2 ), proforma +2%cc 2 , reflecting the acquired shops in New Zealand and Poland, and the continued strength of the retail estate
BetMGM delivered a strong performance through the year
- 2023 NGR of $1.96bn, +36% year on year at the top end of expectations
- 14% market share in sports betting and iGaming in the markets where BetMGM operates
- Positive EBITDA for H2 2023
Group profit after tax before separately disclosed items was £339.1m (2022: £223.9m)
Group loss after tax was £878.7m (profit of £32.9m), reflecting the DPA settlement and impairment charges related to Australia point of consumption tax increases and portfolio optimisation
Net debt of £3,290.9m (2022: £2,749.8m) and leverage of 3.3x (3.1x proforma 5 )
Adjusted diluted EPS of 44.2p (2022: 60.5p)
Second Interim Dividend of 8.9p per share announced, bringing the total dividend for the year to 17.8p per share

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 constant currency², proforma³, Contribution⁴ and EBITDA⁵ 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.

The Group’s financial reporting frameworks are those specified by the regulatory environment in which the Group operates.

The Group’s statutory financial information is prepared in accordance with IFRS, as adopted for use in the European Union.

Results¹: NGR and Revenue increased by +11% versus 2022 (+11%cc²), with proforma³ growth in Retail and the benefit of acquisitions more than offsetting a -3%cc² proforma³ decline in Online NGR, as we continue to face regulatory headwinds in both the UK and Germany and experienced soft trading in
Chief Financial Officer’s Review	Financial Performance Review
Group Year Ended 31 December	2023 £m
NGR⁴	4,833.1
VAT/GST	(63.5)
Revenue	4,769.6
Gross profit	2,907.0
Contribution⁴	2,279.4
Operating costs excluding marketing costs	(1,271.5)
Underlying EBITDA⁵	1,007.9
Share based payments	(21.7)
Underlying depreciation and amortisation	(301.5)
Share of JV (loss)/income	(42.9)
Underlying operating profit⁶	641.8

3	Proforma³
£100m	€116m
$127m

| Entain plc Annual Report 2023 69 | 1 Overview 8 Strategic report 88 Governance 140 Financial statements |
| :--------------------------------- | :----------------------------------------------------------------------- |# Chief Financial Officer’s Review

Results

Online

Year Ended 31 December

	2023 £m	2022 £m	Change %	CC %
Sports wagers	13,724.5	14,090.5	(3%)	(2%)
Sports margin	13.7%	12.9%	0.8pp
Sports NGR	1,531.0	1,443.7	6%	7%
Gaming NGR	1,837.6	1,576.9	17%	15%
B2B NGR	57.9	29.9	94%	90%
Total NGR	3,426.5	3,050.5	12%	12%
VAT/GST	(59.9)	(52.0)	(15%)	(21%)
Revenue	3,366.6	2,998.5	12%	12%
Gross profit	1,980.1	1,829.6	8%
Contribution	1,369.8	1,254.2	9%
Contribution margin	40.0%	41.1%	(1.1pp)
Operating costs excluding marketing costs	(512.4)	(426.0)	(20%)
Underlying EBITDA	857.4	828.2	4%
Share based payments	(7.3)	(7.8)	6%
Underlying depreciation and amortisation	(160.2)	(118.3)	(35%)
Share of JV (loss)/income	(1.4)	(0.2)	(600%)
Underlying operating profit	688.5	701.9	(2%)

Whilst there is underlying momentum in a number of our key markets, regulatory headwinds in the UK and Germany, as well as weaker trading in Australia and Brazil, impacted NGR performance in 2023. Resulting proforma Online NGR was down -3%cc in the year but, with the benefit of acquisitions total Online NGR was +12%cc ahead of 2022. Whilst proforma NGR was down year on year, actives grew +10% year on year on a proforma basis, emphasising the ongoing attraction of our brands to our customers. In the UK, we continue to absorb the impact of regulatory changes and as a result NGR was down -6%. Excluding the impact of these regulatory headwinds, we estimate that underlying NGR was +4% ahead of 2022, while actives were +18% higher than the same period last year. In Italy, constant currency NGR was +3% ahead of 2022. Whilst our brands, along with the rest of the market, lost online market share to one of the leading operators during 2023, our omni-channel offering continues to resonate with customers with combined Online and Retail NGR +63%cc ahead of pre-Covid levels. Local market conditions in Australia have been challenging during 2023 leaving year on year NGR -6% down on a constant currency basis. Whilst we expect trading to remain challenging in 2024, we remain confident in our strategy focusing on brand differentiation, new and innovative products and the customer experience. In Germany, whilst we have seen some non-compliant operators exit the market, the continued lack of robust regulatory enforcement as well as new regulation last Summer continues to impact the business. Resulting NGR in 2023 was -26% behind 2022 on a constant currency basis, primarily driven by lower spend per head. Whilst we received our gaming licences in November 2022, it is disappointing that we are still yet to see the level of enforcement action that is needed in this market to combat unlicensed operators and ensure customers are protected. In Brazil, we continue to see a fiercely competitive market ahead of regulation with a significant increase in the amount spent on marketing by various operators. Whilst we were initially slow to react to changes in the market, we are confident that following a change in our regional leadership we now have the team and localised expertise needed to regain share in this exciting growth market, an opportunity that our 365Scores acquisition will help us further leverage. NGR in Brazil was -14%cc behind the prior year. Georgia NGR was +7%cc ahead of 2022 on a constant currency basis, with our Crystalbet brand performing strongly following the implementation of new regulation in the prior year. Following a strong 2023, our Crystalbet brand continues to be the market leader in Georgia. In the Baltics, proforma NGR was +3%cc ahead of 2022 despite high inflation rates in the region. Our brands remain resilient despite the economic pressures in the Baltic states and we continue to attract more customers each year with proforma actives +13% ahead of 2022. Our Entain CEE business continues to perform well with proforma NGR +13%cc year on year. NGR in our SuperSport business in Croatia was +29%cc ahead of 2022 (proforma) maintaining its position as the market leader. NGR in our recent acquisition in Poland, STS, was flat year on year with c4%cc growth to the end of Q3 offset by poor margins in October. NGR in our newly acquired New Zealand business was £84.7m in 2023, slightly ahead year on year on a proforma basis. Contribution margin of 40.0% was in line with guidance but 1.1pp behind 2022 due to territory mix and the impact of additional taxation in Australia which was implemented in H2 of 2022. Operating costs were 20% higher than 2022 with recent acquisitions driving 16pp of the increase and FX 1pp with the remaining 3pp due to underlying inflation offset by the initial benefits from Project Romer. Underlying EBITDA of £857.4m was +4% ahead of 2022, albeit flat year on year excluding the benefit of TAB NZ accounting treatment to 2023, reflecting the contribution from acquired businesses offset by the decline in proforma NGR and 1.1pp reduction in contribution margin. Resulting underlying operating profit of £688.5m was £13.4m behind 2022 with depreciation and amortisation of £160.2m, £41.9m higher than 2022, half of which is a result of the impact of new acquisitions, including annualisation of those in the prior year, with the remainder of the increase due to recent investment in our technology and product. After charging separately disclosed items of £481.1m (2022: £114.0m), operating profit was £207.4m (2022: £701.9m).

Retail

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

Year Ended 31 December

	2023 £m	2022 £m	Change %	CC %
Sports wagers	4,341.7	3,827.3	12%	11%
Sports margin	18.9%	18.3%	0.6pp
Sports NGR/Revenue	813.0	705.2	15%	14%
Machines NGR/Revenue	573.7	572.6	0%	0%
NGR	1,386.7	1,277.8	9%	8%
VAT/GST	(3.6)	–	–––	–––
Revenue	1,383.1	1,277.8	8%	8%
Gross profit	900.2	860.0	5%
Contribution	890.3	852.1	4%
Contribution margin	64.2%	66.7%	(2.5pp)
Operating costs excluding marketing costs	(606.1)	(571.9)	(6%)
Underlying EBITDA	284.2	280.2	1%
Share based payments	(2.4)	(2.3)	(4%)
Underlying depreciation and amortisation	(132.1)	(112.4)	(18%)
Share of JV income	–	–	–––	–––
Underlying operating profit	149.7	165.5	(10%)

Our Retail businesses continue to show the strength of their offer and customer appeal with 2023 Revenue and NGR both +8%cc ahead of 2022 and proforma NGR +2%cc ahead. In the UK, NGR was +2% ahead of 2022 on a LFL basis, with strong performance across both sports and gaming. Our strong underlying performance continues to be driven by an ongoing focus on market leading content for our gaming machines and betting terminals with both providing a proposition akin to the digital offering but combined with the in-shop experience that cannot be replicated online. NGR in Italy was up +16% on a constant currency basis with a number of enhancements to our offering and the customer experience including cash-out, reduced minimum bet sizes and continuous development of our SSBT proposition driving greater customer engagement. Proforma NGR in Croatia grew at +14%cc year on year further enhancing our market leading position and reflecting our program of improvements to the customer offer, including the introduction of a loyalty scheme and enhanced sports content. In Belgium, NGR was up +10%cc with Ireland NGR +1%cc ahead year on year. Our newly acquired Retail businesses in Poland and New Zealand contributed £40.4m of NGR during 2023. Contribution of £890.3m was +4% ahead of 2022 with contribution margin falling by 2.5pp due to territory mix and the impact of certain content costs (1pp) which are now classified as cost of sales rather than operating costs as they move to revenue share arrangements from fixed fees. Operating costs were 6% higher than in 2022 with the impact of acquisitions (5pp) and inflation, including wage rate and energy price inflation, more than offsetting the benefit of costs which are now classified within cost of sales. Resulting underlying EBITDA of £284.2m was £4.0m ahead of 2022. Depreciation of £132.1m was £19.7m higher than 2022, largely due to the impact of acquisitions and the continued investment in our retail estates.# Chief Financial Officer’s Review

Results

New Opportunities

Year Ended 31 December

Results 1	2023 £m	2022 £m	Change %
Underlying EBITDA 5	(29.3)	(29.1)	(1%)
Share based payments	(0.7)	(0.3)	(133%)
Underlying depreciation and amortisation	(5.7)	(4.5)	(27%)
Share of JV (loss)/income	(1.5)	(0.4)	(275%)
Underlying operating loss 6	(37.2)	(34.3)	(8%)

New Opportunities underlying costs 5 of £29.3m were 1% higher than 2022 with increased start-up marketing costs in our Unikrn brand offset by reduced costs associated with our innovation programme. Unikrn has now been closed as a B2C operation and development of our e-Sports wagering offering is now focused on our existing labels. After depreciation and amortisation and share of JV loss, New Opportunities underlying operating loss 6 was £37.2m, an increase in losses of £2.9m on 2022 and, after charging separately disclosed items of £44.3m (2022: £nil), was a loss of £81.5m, £47.2m more than in the prior year.

Other

Year Ended 31 December

Results 1	2023 £m	2022 £m	Change %	CC 2 %
NGR/Revenue 2	26.7	25.1	6%	6%
Gross profit	26.7	25.1	6%
Contribution 4	26.3	25.0	5%
Operating costs excluding marketing costs	(21.0)	(20.1)	(4%)
Underlying EBITDA 5	5.3	4.9	8%
Share based payments	–	–	–
Underlying depreciation and amortisation	(2.7)	(2.7)	–
Share of JV income	2.0	0.4	400%
Underlying operating profit 6	4.6	2.6	77%

NGR of £26.7m was 6% higher than 2022 driven by additional income in our greyhound stadia with 2022 impacted by adverse weather. Underlying EBITDA 5 of £5.3m was an increase of £0.4m on 2022, with the additional NGR offset by increased overheads associated with the aforementioned increase in number of meets. Underlying operating profit 6 of £4.6m was £2.0m ahead of last year and after charging separately disclosed items of £nil (2022: £0.7m) was £2.7m ahead of 2022.

Corporate

Year Ended 31 December

Results 1	2023 £m	2022 £m	Change %
Underlying EBITDA 5	(109.7)	(91.0)	(21%)
Share based payments	(11.3)	(8.8)	(28%)
Underlying depreciation and amortisation	(0.8)	(0.2)	(300%)
Share of JV loss	(42.0)	(193.9)	78%
Underlying operating loss 6	(163.8)	(293.9)	44%

Corporate underlying costs 5 of £109.7m were £18.7m higher than last year driven by increases in our contributions to Research, Education and Treatment, including GambleAware, increased legal costs and ongoing investment in our governance policies and procedures. After share based payments, depreciation and amortisation and share of JV losses, Corporate underlying operating loss 6 was £163.8m, a decrease of £130.1m. The share of JV loss of £42.0m relates to BetMGM. After charging separately disclosed items of £737.2m (2022: £41.1m), the operating loss was £902.0m versus £335.0m in 2022.

Statutory Performance Review

Year Ended 31 December

Results 1	2023 £m	2022 £m	Change %	CC 2 %
NGR 4	4,833.1	4,348.9	11%	11%
Revenue	4,769.6	4,296.9	11%	11%
Gross profit	2,907.0	2,714.7	7%
Contribution 4	2,279.4	2,128.9	7%
Underlying EBITDA 5	1,007.9	993.2	1%
Share based payments	(21.7)	(19.2)	(13%)
Underlying depreciation and amortisation	(301.5)	(238.1)	(27%)
Share of JV loss	(42.9)	(194.1)	78%
Underlying operating profit 6	641.8	541.8	18%
Net underlying finance costs 6	(229.4)	(84.7)
Net foreign exchange/financial instruments	32.5	(135.3)
Profit before tax pre separately disclosed items	444.9	321.8
Separately disclosed items:
Amortisation of acquired intangibles	(254.6)	(116.9)
Recognition of HMRC settlement liability	(585.0)	–
Other	(447.9)	(102.0)
(Loss)/profit before tax	(842.6)	102.9
Tax	(36.1)	(70.0)
(Loss)/profit after tax from continuing activities	(878.7)	32.9
Discontinued operations	(57.8)	(13.4)
(Loss)/profit after tax	(936.5)	19.5

NGR and Revenue Group NGR and revenue were +11% ahead of last year and the same on a constant currency basis 2 , with Online NGR +12% and Retail NGR +9% year on year. Further details are provided in the Financial Performance Review section.

Underlying operating profit 6
The Group reported underlying operating profit 5 of £641.8m, +18% ahead of 2022 (2022: £541.8m). Underlying EBITDA 5 was +1% ahead, with the increase in revenue offset by additional taxes, particularly in Australia, and increased operating costs largely associated with acquired businesses and inflation. Depreciation and amortisation was -27% higher than 2022 driven by depreciation on acquired businesses as well as on our recent investment in product and technology. The Group’s share of BetMGM losses in the period were £42.0m, £152.1m lower than 2022 as the business continues on its path to profitability. Analysis of the Group’s performance for the period is detailed in the Financial Performance Review section.

Financing costs
Underlying finance costs of £229.4m excluding separately disclosed items of £1.0m (2022: £5.7m) were £144.7m higher than 2022 driven by interest on the Group’s new $1bn USD term loan, which was raised in Q4 of 2022, increased drawdowns on the Group’s RCF and the impact of the increase in global interest rates. Net gains on financial instruments, driven primarily by a foreign exchange gain on re-translation of debt related items, were £32.5m in the period (2022: £135.3m loss). 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 year amount to £1,287.5m (2022: £218.9m) and relate to the Deferred Prosecution Agreement (“DPA”) with the Crown Prosecution Service of £585.0m (2022: £nil), £254.6m of amortisation on acquired intangibles (2022: £116.9m), corporate transaction costs of £17.8m (2022: £23.9m), restructuring costs, including the initial costs of Project Romer, of £49.7m (2022: £11.8m) and legal and onerous contract costs of £17.6m (2022: £8.1m) primarily relating to the legal costs associated with the HMRC investigation. The Group also recorded a £1.0m loss on disposal of assets (£2022: £1.0m), £71.8m on movements in fair value of contingent consideration (2022: £1.0m income), primarily relating to discount unwind on Tab NZ consideration, and £1.0m in financing costs (2022: £5.7m). In addition, the Group has also recognised an impairment charge of £289.0m during the current year (2022: £7.0m) with impairments recognised against our Australian business of £190.0m, our closed B2C operations in Unikrn and Africa of £78.1m, and smaller impairments against our ROI Retail business, closed shops and offices in the UK and our Totolotek business in Poland of £20.9m. The charge which has arisen in the Group’s Australian CGU is a result of the impact of ongoing increases in the rate of Point of Consumption tax across certain states and a forecast decline in Australian revenues in 2024 as a result of a reduced market outlook.

Our Australian business continues to be profitable and strategically important. Post the annualisation of the tax increases and stabilisation of local market conditions, we expect our Australian business to return to growth. During the prior year, the Group also recognised a £45.5m charge in respect of the repayment of amounts received under the Governments Covid Furlough scheme.

Separately disclosed items

	2023 £m	2022 £m
Legal settlement	(585.0)	–
Amortisation of acquired intangibles	(254.6)	(116.9)
Impairment	(289.0)	(7.0)
Corporate transaction costs	(17.8)	(23.9)
Restructuring costs	(49.7)	(11.8)
Legal and onerous contract costs	(17.6)	(8.1)
Loss on sale of assets	(1.0)	(1.0)
Movement in fair value of contingent consideration	(71.8)	1.0
Other including financing	(1.0)	(5.7)
Furlough repayments	–	(45.5)
Total	(1,287.5)	(218.9)

Profit/(loss) before tax
The Group’s profit before tax 5 and separately disclosed items was £444.9m (2022: £321.8m), a year-on-year increase of £123.1m with the growth in underlying EBITDA 5 , a decrease in BetMGM losses and a gain on foreign exchange partially offset by the increase in depreciation and amortisation and interest. After charging separately disclosed items, the Group recorded a pre-tax loss from continuing operations of £842.6m (2022: £102.9m profit), with the separately disclosed costs discussed above having a significant impact on the reported results.

Notes

2023 and 2022 statutory results are audited with the tables presented relating to continuing operations and include both statutory and non-statutory measures.
Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2023 exchange rates.
Proforma references include all 2022 and 2023 acquisitions as if they had been part of the Group since 1 January 2022.
Contribution represents gross profit less marketing costs and is a key performance metric used by the Group, particularly in Online.
EBITDA is earnings before interest, tax, depreciation and amortisation, share based payments and share of JV income. EBITDA is stated pre separately disclosed items.
Stated pre separately disclosed items.
UK Retail LFL YoY NGR is calculated based on shops that traded for the full year in both 2023 and 2022.# Chief Financial Officer’s Review

Taxation

The tax charge on continuing operations for the period was £36.1m (2022: £70.0m), reflecting an underlying effective tax rate pre-BetMGM losses and foreign exchange gains on external debt of 23.0% (2022: 15.4%) and a tax credit on separately disclosed items of £69.7m (2022: charge of £27.9m).

Discontinued Operations

During the current year, the Group recorded a £57.8m (2022: £13.4m) loss in discontinued operations relating to its former Intertrader business which was disposed of in November 2021. The loss recorded primarily reflects legal costs associated with historic matters as well as a provision for a potential settlement with former owners of part of the business following a long running legal dispute.

Cash Flow

Year Ended 31 December 2023

	£m	2022 £m
Cash generated by operations	810.0	846.9
Corporation tax	(137.3)	(106.1)
Interest	(224.6)	(100.6)
Net cash generated from operating activities	448.1	640.2
Cash flows from investing activities:
Acquisitions & disposals	(1,315.4)	(738.6)
Cash acquired/(disposed)	87.9	29.9
Dividends received from associates	9.6	3.6
Capital expenditure	(259.9)	(212.0)
Investment in Joint ventures	(40.7)	(175.1)
Purchase of investments	(3.1)	–
Net cash used in investing activities	(1,521.6)	(1,092.2)
Cash flows from financing activities:
Equity issue	589.8	–
Net proceeds from borrowings	1,780.3	838.4
Repayment of borrowings	(1,428.6)	(271.8)
Subscription of funds from non-controlling interest	350.5	174.3
Settlement of financial instruments and other financial liabilities	(279.9)	8.7
Repayment of finance leases	(68.5)	(83.0)
Equity dividends paid	(106.9)	(50.0)
Minority dividends paid	(7.4)	–
Net cash used in financing activities	829.3	616.6
Foreign exchange	(13.7)	6.8
Net (decrease)/increase in cash	(257.9)	171.4

During the period, the Group had a net cash outflow of £257.9m (2022: inflow of £171.4m). Net cash generated by operations was £810.0m (2022: £846.9m) including £1,007.9m of underlying EBITDA 5 (2022: £993.2m) and a working capital inflow of £601.8m largely due to payments not having started on the DPA (2022: £45.9m) offset by separately disclosed items that are reported in operating activities of £741.9m (2022: £96.0m) including the DPA but excluding items charged to depreciation, amortisation and impairment as well as a £57.8m loss on discontinued operations (2022: £13.4m). Included within working capital is a £29.7m outflow for balances held with payment service providers as well as customer funds, which are net debt neutral (2022: £47.9m). During the period £137.3m was paid out in relation to corporate taxes (2022: £106.1m) with a further £224.6m paid out in interest (2022: £100.6m).

Net cash used in investing activities for the period was £1,521.6m (2022: £1,092.2m) and includes cash outflows for acquisitions of £1,315.4m (2022: £738.6m), net investment in capital expenditure of £259.9m (2022: £212.0m), an additional £40.7m invested in BetMGM (2022: £175.1m) and £3.1m of other investments (2022: £nil). These outflows were partially offset by cash acquired with acquisitions of £87.9m (2022: £29.9m) and dividends received from associates of £9.6m (2022: £3.6m).

During the period the Group received a net £829.3m (2022: £616.6m) from financing activities. £589.8m was raised through the equity issuance (2022: £nil) with a further £1,780.3m through new financing facilities (2022: £838.4) which were used, in part, to repay £1,428.6m of debt (2022: £271.8m) including £400m against the Group’s retail bond. During the period, the Group also received £350.5m from minority holdings to meet their obligations under the Supersport earn-out and STS acquisition. These amounts are recorded in non-controlling interests (2022: £174.3m for the acquisition of SuperSport). £279.9m was paid on settlement of other financial instruments and liabilities, primarily relating to contingent consideration on previous acquisitions. In the prior year, the Group received £8.7m on the settlement of other financial instruments and liabilities as a result of the receipt of £41.6m on the partial settlement on a number of swap arrangements, partially offset by contingent consideration payments. Lease payments of £68.5m (2022: £83.0m) including those on non-operational shops, were made in the period. During the period, the Group also paid £106.9m in equity dividends (2022: £50.0) and £7.4m in dividends to the minority interest in Entain CEE (2022: £nil).

Net Debt and Liquidity

As at 31 December 2023, adjusted net debt 7 was £3,290.9m and represented an adjusted net debt 7 to underlying EBITDA 5 ratio of 3.3x (3.1x proforma 3). The Group has drawn down £295m on the revolving credit facility at 31 December 2023 (2022:£nil).

	Par value £m	Issue costs/ Premium £m	Total £m
Term loans	(3,420.5)	64.8	(3,356.4)
Interest accrual	(1.6)	–	(1.6)
	(3,422.1)	64.8	(3,358.0)
Cash	400.6		400.6
Net debt	(2,957.4)		(2,957.4)
Cash held on behalf of customers	(196.8)		(196.8)
Fair value of swaps held against debt instruments	(85.6)		(85.6)
Other debt related items*	224.8		224.8
Lease liabilities	(275.9)		(275.9)
Adjusted net debt	(3,290.9)		(3,290.9)

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

Refinancing

On 1 March 2024, the Group raised an additional £300m of borrowings under a bank loan facility and used the proceeds to repay all amounts drawn under the Group’s revolving credit facility. Concurrently, the commitments available under the Group’s revolving credit facility (disclosed in Note 36) 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 1 March 2024, was completely undrawn save £5m carved out 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 (see Note 36) 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

2023 and 2022 statutory results are audited, with the tables presented relating to continuing operations and including both statutory and non-statutory measures.
Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2023 exchange rates.
Proforma references include all 2022 and 2023 acquisitions as is they had been part of the Group since 1 January 2022.
Contribution represents gross profit less marketing costs and is a key performance metric used by the Group, particularly in Online.
EBITDA is earnings before interest, tax, depreciation and amortisation, share based payments and share of JV income. EBITDA is stated pre separately disclosed items.
Stated pre separately disclosed items.
Adjusted net debt excludes the DPA settlement of £585.0m. Leverage also excludes any benefit from future BetMGM EBITDA or the payments due to acquire the minority interests in Entain CEE.

Responsibility statement of the Directors in respect of the annual financial report

We confirm that to the best of our knowledge: the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and the Strategic Report includes a fair review of the development and performance of the business and the position of the issuer and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face. We consider the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group’s position and performance, business model and strategy.

Rob Wood
Chief Financial Officer & Deputy Chief Executive Officer
07 March 2024

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent Company’s transactions and disclose with reasonable accuracy at any time the financial position of the parent Company and enable them to ensure that its financial statements comply with the Isle of Man Companies Act 2006.# Directors’ Responsibilities

They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the Isle of Man governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In accordance with Disclosure Guidance and Transparency Rule (“DTR”) 4.1.16R, the financial statements will form part of the annual financial report prepared under DTR 4.1.17R and 4.1.18R. The auditor’s report on these financial statements provides no assurance over whether the annual financial report has been prepared in accordance with those requirements.

The Directors are responsible for preparing the Annual Report and the Group and parent Company financial statements in accordance with applicable law and regulations. The Directors have elected to prepare the consolidated financial statements in accordance with International Financial Reporting Standards and applicable law and have elected to prepare the parent Company financial statements in accordance with FRS 101 Reduced Disclosure Framework.

In preparing each of the Group and parent Company financial statements, the Directors are required to:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
for the Group financial statements, state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
for the parent Company financial statements, state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the parent Company financial statements;
assess the Group and parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern;
use the going concern basis of accounting unless they either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so; and
prepare financial statements which give a true and fair view of the state of affairs of the Group and the parent Company and of the profit or loss of the Group and the parent Company for that period.

78 Entain plc Annual Report 2023

Enterprise Risk Management

Managing Risks

Governance

The Board has established and reviewed procedures to manage risk, oversee internal control systems and determine the nature and extent of the risks the Company is willing to take in order to achieve its long-term strategic objectives. Our Enterprise Risk Management (ERM) process supports the Board to establish a risk appetite framework for the Group and to identify and monitor emerging Group risks, which are presented to the Committees of the Board and where required, directly to the Board in thematic risk reviews throughout the year by the Risk Owners, using a consistent format Risk Dashboard. The Risk Dashboard highlights whether strategic objectives can be met in the current context and indicates how much action is needed to further manage the risks to an acceptable level. If objectives cannot be met, oversight Committees are asked for additional resources to manage the risks, or, if no additional resources are made available, whether they wish to formally accept the risk exposure or change objectives. This process embeds risk appetite decision-making at the appropriate levels of the Company, with outcomes noted and communicated back to the Risk Owners who can then take action to manage risks accordingly.

The Board retains ultimate responsibility for the management and oversight of risk and considers a “top-down” view of emerging Group risks, alongside the risks obtained through the “bottom-up” ERM process, from this, it establishes the Principal Risks to the Group and considers the likelihood of the Principal Risks occurring and whether risks emerging over time require attention through deeper dives.

During 2023, we re-structured the Group Risk Committee, which now meets six times a year in cadence with our other Board Committees and Board meetings. The Group Risk Committee is scheduled to precede and feed into Committee and Board meetings where possible, so that risk information is current and overseen on a timely basis.

People and Governance Committee

Whilst the Board is responsible for the annual review of the principal risk of attracting and retaining key talent, as part of their responsibilities the People and Governance Committee continually reviews succession planning and the susceptibility of the Group to the risk.

Legal & Regulatory	Data Privacy	Retail UK&I	Cyber & IS	Core Digital	TradingLATAM	HSSE	Australia & New Zealand	Safer Betting & Gaming	Procurement	International Tax , Treasury & Insurance	Technology	Customer Service	Product & Tech	Property & Workplace	Corporate Ethics & Compliance	People Services	Integration	PLC Board
Execution of the group strategy	Laws, regulations and compliance	Attracting and retaining key talent
Whilst not a principal risk, the Board also reviews the Group’s litigation risk on an ongoing basis

Group Risk Committee
Meets six times annually, prior to each Board and Board committee meeting

Sustainability and Compliance Committee
| Health, safety and well-being | Safer betting and gaming | Risk also reviewed continually | Regulatory compliance and licensing, anti-money laundering (“AML”), Responsible gambling, protection and |
| :--- | :--- | :--- | :--- |
| | | | |

Audit Committee
| Data privacy and cyber resilience | Maintain technology platform resilience | Taxes | Trading, liability and pricing management | Price and service of delivery from 3rd party suppliers |
| :------------------------------ | :------------------------------------ | :---- | :---------------------------------------- | :--------------------------------------------------- |
| | | | | |

Remuneration Committee

Whilst the Board is responsible for the annual review of the principal risk of attracting and retaining key talent, as part of their responsibilities, the Remuneration Committee continually reviews this risk and the mitigating actions in place to prevent the risk crystallising.

*Delegated oversight and responsible for deep dive reviews of Group’s principal risks.

Entain plc Annual Report 2023 79

Effective risk management supports us to meet our corporate objectives, it helps us to make risk-based decisions so that we operate with fewer shocks and allocate resources in line with our risk appetite.

Our Risk Management Principles:

Tailor an enterprise risk management system that improves performance, encourages innovation, and supports the achievement of our objectives.
Integrate and align risk management across different strategic, functional, and operational disciplines, such as budgeting, compliance, reporting, and so on.
Embed risk management as an integral part of the way we manage our business, people, and teams across all our operations.
Proactively manage our risks in our fast-changing business environment, updating and continuously improving our risk information to support decision making at all levels.

Management Process

We work together to use modern risk management methods (and Entain’s four-pillar risk management framework) to ensure risk is a part of our day-to-day decision making across our entire organisation, minimising threats to the delivery of our strategy, and maximising opportunities.

Risk Strategy

At Entain, we are committed to active and effective risk management, creating, and protecting value to the organisation and helping us deliver on our strategic priorities, managing threats, exploiting opportunities, and building resilience. We support risk taking where it is forecast to generate returns for the business and manage this in line with our values and ethics.

Risk

Risk is the exposure to the possibility of loss or gain arising from threats or opportunities.

Risk management is doing a lot of things to ensure that the right people are making decisions, supported by the right information at the right time.

Our risk landscapes

Current risks: Risks we are managing now that could stop us achieving our strategic objectives.
Emerging risks: Risks with a future impact from external or internal opportunities or threats. These can be slow moving, as well as rapid velocity.

What we assess

Each risk has a named owner.
Impact versus Action: globally applied scale measuring the amount of action required to manage the risk to an acceptable level.
Critical controls: subject to internal audit review and monitoring.
Current risk: after existing controls.
Risk acceptance: if the risk is acceptable with the current controls or if additional actions are needed to manage the risk to an acceptable level.
Risk appetite: the level of risk we are prepared to take to achieve our strategy.
Actions: identify further actions if required, with action owners and due dates.

Our bottom-up registers

The bedrock of our risk assessment. Owned by functions and super-regions, they identify, analyse, and evaluate risks and mitigating controls arising from day-to-day operations globally.

The main output of our risk assessment is the Group Risk Register, which presents an overview of the key risks faced by the Group.# Risk management process and methodology

Owned by functions and super-regions, and opportunities via our ‘impact versus actions’ scales and subsequent controls needed to mitigate the threats and exploit the opportunities arising from day-to- day operations globally. They include a description of the risk, reference which corporate objectives are exposed to the risk, and what additional support and decisions are needed to manage the risk to an acceptable level. The Dashboards are used to make effective, risk-based decisions on allocation of resources.

As part of the ERM process, we assess Financial, Operational, Reputation / Brand, Legal / Regulation, and Health & Safety.

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Risk management process and methodology

The risk management process and methodology is a four-step process that allows us to ask, ‘Given the context in which we are operating, the risk we face and our ability to manage them – can we achieve our objectives?’ If we can, then we continue the good work. If we can’t, then we need to manage the risks further, or change the objectives.

Understand Context and Objectives

Understanding both the external and internal context in which we are operating – what is happening and what might happen to make things easier or harder. We clarify what we are trying to achieve – our objectives – whether it is for the entirety of a strategy, division or function. We think through how the context and objectives may impact each other, both positively and negatively.

Report and Assess Risks

Ongoing checking of the status of risks and their controls. This step involves reviews, inspections, and audits of the status of risks, providing risk management information that is communicated to all necessary stakeholders.

Assess risks acknowledge, and describe risks (both potential opportunities and threats).

Assess risks involves understanding and describing risks both individually and as a collective, with the aim of better understanding any triggers which may make the risk happen.

For each risk, decisions need to be taken regarding a risk that will be managed to an acceptable level.

Manage Risks

Active management of risk with decisions on the types of controls needed and the implementation of controls. Proactive risk management takes charge of and changes the nature of our exposure to risk so that it comes in line with the amount of risk we are willing to take in delivering our objectives. Where risks are out of line with the amount of risk we want to take, we can enhance or add new controls where necessary.

1. Understand Context and Objectives

2. Assess Risks

3. Manage Risks

4. Report

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Risk Management

Whilst our Board owns and oversees our ERM programme, risk management accountability and responsibility are embedded throughout the organisation. This is driven through our Colleagues, who have responsibility to manage day-to-day risks in their own areas, they have the insight to risk that comes from experience and knowledge. The ERM process engages Subject Matter Experts from across the business, and is supported by our risk management framework, policy, control frameworks, and risk appetite. Local management, and ultimately the Executive, ensure that risks are managed and carried out according to these frameworks.

The second line of sight is provided by our advisory support teams who specialise in areas such as ERM, Compliance, Cyber Security, Legal and HSSE. These advisory support teams review the controls in place to ensure they are adequate, they form a holistic view of risk across the Group and capture and escalate risks that could fall through silos, supporting and encouraging foresight of risk. This risk foresight is captured by the ERM and management teams, who review each risk register and dashboard on a regular basis, culminating in review by the Group Risk Committee, which then escalates these risks to the Executive and the Board.

The third line of sight is through independent Internal and external audit, who provide assurance over the effectiveness of critical controls, which is provided through internal audits, supplemented by reports from external assurance providers. We use this hindsight to adjust our controls in the light of audit recommendations. Entain’s Group Code of Conduct and Whistleblowing Policies, in addition to our controls framework, are in place to promote and aid us to ‘Do what’s right’. Annually the Audit Committee reviews the adequacy and effectiveness of the Company’s policies, which sets our tone for desired risk culture.

Key Developments in Risk Management

A key cornerstone towards robust governance was accomplished, including the deployment of a new risk policy, framework, governance forums, and supporting tools.

Completed the ERM management system design and approval
Began implementation of our ERM system through over 50 sessions of risk management training and workshops, with work ongoing into 2024 to implement in our Super Regions, giving a much clearer view of the company’s most significant risks.
Reviewed and updated Entain’s risk scoring criteria, establishing new risk matrix covering ‘Impact vs Actions’ as a modern approach to ERM, ensuring focus on what can be done about the risk is embedded in our day-to-day risk management “bottom-up” process.
Delivered new format risk registers, with enhanced data fields to ensure greater clarity and detail in the identification and monitoring of actions needed to put further controls in place.
Developed and rolled out new Risk Dashboards and presented to the risk oversight Committees and Board during the year, facilitating decisions on risk appetite, required actions and resource allocation.
Undertook deep-dive analysis and evaluation of emerging risks, informed by functions, divisions, super-regions, subject matter experts and leadership, to provide a Group-wide view. In 2023, we undertook a series of workshops across our risk landscape to provide a deeper exploration of our emerging threats and opportunities and come to a consensus on our response. As such, the exercise to understand potential emerging risks has been carried out during each initial risk workshop, looking at risks that may occur over 3-, 5-, and 10-year horizons. Based on the data, common themes have become apparent, which have been developed to display and better understand the information regarding emerging risks.

Enterprise Risk Management (ERM) Approach

Our ERM team led the establishment and implementation of our refreshed approach to Enterprise Risk Management, which is aligned with the international risk standard ISO 31000. During 2023, we have progressed a consistent approach across our business through training, engagement, and application of our new ERM toolkit. Our colleagues are fundamental to the success of risk management at Entain. A positive risk aware culture enables colleagues at all levels of our organisation to deliver risk management as an integral part of their day-to-day activities. We do this by:

Developing a compelling narrative on the importance of risk management across the Group.
Delivering targeted foundation of risk management training.
Supporting the development of risk registers for each function and region, the culmination being a robust risk register and dashboard highlighting those risks which require review at oversight Committees and Board.
Collaborative working across the Groups functions and super-regions utilising the expertise of external insight.
Articulating risks so they can be clearly understood so decisions are made on a more informed basis.
Embedding the consideration of risk appetite through our risk prioritisation tool which indicates whether risks are deemed to be at acceptable levels.
Ensuring that risks are reviewed at oversight Committees and Board. Embedding risk appetite in our ERM process has improved our ability to talk about risk appetite as part of our risk culture.

Risk Assessment

As part of the ERM process, the risks are assessed against a set of criteria using an ‘Impact versus Action’ matrix which assesses both the impact to the business and the actions required to bring those risks within Entain’s risk appetite. In assessing ‘impact versus action’ criteria, we look to understand the extent to which the risk could impact our strategic objectives, financial performance, operational processes, legal and PR and health, safety, and security.

The impact of each risk is measured with its potential financial impact (underlying EBITDA and cash), its potential operational impact (including the security of our data), the effect on the reputation of our brands and whether it affects our commitment to health, safety, security, and well-being. The impact is measured on a scale, from ‘very low’, with limited damage to a minor stakeholder, and ‘very high’ being severe, which may have a substantial impact on the Group affecting many key stakeholders, including customers. The action is measured from a range of no action required to many actions needed and additional resource required, also on a scale from ‘very low’ to ‘very high’).# Entain plc Annual Report 2023

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The Directors have concluded that three years was an appropriate period for assessment, as this is aligned to the Group’s strategic planning process and is considered to be the period for which reliable estimates can be made for variations in both industry and customer dynamics, regulatory change, technological advancements and the economic backdrop in the betting and gaming industry taking into account the ever changing landscape. The objectives of the strategic planning process are to further develop the businesses understanding of the markets in which it operates, assess the risks and opportunities facing the business and develop a Group-wide strategy and The Directors have utilised these strategic forecasts, the 2024 Board approved budget Group to assess the potential impact on viability of certain severe, but plausible, “risk events” arising which represent the crystallisation of the Group’s principal risks to 86 of this Annual Report. The robust assessment conducted considered the Group’s revenue, EBITDA, operating and controls, its current debt maturity and mitigating actions should baseline assumptions change.

Entain plc Annual Report 2023 87

Chairman’s Governance Overview

Entain continues to enhance its corporate governance practices and procedures to ensure the Board operates effectively and sets the right tone from the top. In 2023 a key focus for the Board has been managing its own succession and I was delighted to announce the appointment of Amanda Brown and Ricky Sandler, who joined the Board in November 2023 and January 2024 respectively. Amanda brings extensive commercial and human resource experience to us. Ricky knows our business extremely well and his focus will be on generating value for all shareholders. We have also overseen the departure of two executive directors during the year, Jette Nygaard-Andersen and Robert Hoskin. Under Jette’s leadership, Entain executed a strategic shift towards regulated or regulating markets and continued to improve its customer and product offering. Robert stepped down as Chief Governance Ofﬁcer in August having been with the Group since 2005. I would like to express my thanks to both Jette and Rob for their roles as directors and everything they have done for me personally and the Group more widely. We have been hugely fortunate that Stella David agreed to take on the Interim Chief Executive role while we continue our search for a permanent replacement to Jette. Stella is an intensely commercial leader with a long track record of success across multiple industries. She has already made a signiﬁcant impact refreshing the corporate strategy and sharpening management’s focus on operational execution. The strength and expertise of the Board members has allowed us to adjust quickly to these signiﬁcant changes and I am thankful to Pierre Bouchut, who took on the role of Senior Independent Director, and Virginia McDowell, who replaced Stella as Chair of the Remuneration Committee. Further details regarding our continued search for Non-Executive Directors and our board succession planning appears in the People and Governance Committee report starting on page 101. The Board established a new Capital Allocation Committee in February 2024, which will provide additional oversight over the Company’s portfolio of assets, capital allocation and capital structure. I am the Chair of this Committee and I have been joined by Pierre Bouchut and Ricky Sandler. The Board remains conﬁdent about the Group’s future and is committed to our strategy, our purpose and is highly focused on developing sustained and sustainable shareholder value.

“The Board remains conﬁdent about the Group’s future and is committed to our strategy, our purpose and is highly focused on developing sustained and sustainable shareholder value”.

J M Barry Gibson Chairman

Entain plc Annual Report 2023 9

Board of Directors (as at 7 March 2024)

Tenure	Years:
Barry Gibson	Stella David	Rob Wood	Pierre Bouchut	Amanda Brown	Virginia McDowell	Ricky Sandler	David Satz	Rahul Welde
0	1	2	3	4	5	6	7

Age and experience	No. of Directors	Experience/Skills:	No. of Directors
40-44	6	Gaming Sector	1
45-49	2	Finance	2
50-54	1	Technology/ Digital	2
55-59	2	Global Business	1
60-64	2	Legal/ Regulatory	0
65-69	1	Marketing	0
70+	0	Customer	0
		Media/ Entertainment	1
		Leadership	3
		Diversity
Gender	3:6
British	4
American	3
French	1
Indian	1

Entain plc Annual Report 2023 89

Chairman’s Governance Overview

J M Barry Gibson Chairman

Tenure: Appointed to the Board November 2019 and became Chairman February 2020.
Age: 72
Nationality: British
Committees: C P S
Biography: Barry was previously a non-executive director of William Hill plc and bwin. party digital entertainment plc, where he was the senior independent director. Other listed company experience includes roles as the chairman of HomeServe plc, non-executive directorships of Somerﬁeld plc and National Express plc and group chief executive of Littlewoods plc. He was formerly the group retailing director at BAA plc and non- executive chairman of Harding Brothers Holdings Ltd.
Key strengths and experience: Barry has enjoyed a distinguished business career and has a deep understanding of the gaming and retail sectors. He is an experienced leader and board member with valuable insight on improving company performance and transformation programmes. Barry continues to create a Board environment of constructive challenge and oversight.

Rob Wood Chief Financial Ofﬁcer and Deputy CEO

Tenure: Appointed to the Board as Chief Financial Ofﬁcer March 2019; the role of Deputy CEO was added to his portfolio January 2021.
Age: 44
Nationality: British
Biography: Rob joined Entain in 2012 and worked in senior roles within ﬁnance, including as CFO of the Group’s retail business. Prior to Entain, he was senior vice president at Cerberus Capital, overseeing the private equity ﬁrm’s European portfolio companies and worked in restructuring advisory at Rothschild. Rob started his career at KPMG where he qualiﬁed as a chartered accountant and holds a degree in Mathematics and Management Studies from the University of Nottingham.
Key strengths and experience: Rob’s ﬁnancial expertise and deep knowledge of Entain’s business make him uniquely placed to manage his wide-ranging portfolio as Chief Financial Ofﬁcer and Deputy CEO, providing insight to the Board on commercial, ﬁnancial and operational issues.

Key:
A Audit Committee Member
C Capital Allocation Committee Member
R Remuneration Committee Member
P People & Governance CommitteeMember
S Sustainability & Compliance CommitteeMember

A Audit Committee Chair
C Capital Allocation Committee Chair
R Remuneration Committee Chair
P People & Governance Committee Chair
S Sustainability & Compliance Committee Chair

Board of Directors

Stella David Interim Chief Executive Ofﬁcer

Tenure: Appointed to the Board March 2021 and became Interim Chief Executive Ofﬁcer December 2023. Senior Independent Director until December 2023.
Age: 61
Nationality: British
Outside interests: Non-executive director of Norwegian Cruise Line Holdings Ltd where she is also chair of the Nominating and Governance Committee and non-executive director of the privately-owned Bacardi Ltd.
Biography: Stella was previously CEO of William Grant & Sons, following more than 15 years with Bacardi Ltd. She was chair of C&J Clark Ltd (having previously acted as interim chief executive ofﬁcer), non-executive director and senior independent director of HomeServe plc and non-executive director and remuneration committee chair at the Nationwide Building Society. Stella stepped down as a non-executive director and remuneration committee chair of Domino’s Pizza Group plc and as a non-executive chair of the privately-owned Vue International following her appointment as Interim Chief Executive Ofﬁcer of Entain plc.
Key strengths and experience: Stella is an intensely commercial leader with a long track record of success across multiple industries. She brings lengthy experience in management, consumer and regulatory environments, and marketing to the Board. Her non-executive roles in listed and privately owned companies give her a deep understanding of shareholder views and best practice standards of corporate governance, as well as enhancing the Board’s ability to support and oversee the delivery of Entain’s strategy.

Committee membership details provided in these biographies are given as at the date of this Annual Report. For details of Committee membership during the ﬁnancial year, see Committee reports on pages 101 to 112 and page 116.

Entain plc Annual Report 2023 90

Pierre Bouchut Independent Non-Executive Director & Senior Independent Director

Tenure: Appointed to the Board September 2018 and became Senior Independent Director December 2023.
Age: 68
Nationality: French
Outside interests: Non-executive director and chairman of the audit committees at Pepco Group and GeoPost SA, a non-executive director and chairman of Proﬁ Rom Food SRL, and a non-executive director of Rina Estate Italia SRL.
Committees: A C
Biography: Pierre was the chief operating ofﬁcer for Europe at Koninklijke Aholddelhaize N.V. (2016-2018), chief ﬁnancial ofﬁcer at Delhaize Group Belgium (2012-2016), Carrefour SA (2009-2012), Schneider Electric Group (2005-2009), and CEO of Casino Group (1995-2003). He was also a non-executive director of Hammerson plc (2015-2021) and Firmenich SA (where he was also chairman of the audit committee) (2016-2023).Until it was acquired by KKR in 2022, he was the reference board member and chairman of the audit committee at Albioma SA. He has worked for Citibank, Bankers Trust and as a consultant with McKinsey.

Key strengths and experience: Pierre has had a long career in senior executive and non-executive roles across finance, retail, logistics, information systems and property. His familiarity with the management of large, internationally listed companies gives him an extensive understanding of regulation, accounting standards and strategy, complementing his deep knowledge of corporate governance and audit committee practice. This broad experience makes him suited to chair Entain’s Audit Committee and to act as its financial expert.

Ricky Sandler
Non-Independent Non-Executive Director

Tenure: Appointed January 2024.
Age: 54
Nationality: American

Outside interests: Chief Executive Officer and Chief Investment Officer of Eminence Capital, LP.

Committees: C P

Biography: Ricky founded Eminence Capital in 1999. Eminence is a USD6.5 billion global investment management organisation investing client capital across global financial markets. As Chief Executive Officer and Chief Investment Officer of Eminence, Ricky is responsible for setting the firm’s strategic direction as well as directly managing its 20+ person investment team and diversified investment portfolio. Prior to launching Eminence, Ricky was co-founder and co-general partner of Fusion Capital Management, a firm that managed a long/short hedge fund focused on global equity securities. Prior to that he was a research analyst at Mark Asset Management, where he began his investing career in 1991. Ricky received a BBA in Accounting and Finance graduating with honours from the University of Wisconsin.

Key strengths and experience: Ricky brings over 30 years of experience in analysing and investing in public companies with a wealth of perspective on ways to maximise long term shareholder value and institute strong corporate governance oversight at the board level. In connection with his appointment, the Company, Eminence Capital and Ricky have entered into a relationship agreement, including customary governance, standstill and voting provisions. A summary of the main terms of the agreement is available on the Company’s website.

David Satz
Independent Non-Executive Director

Tenure: Appointed October 2020.
Age: 64
Nationality: American

Outside interests: Member of the board of a commercial gaming and hospitality entity established by the Eastern Band of Cherokee Indians (EBCI) and a member of the board of Dreamscape Entertainment Integrated Resorts, Inc.

Committees: A S

Biography: David was senior vice president of Government Relations and Development for Caesars Entertainment Corporation in Las Vegas, where he worked from 2002 to 2019 and had responsibility for overseeing Caesars’ government activities for more than 52 properties in 15 states in the US and several other countries around the world. Prior to this he spent 16 years at the US law firm Saiber Schlesinger Satz Goldstein LLC, where he had a particular focus on the gaming industry and played a key role in numerous regulatory and legislative initiatives throughout the US.

Key strengths and experience: David brings to the Board an exceptional perspective on the US gaming sector as well as expertise in gaming regulatory law and policy as it impacts the Group worldwide. His extensive career in regulation and legislation has allowed the Board to benefit from his insight and knowledge as Entain seeks to execute its strategy to grow market share in the US through its BetMGM joint venture. His regulatory experience has also provided insight into the many regulatory, responsible gaming and compliance issues that the Group faces.

Rahul Welde
Independent Non-Executive Director

Tenure: Appointed July 2022.
Age: 54
Nationality: Indian

Outside interests: Non-Executive Director of Pantheon International Plc. Chair of the Advisory Board of Migrant Leaders, a UK charity.

Committees: A P R

Biography: Rahul spent over 30 years working with Unilever PLC, most recently in a global role as the Executive Vice President of Global Digital Transformation, building capabilities across the digital spectrum, including new business models, innovation, partnerships, processes and training. Previously, Rahul was Unilever’s Regional VP Media for Asia, Africa, Middle East, Turkey and Russia. Throughout his career he has worked in a diverse range of roles across functions and categories. He has been active in industry bodies, including as the Regional Vice President for The World Federation of Advertisers and chairman of the Mobile Marketing Association, Asia.

Key strengths and experience: Rahul brings a lifetime career of knowledge from the global fast-moving consumer goods sector. He has proven experience of leveraging digital technologies for the benefit of business. Rahul has deep expertise in media and marketing as well as in digital and transformation, leading large change programmes encompassing technology, processes and people.

Amanda Brown
Independent Non-Executive Director

Tenure: Appointed November 2023.
Age: 55
Nationality: British

Outside interests: Non-executive director and chair of the remuneration committee of Mitchells & Butlers plc and a non-executive director of Manchester Airport Group.

Committees: R

Biography: Amanda is an experienced senior executive with a background in consumer facing organisations and financial services. She served as Chief Human Resources Officer of Hiscox during a period of significant growth and transformation for the organisation and she has also held executive roles within Whitbread Group, PepsiCo and Mars Inc. Amanda was a Non-Executive Director and Chair of the Remuneration Committee of Micro Focus International Limited, a multinational software and information technology business, before stepping down when the business was sold in 2023.

Key strengths and experience: Amanda brings a wealth of experience in human resources, remuneration strategy and managing organisations through significant change. Amanda has relevant consumer facing experience. Given her extensive experience as a Remuneration Committee Chair, Amanda was appointed as Designate Chair of the Remuneration Committee at the time of her Board appointment and, subject to her election, will become Chair of Entain’s Remuneration Committee following the AGM.

Virginia McDowell
Independent Non-Executive Director and Designated Workforce Director

Tenure: Appointed June 2018.
Age: 66
Nationality: American

Outside interests: Vice-president of Global Gaming Women, a non-profit organisation with a mission to support, inspire and influence the development of women in the gaming industry through education and mentoring, and a trustee of St Louis University.

Committees: R S P

Biography: Virginia was the president and CEO of Isle of Capri Casinos, Inc. in the United States from 2011 until her retirement in 2016, and the president and COO of Isle of Capri (2007-2011). Prior to this she was the chief information officer at Trump Entertainment Resorts (2005- 2007) and senior vice president of operations. Virginia was the first woman to be inducted into the Mississippi Gaming Hall of Fame and in 2022 she was inducted into the American Gaming Association’s Hall of Fame.

Key strengths and experience: Virginia’s 40-year career and accomplishments in the gaming sector have been recognised by a number of prestigious awards. Virginia has actively engaged with our stakeholders in her role as Designated Workforce Director. Throughout her career she has maintained a tireless focus on developing the next generation of women leaders in the gaming industry and this understanding of the diversity and regulatory challenges of the sector has greatly assisted the Board and the Sustainability & Compliance Committee.

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1 Overview
8 Strategic report
88 Governance
140 Financial statements

Board of Directors
Summary of 2023

Details of progress and our deliverables on the key areas for focus set out in our last annual report are set out below:

| 2023 Goals | 2023 Result |
| :--- | :---15.44

15.44

| 2023 Goals | 2023 Result |
| :---# Entain plc Annual Report 2023

8 Strategic report

88 Governance

We have also enhanced our capabilities with key hires and strengthened our compliance monitoring and assurance programme. We restructured and centralised the Anti-Financial Crime (“AFC”) function to ensure it remains robust, sustainable and proportionate in managing and mitigating ﬁnancial crime risks faced by Entain. We have also revised the organisational structure to ensure staff globally with ﬁnancial crime responsibility, have a reporting line into Group AFC team. Recruit a new Company Secretary. We welcomed James Morris as Group Company Secretary in July. Finalise a new strategy for ARC TM which provides a path of development for the next three years. We continued to reﬁne ARC TM during the year and worked with lived experience experts, academics and third party behavioural scientists to improve our player protection offering for customers. Progress the HMRC investigation towards a conclusion. We reached ﬁnal settlement of the HMRC investigation into our legacy Turkish- facing business and entered into a Deferred Prosecution Agreement (“DPA”) with the Crown Prosecution Service that was approved by the Crown Court on 5 December 2023. Since the conduct giving rise to the DPA, the Group has undertaken a comprehensive review of its anti-bribery policies and procedures and has taken decisive action to signiﬁcantly strengthen its wider compliance programme and related controls. Hold an Entain: Sustain update interaction in Q4. In December 2023, we held our annual Entain Sustain update event virtually, providing updates on several topics to our key stakeholders including investors, analysts, regulators, media, colleagues and customers. A report on this event can be found in our discussion on Board Leadership and Company Purpose on page 97.

Entain plc Annual Report 2023 92

Regulated Markets

On 12 November 2020, Entain announced a clear strategy for sustainability, growth and innovation. As part of that strategy, the Group made a commitment to only do business in countries where it had a local licence or those countries that were on a path to revise their laws and regulations, which would allow us to then apply for a domestic licence in the near to mid-term. Throughout 2023, the Group continued with this process by exiting its few remaining markets where there is no clear path to market liberalisation via domestic regulation. Since 2020 the Group has closed its offering into more than 150 markets where we do not see the prospect of regulation allowing the Company to obtain a licence or ﬁnd a locally-licensed operator to partner with on attractive commercial terms. We have also doubled the number of countries where we hold a licence and currently hold domestic licences in 34 markets and now hold licences in 26 US States. We remain active in only ﬁve small markets where we do not currently hold a domestic licence, and by the end of 2024 we will have either exited these markets or have obtained, or be in the process of obtaining, a domestic licence. More speciﬁcally, in 2023, we obtained a licence to offer our bwin brand in Mexico and completed the acquisition of STS to enter the regulated market in Poland. We also announced an exclusive 25-year deal with the New Zealand TAB to provide licenced online sports betting services in New Zealand. At the end of the year, the Brazilian Government passed its long-awaited online gambling bill and we expect licences to be made available in 2024. In parallel, the Finnish Government also formally announced that it will dismantle its gambling monopoly and launch an open licensing system for online gambling in the next two years.

Governance Team

With Robert Hoskin’s departure, Simon Zinger, our Group General Counsel, has taken over leadership of the Governance, Legal and Compliance function. Simon is a member of the Executive Committee and brings a wealth of experience and leadership to the team. He was instrumental in the resolution of the HMRC investigation and agreeing the terms of the DPA with the Crown Prosecution Service and has overseen signiﬁcant organisational changes and improvements as the Company has continued to strengthen its governance and compliance standards and capabilities. Under Simon’s leadership, the global Governance team is highly-engaged in supporting the Company’s objectives and has focused on a number of unique initiatives such as complementing the Company’s efforts in the area of Diversity & Inclusion, undertaking pro bono activities to support charities, and creating unique learning and development opportunities for team members, During the year we have continued to make good progress embedding our ERM framework (see page 79) and enhanced our global Compliance and AML team structures. Our Head of International Compliance, Florian Sauer, has conducted a comprehensive restructuring of the compliance organisation with consolidation of departments and alignment across our recently acquired businesses. We have focused on pursuing and maintaining constructive relationships with all of our regulators, continued to enhance our capabilities with key hires, and strengthened our compliance monitoring and assurance programme. We welcomed Karen Nightingale as Group Director of Ethics and Compliance at the beginning of the year. Under her leadership we have developed a three-year strategy to achieve our vision of a best-in-class Ethics and Compliance programme and have created a Charter that explicitly sets out the independence and authority of the Ethics and Compliance function required to implement the programme effectively. We have updated our approach to on-boarding vendors and suppliers in order to better identify and mitigate third party risk exposure and will continue to develop this going forward. We have also appointed Edward Maguire as our new Group MLRO and Global Head of AFC as part of our commitment to combat ﬁnancial crime. During the year we have developed a holistic Anti- Financial Crime Risk Management Programme with enhanced coverage, governance and reporting protocols. We have also created a centralised function to drive consistency of standards, whilst ensuring effective oversight and control. We were also pleased to welcome James Morris as Group Company Secretary in July 2023.

Regulatory Settlement

A key area of focus during 2023 was overseeing resolution of the HMRC’s investigation in relation to the Group’s legacy Turkish- facing business. The Board was proactively engaged throughout the process and has reviewed and challenged the work done to signiﬁcantly strengthen the Company’s compliance programme and controls. We are now a fundamentally different and profoundly changed Company and we can move forward with conﬁdence as we concentrate on our future.

Entain plc Annual Report 2023 93

Summary of 2023

Entain plc: The Board must act with integrity and is collectively responsible for establishing the Company’s purpose, values and strategy as well as overseeing the conduct of its business and promoting the long-term sustainable success of the Group, generating value for shareholders and contributing to wider society. The Board sets the strategic direction of the Group, approves the strategy and takes appropriate action to ensure that the Group is suitably resourced to achieve its strategic aspirations. The Board considers the impact of its decisions and its responsibilities to all its stakeholders, including colleagues, shareholders, regulators, customers, suppliers and the communities in which we operate. The Board discharges its responsibilities directly or, in order to assist it in carrying out its function of ensuring effective independent oversight and stewardship, delegates speciﬁed responsibilities to its committees. Details of how the Board fulﬁlled its responsibilities in 2023, as well as key topics discussed and considered by the Board committees, can be found in this Directors’ report.

Committee	Oversight and review	Read more
Audit Committee	Oversight and review of ﬁnancial reporting processes, the Group’s system of internal control, including internal ﬁnancial controls, the appropriateness and effectiveness of the enterprise risk management framework and principal risks and the work undertaken by Internal Audit and the Group’s Statutory Auditor, KPMG.	pages 104 to 109
Sustainability & Compliance Committee	Oversight and review of the Company’s Sustainability and Compliance programme, the Company’s relationships and engagement with a wide range of stakeholders, progress against internal KPIs and external Sustainability and Compliance index results. Furthermore, it ensures that the ESG Strategy remains ﬁt for the future.	pages 110 to 112
People & Governance Committee	Oversight and review of Board and executive succession, overall board effectiveness, workforce policies and practices and corporate governance issues.	pages 101 to 103
Remuneration Committee	Oversight and review of the Group’s overall remuneration strategy, including share plans and other incentives. Further maintains dialogue with shareholders and workforce on remuneration related matters.	pages 116 to 117
Capital Allocation Committee	Oversight over the Group’s portfolio of assets, capital allocation and capital structure.
Chairman’s Committee	Provides the opportunity for the Chairman to discuss and consider topical ad hoc matters with the Non-Executive Directors without the Executive Directors being present. The topics discussed during the year have varied from performance and strategic related matters, including executive succession planning and shareholder feedback.

Interim Chief Executive Officer

The Interim Chief Executive Ofﬁcer is responsible for the management of all aspects of the Group’s business, developing strategy in conjunction with the Chairman and the Board, and leading its execution.# Governance

The Board delegates authority for the operational management of the Group’s business to the Interim Chief Executive Officer for further delegation in respect of matters that are necessary for the effective day-to-day operations and management of the business. The Board holds the Interim Chief Executive Officer accountable in discharging her delegated authorities.

Executive Committee

The Executive Committee comprises of the Interim Chief Executive Officer, Chief Financial Officer, Group Chief Commercial Officer, Chief Product & Technology Officer, Group General Counsel, Chief People Officer and Chief Investor Relations & Communications Officer. It supports the Interim Chief Executive Officer in the day-to-day management of the business and implementation of strategy.

Entain Leadership Team

Business Leaders who own delivery of business strategy and communications across the Group.

Board and Committee Structure: Decisions, responsibilities and delegated authority

Entain plc Annual Report 2023
94
1 Overview
8 Strategic report
88 Governance
140 Financial statements

J M Barry Gibson

Chairman

Provides effective leadership of the Board and promotes the highest standards of corporate governance practices. Leads the Board in providing strong strategic oversight and setting the Board’s agenda, culture and values. Leads the Board in challenging management’s thinking and proposals, and fosters open and constructive debate among Directors. Maintains internal and external relationships with key stakeholders, and communicates shareholders’ views to the Board. Organises periodic monitoring and evaluation, including externally facilitated evaluation, of the performance of the Board, its committees and individual Directors. Leads on succession planning for the Board and its committees, ensuring appointments reflect diverse cultures, skills and experiences.

Senior Independent Director

Pierre Bouchut

Independent Non-Executive Director & Senior Independent Director

Supports the Chairman, acting as intermediary for Non-Executive Directors when required. Leads the Non-Executive Directors in evaluating the performance of the Chairman, supporting the clear division of responsibility between the Chairman and the Chief Executive Officer. Listens to shareholders’ views if they have concerns that cannot be resolved through the normal channels. Leads an orderly succession process for the Chairman.

Non-Executive Directors

Constructively challenge and contribute to the development and approval of Group strategy. Challenge and oversee the performance of management. Ensures that financial information is accurate and that both controls and the system of risk management are effective and robust. Contribute to the assessment and monitoring of culture. Maintain internal and external relationships with the Group’s key stakeholders.

Stella David

Interim Chief Executive Officer

Leads and directs the implementation of the Group’s business strategy, embedding the organisation’s culture and values. Leads the Group Executive Committee with responsibility for the day-to-day operations of the Group and financial performance. Maintains relationships with key internal and external stakeholders including the Chairman, the Board, customers, regulators and shareholders. Maintains responsibility and accountability for the Group’s and its employees’ compliance with applicable laws, codes, rules and regulations, good market practice and Entain’s own standards.

Executive directors

The Chairman

Rob Wood

Chief Financial Officer and Deputy CEO

Supports the Group Chief Executive in developing and implementing the Group strategy and recommends the annual budget and long-term strategic plan. Leads the Finance function and is responsible for effective financial reporting, including the effectiveness of the processes and controls, to ensure the financial control framework is robust and fit for purpose. Maintains relationships with key stakeholders including shareholders. Leads the Disclosure Committee to ensure the Group meets its disclosure and reporting requirements pursuant to the Financial Conduct Authority’s Listing Rules and Disclosure Guidance and Transparency Rules, as well as complying with UK Market Abuse Regulations.

Board composition, roles and attendance in 2023

The Chairman is committed to ensuring the highest standards of Board effectiveness. A key mechanism to drive this is the appropriate composition and balance of individuals. The Board is comprised of a majority of independent directors, who provide an independent perspective, constructive challenge and monitor performance and delivery of the strategy within risk appetite and the controls set by the Board.

Entain plc Annual Report 2023
95
1 Overview
8 Strategic report
88 Governance
140 Financial statements

Board Leadership and Company Purpose

Over the year the Board focused on a strategy of growth and sustainability bringing moments of excitement into people’s lives. As we go into 2024 there has been a shift in strategy to deliver organic growth, EBITDA margin expansion and US market growth. The Board will continue to ensure the customer is at the heart of all we do as we continue to develop and provide market-leading player protection. The Board has also sought to promote our purpose and strategy and made decisions in the interests of all stakeholders, having considered the matters set out in s172 of the Companies Act 2006 (UK).

Employee Forum Global Conference

Our Global Engagement Conference invites employee engagement advocates to share their insights with the Board and Executive Committee. This year’s event was hosted on 31 January by Melanie Tansey, Chief People Officer, and was attended by Board members Virginia McDowell, our Designated Workforce Director, and Rahul Welde, and more than 40 employees representing 22 countries. Attendees heard a business update which focused on our strategic direction, goals, culture and employee engagement. Following this, the group then had an open conversation with the Board on topics such as how to build engagement and trust, communication, diversity, equity & inclusion, goal setting, leadership, networking and recognition. A number of proposals were taken away by the representatives of the Board for further consideration. A video recording of the Global Conference was posted on the Entain intranet to ensure all employees have an opportunity to watch the discussion.

Employee Forum AGM

Each year the elected representatives from our forums come together with members of the Board and Executive Committee for the Forum AGM. During this year’s meeting, each forum presented their main achievements during the year and had an open conversation with the Board. This meeting took place in January 2024. It was hosted by Melanie Tansey, Chief People Officer and welcomed 80 Forum Representatives to join two of our Directors, Virginia McDowell and Rahul Welde. Key topics discussed included communications, company performance, customer feedback, leadership, listening and strategy. The meeting was an important opportunity to build connections between the Board and our employees.

Shareholders

The Board receives feedback on shareholder views in different ways, including through the Chairman and executive management, who meet regularly with shareholders throughout the year, as well as an investor study compiled by an independent third party. Board members listen to results and trading updates held by the Group for analysts and institutional investors and can hear directly the questions and comments on Company performance. The Chairman and Senior Independent Director held regular meetings with a variety of institutional investors to discuss the execution of strategy and delivering shareholder value. Key takeaways and feedback from shareholder meetings were shared with the rest of the Board.

Stakeholders

The Board has responsibility for leading the Group’s stakeholder engagement and considering the implications of key decisions on the Company and its stakeholders. The Board recognises that effective engagement with our stakeholders will drive long-term value creation, making Entain a company that people want to invest in, buy from, partner with and work for. Entain has identified six stakeholder categories and our report on ‘Board activities’ provides an overview of how the Group’s key stakeholders are considered in Board discussions and deliberations as part of its decision making.

Our People

Listening to and engaging our people is a key priority at Entain. We are committed to listening to employees across the globe to drive positive change throughout the organisation. We focus on this through our Employee Forums, Global Engagement Conference and global engagement survey. Employee forums exist in many of the locations in which we operate. Our Employee Forums continue to be a key pillar of our employee listening and engagement strategy. The forums enable our people to discuss and agree how their teams connect with the Company purpose, strategy and values, as well as discussing topics that impact them and their colleagues. Our UK & Ireland Retail Forums and UK & Gibraltar Office Forums host quarterly meetings where elected representatives come together to share feedback on all aspects of life at Entain. During these meetings they also hear updates from the business on topics ranging from company purpose, strategy and values to financial performance and operational initiatives. Our Directors are encouraged to attend employee forums and during the year have attended listening sessions that provide feedback and insight into the realities of everyday working life at Entain. As per our forum constitution, every two years we refresh our forums by electing new representatives. This election process was held in December 2023, and we now have a new forum team for 2024/25, who have been fully trained in readiness for their role.# Entain plc Annual Report 2023

1 Overview

8 Strategic report

88 Governance

Financial statements

Director meeting attendance for 2023

The Board had six scheduled meetings in 2023 and a further eleven ad-hoc meetings.

	Scheduled Meetings attended	Meetings eligible to attend	Ad hoc Meetings	Ad hoc Meetings eligible to attend
Chairman Barry Gibson	6	6	11	11
Executive Directors
Stella David	6	6	9	11
Rob Wood	6	6	10	11
Jette Nygaard-Andersen	5	5	8	9
Robert Hoskin	2	2
Non-Executive Directors
Pierre Bouchut	6	6	10	11
Rahul Welde	6	6	9	11
Virginia McDowell	6	6	10	11
David Satz	6	6	9	11
Rahul Welde	6	6	9	11
Amanda Brown	1	2	2	2

Directors are expected to attend all scheduled Board meetings. Where Directors are indicated as not having attended Ad Hoc Board meetings, this is attributable to pre-existing and unavoidable commitments, typically as a result of the short notice given. In each case the Director was provided with all Board papers and the opportunity to provide comments to the Chairman as appropriate.

In December 2023, we gave our annual Entain Sustain updates, providing a deep dive into key business developments that touch on the important ESG initiatives, including regulation and environmental progress. The update provided an overview of our double materiality assessment held throughout H1 2023 where key stakeholders including investors, analysts, regulators, business partners, customers and colleagues were given the opportunity to share their views. The process was fundamental in mapping Entain’s material risks and opportunities, which underpinned the development of our new Sustainability strategy released during Entain Sustain in December.

The new strategy focuses on four core areas:
* Being a market leader on player protection – providing industry leading customer protection through innovative features, customer support, communications and our culture.
* Provide a secure and trusted platform – lead on integrity in everything that we do. From having the highest ethical standards, to only operating in regulated markets, to having a high standard of data protection and cyber security.
* Create the environment for everyone to do their best work – to attract a broad and diverse audience from the inside out. To be an employer of choice, build an inclusive and supportive culture where talent from all backgrounds can thrive.
* Positively impact our communities – Play our role in limiting global warming to no more than 1.5 degrees and create a positive impact on our communities.

We developed this strategy to strengthen our sustainability leadership role and articulate our approach to focus actions across our business and value chain.

AGM

All resolutions put to the 2023 Annual General Meeting received overwhelming support of those investors who voted, being approximately 80% of our shareholder base (slightly higher than the voting level of 77% in 2022). The results of the voting at all general meetings are published on our website: www.entaingroup.com.

Entain plc Annual Report 2023

Board Leadership and Company Purpose

As an Isle of Man incorporated company, Entain is not subject to the reporting obligations under Section 172 of the Companies Act 2006 (UK). Nevertheless, the Board recognises the importance of effective governance and intends to operate in line with the UK reporting regulations. The Group has complied with the principles and provisions of the 2018 UK Corporate Governance Code.

During 2023 the People & Governance Committee was composed of a majority of independent members, in compliance with Provision 17. However, as we began 2024, the composition of this Committee changed (further details can be found on page 102) and the Committee now comprises the Chairman, two independent non-executive directors and one non-executive director. Whilst not strictly in adherence with Provision 17, the Board is of the view that the composition of the People & Governance Committee complies with the spirit of the Code given that it is comfortable that sufficient independent judgement is applied by the four Committee members to the consideration of appointments to the Board. The Board will keep this matter under review and address the matter of independence of the Committee as additional non-executive directors are appointed to the Board. The Code can be found on the FRC’s website at www.frc.org.uk.

The Board had six scheduled in-person meetings in 2023. In addition there were a further eleven videoconference meetings during the year concerning urgent matters such as the review and approval of M&A transactions, overseeing resolution of the HMRC’s investigation and entering into the Deferred Prosecution Agreement with the Crown Prosecution Services as well as receiving updates on trading.

Board meetings are a key mechanism for Directors to discharge their duties, notably under Section 172 of the Companies Act 2006 (UK). An overview of the Board’s discussions and how these considered the Group’s key stakeholders is set out below.

Board Activities during 2023

During 2023, the Board remained focused on the implementation of safer gambling activities and controls, and progress with embedding the enterprise risk management framework.

Category	S	C	Cu	R
Strategy Execution of Group Strategy
Regular updates on priorities and improving capabilities for execution of core digital and retail business strategies.	X
Oversight of customer centric initiatives to better serve customers and enable moments of excitement.		X	X
Oversight and challenge to proposed steps and progress accelerating sportsbook product and platform enhancements.				X
Continued oversight of steps being taken to exit markets with no domestic licences.				X
Two-day session revising strategy around the three pillars of organic growth, EBITDA margin expansion and US market growth.	X
Deep Dives on the Retail segment, competitive landscape, marketing initiatives and value drivers of the Entain business.	X
M&A Activity
Received regular updates on potential M&A opportunities.	X
Reviewed and approved five M&A transactions recommended by management.	X
Approved equity raise of £600m through a non-pre-emptive placing of new ordinary shares to institutional and retail investors to fund the acquisition of STS Holdings S.A (“STS”).	X
1. Entain consulted with a number of its major institutional shareholders prior to the placing and has respected pre-emption principles through the allocation process in so far as possible.
Financial Plan
Discussed and approved the three- year plan.	X
Key to stakeholder groups: S Shareholders Cu Customers Su Suppliers TC The Community R Regulators C Colleagues

Entain plc Annual Report 2023

Category	S	C	Cu	Tc	R
Performance Business updates
Undertook segment reviews of the retail and core digital businesses.	X
Discussed and debated challenges with financial and operational performance in H2 2023.	X
Conducted a detailed review of the competitive landscape, including both global and local operators’ strategic priorities and associated threats.	X				X
Monitored performance and debated strategic opportunities relating to BetMGM.	X
Financial updates
Reviewed and approved the 2024 Budget.	X
Discussed and approved the continued progressive dividend policy.	X
Monitored and debated the wider macroeconomic and geopolitical environment and its potential impact on our business.	X
Received monthly financial performance updates.	X
Regulatory Developments
Received regular regulatory and legal updates from the Chief Governance Officer and Group General Counsel.		X			X
Closely monitored progress with the proposed settlement of HMRC’s investigation into the Group’s legacy Turkish-facing business before approving the final terms of the Deferred Prosecution Agreement.					X
Risk
Approved the Group’s principal risks and kept under review the Group Risk Register considering new and emerging risks.	X				X
Conducted a deep dive into the controls and processes adopted by the Company to comply with regulatory, licencing and compliance regimes.					X
Reviewed and agreed the Principal Risks for 2024 and their allocation for monitoring between the Board and its Committees (see page 79 for more details)	X				X
Reviewed and approved the Group’s annual long-term viability statement.	X
People and Culture
Comprehensive review of the strategic people agenda and priorities, including steps being taken to attract and retain talent.		X		X
Oversight of organisation design and review of ways of working initiatives and performance culture.		X
Received updates and provided feedback on the revised values as well as the results of the annual employee survey.		X
Responsible Gambling
Received regular updates on the Group’s safer gambling activities, including the effectiveness of our ARC™ programme.		X	X	X	X
Player Protection remained a key area of focus for the Board during 2023. A review of the methodology and key metrics for ensuring high standards of player protection is a standing board agenda item, including the proactive measures being taken to enhance controls and monitor player behaviours.		X	X		X
Product & Technology
Received regular updates on the new technology blueprint and target operating model as part of ensuring Entain has the right platform capability needed to support the Company’s growth ambitions and evolving business needs.		X			X
Kept under review the Tech debt plan to address identified issues in areas of compliance and cybersecurity.					X
Monitored progress with migrating to a cloud embedded architecture.
Received reports and provided input on actions being taken to enhance player experience and the quality of sportsbook product.		X	X
Governance Market Updates & Regulatory Disclosures
Approved the Notice of Meeting for the AGM.	X
Reviewed and approved the Annual Report & Accounts following recommendations from the Audit Committee.	X

8 Governance

Board Activities during 2023

Considered key market updates and disclosure obligations in respect to Full Year and Half Year results, M&A transactions, trading performance and CEO succession.

Investor Feedback

S Received feedback from investor meetings and roadshows from the Chair, Senior Independent Director, Executive Directors and Chief IR & Communications Ofﬁcer.

Considered external reviews of investor feedback on Entain’s performance and governance.

Board Governance

S R C Kept under review the Schedule of Matters Reserved for the Board.

Conducted its annual evaluation covering the effectiveness of the Board, its Committees and the performance of the Chair and individual directors.

Established and approved the Terms of Reference for the Sustainability & Compliance Committee, People & Governance Committee and Capital Allocation Committee.

Conﬂicts of Interest Policy

S C Cu TC R Su Reviewed and approved the Board’s Conﬂicts of Interest Register.

Board Succession

S C R Engaged with Spencer Stuart throughout the year as part of ongoing succession planning and appointed two new Non-Executive Directors.

1 Overview | 8 Strategic report | 88 Governance | 140 Financial statements

Board Evaluation and Effectiveness

The Board undertakes an annual evaluation review in order to increase its effectiveness and to identify areas for improvement. Entain engaged Lintstock Ltd in 2023 to conduct a review of the performance of the Board and its committees. Lintstock is an advisory ﬁrm that specialises in Board reviews and has no other connection with the Company or individual Directors. The scope and objectives of the review were agreed following a brieﬁng meeting between the Company Secretary and Lintstock. Lintstock collaborated with Entain to design a bespoke line of enquiry tailored to the business needs of the company, and to follow up on themes identiﬁed in Lintstock’s previous reviews. The Chairman and the Committee Chairs were given the opportunity to input into the focus of the exercise. As well as covering core aspects of governance such as information, composition and dynamics, the review considered people, strategy and risk areas relevant to the performance of Entain. The review had a particular focus on the following areas:

The ongoing CEO succession process
The Board’s dynamics and relationship with management
The Board’s oversight of growth opportunities

Board members completed bespoke surveys assessing the performance of the Board and each of its Committees, as well as the performance of the Chairman. Each director also completed a self-assessment questionnaire addressing their own performance. Lintstock analysed the ﬁndings from the surveys and delivered focused reports documenting the ﬁndings, including a number of recommendations to increase effectiveness. Lintstock’s ﬁndings were presented and discussed at the Board meeting in February. Actions were agreed for implementation and monitoring. Lintstock found that the Entain Board engaged well with the Board evaluation process, with the Directors taking the opportunity to reﬂect on lessons learned over the past year. The Chairman was rated highly and the Board identiﬁed improvements in the management of meetings since Lintstock’s last review. There was a strong focus on further enhancing the Board’s visibility of the business, and recent improvements in the Board’s dynamics and engagement with management were commented on. The Board identiﬁed a number of priorities for 2024, including:

Appointing and successfully onboarding a new CEO
Reviewing information ﬂows to ensure optimal coverage of all aspects of the business
Continuing to develop the Board’s understanding of investor sentiment and the visibility of other key stakeholders, including customers and employees
Supporting management in delivering Entain’s key strategic imperatives.

Board Commitment, Balance and Independence

The Board keeps under review and remains satisﬁed that each Non-Executive Director devotes sufﬁcient time to the role in order to discharge his or her responsibilities and duties effectively. The Chairman, Senior Independent Director and other Non- Executive Directors each have letters of appointment and do not serve in an executive capacity. Excluding the Chairman, of the remaining eight Directors, ﬁve are independent Non-Executive Directors. Due to his relationship with Eminence Capital LP, a shareholder holding more than 3% of the Company’s issued share capital, Ricky Sandler is considered as a Non-Independent Non-Executive Director. The People & Governance Committee, having considered the matter carefully, is of the opinion that the Board has an appropriate combination of executive and non-executive, in particular independent non-executive, directors and complies with the 2018 Code recommendations. During the year, the Board considered requests for additional external appointments by Non-Executive Directors. In opining on these requests, the Board took into account the likely time commitment and any conﬂicts of interest these external appointments might raise. The Board agreed requests for David Satz and Rahul Welde to take on additional roles outside Entain.

Conﬂicts of Interest policy

The Board has a Conﬂicts of Interest policy and an annual conﬂicts authorisation process, whereby the Board reviews and approves Entain’s Conﬂicts of Interest Register and seeks conﬁrmation from each Director of any changes or updates to their position. This authorisation process informs the People & Governance Committee’s assessment of a Non-Executive Director’s independence and ability to devote sufﬁcient time to their role when proposing that Director for re-election at the AGM.

Director Induction, Training and Development

The Chairman is assisted by the Company Secretary in providing all new Directors with a comprehensive induction programme on joining the Board. The induction programme provides new Directors with an understanding of their duties as Directors, the Group, its businesses and the markets and regulatory environments in which it operates. This includes meeting with senior executives and their direct reports. The programme also provides an overview of the Group’s governance practices. Non- Executive Directors will have further content tailored to the Board Committees that they will join. Amanda Brown and Ricky Sandler have both received a tailored induction programme following their appointment. This included one to one meetings with our Executive Committee, segment and functional leaders and our Internal and External Auditors. The Chairman has overall responsibility for ensuring that Directors receive suitable training to enable them to carry out their duties. Training is also provided by way of reports and presentations prepared for each Board meeting, as well as meetings with Group employees and external advisers. During 2023 we have arranged lunch and learn sessions during the board meeting agenda that have given the Directors the opportunity to discuss and receive a deeper understanding of our Ethics and Compliance programme as well as a broader overview of the UK Retail Business and Competitive Landscape. The Directors have access to independent professional advice at the Group’s expense, as well as the advice and services of the Company Secretary, who advises the Board on regulatory and corporate governance matters.

100 | Entain plc Annual Report 2023

People & Governance Committee Report

Introduction

I am pleased to introduce the ﬁrst report of the People & Governance Committee since it was established in April 2023. A key action arising from last year’s internal evaluation of the effectiveness of the ESG Committee (now called the Sustainability & Compliance Committee) was to consider how best to focus the wide remit of the ESG committee. Following a review, it was agreed that the Nomination Committee be retired and, in its place, a new Committee, the People & Governance Committee, be established. The remit of this new Committee is wider than that of the Nomination Committee as it includes diversity, equity and inclusion matters previously covered by the ESG Committee in addition to those areas covered by the Nomination Committee. Details of the membership of the Committee are set out on page 102.

During the year we have spent signiﬁcant time reviewing the current composition of the Board to ensure we have the right balance of skills, experience and diversity to lead the Company and continue to deliver shareholder value. Further to our comprehensive succession planning and ongoing search for new directors, I was delighted to welcome Amanda Brown as an independent Non-Executive Director in November and more recently Ricky Sandler, who joined the Board as a Non-Executive Director in early January. On joining the Group, Amanda became a member of the Remuneration Committee and Ricky became a member of the People & Governance Committee and has recently joined the newly established Capital Allocation Committee.

Diversity, equity and inclusion are core considerations for the Committee. Following Rahul Welde’s appointment as a Non- Executive Director in July 2022, Entain is fully compliant with the Parker Review’s target to appoint at least one Board member from an ethnic minority background. Entain remains committed to achieving the external target laid out in the FTSE Women Leaders Review (the successor to the Hampton-Alexander Review) and the board diversity targets laid out in the Listing Rules and, whilst as at the date of this report female representation on the Board is at 33.3%, I am conﬁdent that we shall continue to strengthen diversity in all forms on the Board, Executive Committee and the extended leadership team as we go through 2024.# Entain plc Annual Report 2023

People & Governance Committee Report

We are particularly focused on increasing female representation on the Board as part of our ongoing Non-Executive Director search. At the point of its establishment, the Committee was chaired by Stella David. Following her appointment as Interim Chief Executive Officer with effect from 13 December 2023, I became Chair of the Committee. During the year we have spent significant time reviewing the current composition of the Board to ensure we have the right balance of skills, experience and diversity to lead the Company and continue to deliver shareholder value.”

J M Barry Gibson
Chair of the People & Governance Committee

The role of the Committee

The Committee actively reviews the composition and diversity of the Board and leadership team and has oversight of the succession process. It ensures that appropriate procedures are in place for the training and evaluation of directors; reviews workforce policies and practices and monitors their consistency with the Company’s purpose, strategy and values; and reviews developments in law, regulation, and business practice relating to corporate governance.

Key responsibilities of the Committee

Ensuring that there is a formal, rigorous and transparent procedure for appointments to the Board.
Leading the process for appointments and making recommendations to the Board.
Assisting the Board in ensuring its composition is regularly reviewed and refreshed, taking into account the length of service of the Board as a whole, so that it is effective and able to operate in the best interests of shareholders.
Overseeing the development of a diverse pipeline for succession for appointments to the Board and senior management positions.
In conjunction with the Board, setting measurable targets for diversity and inclusion in relation to the Board and senior management positions.
Reviewing workforce policies and practices, in particular those which have an impact on diversity and inclusion, culture, employee engagement and wellbeing.

The Committee’s terms of reference can be found on the Company’s website at www.entaingroup.com.

Committee membership and attendance

From the date that it was established on 26 April 2023 until 15 December 2023 the Committee comprised of the following three members: Stella David, who chaired the Committee, Barry Gibson, the Board Chairman (who had previously been Chair of the Nomination Committee), and Virginia McDowell, the Designated Workforce Director.

Following her appointment as Interim Chief Executive Officer, Stella David stepped down from the Committee. Barry Gibson replaced Stella David as chair of the Committee and Rahul Welde was appointed as a member of the Committee.

Post year end, on joining the Board, Ricky Sandler was appointed as a member of the Committee in accordance with the Relationship Agreement governing his appointment to the Board (see below).

The Committee had four meetings during 2023, all of which took place before the membership changes in December 2023. Attendance at the meetings was as follows.

Member	Number of meetings attended	Number of meetings eligible to attend
Stella David (Chair)	4	4
Barry Gibson	4	4
Virginia McDowell	4	4

Regular attendees at Committee meetings included the Chief Executive Officer and the Chief People Officer. Other individuals and external advisers were invited to attend as and when appropriate and necessary.

Activities

Board appointments

Following a tender process, the Committee engaged Spencer Stuart to support the recruitment of additional Non-Executive Directors. Following an extensive search against a specified remit, Spencer Stuart presented a list of potential candidates to the Committee. Meetings were held between shortlisted candidates and the Committee and the Chief Executive Officer.

The Committee concluded that Amanda Brown would be an excellent addition to the Board, bringing a wealth of experience in human resources, remuneration strategy, and managing organisations through significant change, and therefore recommended Amanda’s appointment to the Board. Amanda Brown was subsequently appointed as an independent Non-Executive Director of the Board on 8 November 2023. She was also appointed as a member and Designate Chair of the Remuneration Committee on this date, as recommended by the Committee.

Aside from supporting the Group’s 360 Leadership Assessment and Development Programme Spencer Stuart has no other connections with the Company or individual Directors. It remains accredited under the enhanced voluntary code of conduct for Executive search firms.

Post financial year end, Ricky Sandler was, on the recommendation of the Committee, appointed as a Non-Executive Director of the Board and as a member of the Committee. Ricky has a deep knowledge of the business and believes in the quality of Entain’s operations and substantial growth opportunities. In connection with his appointment, due to being the Chief Executive Officer and Chief Investment Officer of Eminence Capital LP, a shareholder of the Company, Entain entered into a Relationship Agreement with Eminence Capital and Ricky Sandler, which covers matters including customary governance, standstill and voting provisions. In accordance with this agreement Ricky was appointed as a member of the People & Governance Committee and, following its formation in February 2024, as a member of the Capital Allocation Committee. A summary of the principal terms of the agreement is available on the Company’s website.

The Committee continues to work closely with Spencer Stuart to identify potential Non-Executive Director candidates that would add further value, bench strength and diversity to the Board.

Board composition and Board Committees

The Committee keeps the composition of the Board and its Committees under regular review to ensure that the directors, in their roles as members of the Board and members of the Board Committees, as a collective, have the right skills, experience and knowledge to discharge their responsibilities. The Committee also keeps under review longer term succession planning for the Board and its Committees. The Committee has kept the membership of each Board Committee under review during the year and has considered Committee membership planning as part of the broader Board succession planning process.

Due to the expertise and flexibility of the current directors, we were able to reconfigure the composition of the Board Committees as a result of Stella David stepping down as Chair of the People & Governance and Remuneration Committees. During the financial year the composition of Entain’s Board Committees met the requirements of the UK Corporate Governance Code and Entain’s own Terms of Reference for each Committee.

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People & Governance Committee Report

Director re-appointment for the 2024 Annual General Meeting

The Committee considered the independence of each Non-Executive Director as part of its recommendation to the Board for Director re-election at the 2024 Annual General Meeting. It considered the Board Conflicts of Interest register and concluded that there were no obvious conflict situations or outside business interests which would negatively impact the independence of the directors. In making its recommendation, the Committee also considered the time commitment and performance evaluation of each Director standing for appointment.

Diversity, equity and inclusion

The Committee received regular diversity, equity and inclusion reports including details of key initiatives such as the establishment of employee networks; the progress of such initiatives; the implementation of new policies such as the Group’s global menopause policy; action plans to improve employee attraction, engagement and retention; action plans to improve gender diversity within the senior leadership team; the Group’s apprenticeship programme; and employment data including headcount, attrition rates, people relations cases, and people-related issues raised by the Internal Audit team. Further details on diversity, equity and inclusion can be found on pages 48 and 49.

The Committee reviewed the Group Diversity, Equity & Inclusion Policy (including Board diversity) which was subsequently approved by the Board on the recommendation of the Committee. This can be found on our website at www.entaingroup.com.

Other reviews

The Committee reviewed the Policy on Outside Appointments for Directors and confirmed compliance with this policy throughout the financial year. The Committee reviewed the data submitted to the FTSE Women Leaders Review and also reviewed and approved for recommendation to the Board the proposal for the 2023 evaluation of the Board and its Committees.

Towards the end of the financial year the Group commenced a 360 Leadership Assessment and Development Programme for all Executive Committee members. The Committee was briefed on the contents of the assessment and the programme of which the key findings will prove valuable as the Company undertakes its search for a new permanent Chief Executive Officer.

Committee evaluation

A review of the Committee’s performance and effectiveness during the year was undertaken using a questionnaire facilitated by an external board review firm, Lintstock. Lintstock managed the evaluation process and produced the evaluation report. The feedback from the Committee evaluation was positive in terms of Committee composition, the quality of the meetings and the information provided to the Committee members and the workings of the Committee. The effectiveness of the Chair was rated highly and it was recognised that the Committee had worked well over the year.# Areas of focus for 2024 include ensuring that the Committee has a good understanding of Entain’s culture and the issues affecting employees, ensuring that management is receiving the support that it needs, and improving oversight of future executive succession and development plans. The importance of a rigorous CEO selection process was also highlighted.

Chairman’s Committee report

The Chairman’s Committee is the forum for the Non-Executive Directors and Chairman to meet in executive session. Three Committee meetings were held during 2023. Topics discussed included succession planning for the Executive Directors, business performance, and strategy.

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Audit Committee Report

Introduction

I am pleased to introduce the Audit Committee report setting out the key matters and issues considered in 2023. In addition to the Audit Committee’s obligations for financial reporting and ensuring the integrity of the Company’s financial and narrative statements, the Committee has continued to monitor progress with the implementation of the Group’s Enterprise Risk Management Framework and challenged management on the identification and assessment of principal and significant risks relevant to Entain.

The Audit Committee received assurance through focused deep dives that there has been good progress raising risk awareness throughout the organisation. We received regular updates on emerging financial and non-financial risks that has kept the Committee informed and focused on ensuring relevant controls and mitigating actions are in place and operating effectively.

The Committee has challenged management and our external auditors across a range of topics, in particular, key accounting judgments and control matters relating to M&A activity as well as the accounting treatment for the HMRC settlement arising from the investigation into the Group’s legacy Turkish-facing business. The Committee has also worked closely with the Sustainability & Compliance Committee when considering non-financial reporting and disclosures.

As Entain focuses on returning to organic growth in 2024, the Audit Committee will continue to play an important role monitoring the effectiveness of the control environment. I am confident that we have the right mix of financial, accounting, risk and sector experience, to enable the Committee to continue to perform effectively and deal with the challenges of the changing regulatory and operating environment that we face as we go into 2024.

Pierre Bouchut
Chair of the Audit Committee

“As Entain focuses on returning to organic growth in 2024, the Audit Committee will continue to play an important role monitoring the effectiveness of the control environment.”

Pierre Bouchut
Chair of the Audit Committee

1Overview
8Strategic report
88 Governance
140 Financial statements
1Overview
8Strategic report
88 Governance
140 Financial statements

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The role of the Audit Committee

The Audit Committee oversees the effectiveness of the Group’s financial reporting, systems of internal control and risk management and the integrity of external and internal audit processes.

Key responsibilities of the Audit Committee

Monitor the integrity of Entain plc’s financial statements and any formal announcements relating to the Company’s financial performance.
Review and challenge, where necessary, the significant financial reporting issues and judgements in relation to the half-year and annual financial statements.
Review the effectiveness of, and ensure that management has appropriate internal controls over, financial reporting.
Make recommendations to the Board concerning any proposed, new or amended accounting policies.
Review and monitor the relationship with the external auditor and oversee its appointment, tenure, rotation, remuneration, independence and engagement for non-audit services.
Oversee the work of Internal Audit and assess the effectiveness, performance, resourcing, independence and standing of the function.
Review and monitor the implementation and effectiveness of risk management systems and conduct a robust assessment of emerging and principal risks facing the Company.
Oversee policies, procedures and arrangements for capturing and responding to whistleblower concerns and ensuring they are operating effectively.
Assess and report on the Group’s viability.

The Audit Committee Terms of Reference can be found on the Company’s website at www.entaingroup.com.

Audit Committee membership and attendance

As at 31 December 2023 the Audit Committee comprised three members, all of whom are independent Non-Executive Directors. Pierre Bouchut is Chair of the Committee. He has a strong financial background, having been chief financial officer at Schneider Electric, Carrefour and Delhaize and extensive experience as an audit committee chair, currently serving at Pepco Group, Firmenich S.A. and GeoPost S.A. in this role. The Board is satisfied that he has the required level of relevant financial experience, as outlined in the UK Corporate Governance Code, and competence in accounting and auditing as required by the FCA’s Corporate Governance Rules in DTR7. The Board remains satisfied that the Audit Committee as a whole has an appropriate level of independence and experience and relevant financial and commercial experience across various industries, including the gaming sector, to assess the issues it is required to consider. Committee members continue to receive relevant training to ensure competence relevant to the business, in addition to the other skills they bring to the Board and Committees.

Regular attendees at the meetings include the Chief Financial Officer & Deputy CEO, Director of Financial Control, Group General Counsel, Director of Internal Audit, the external auditor and the Chair of the Sustainability & Compliance Committee. During the year the Audit Committee met for private discussions with the external auditor and the Director of Internal Audit.

The Committee had five meetings during 2023.

Member	Number of meetings attended	Number of meetings eligible to attend
Pierre Bouchut (Chair)	5	5
David Satz	5	5
Rahul Welde	4	4

In February 2023, Mark Gregory and Vicky Jarman stepped down from the Committee and the Board prior to any 2023 Audit Committee meetings being convened. Rahul Welde joined the Committee on 23 February 2023.

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Audit Committee Report

Responsibility for Entain’s financial statements: Fair, Balanced and Understandable

The Board is ultimately responsible for presenting a fair, balanced and understandable assessment of Entain’s position and prospects, which extends to the half-year and annual financial statements and Annual Report.

Delegation

Entain’s finance department, led by the CFO & Deputy CEO, prepares and reviews the financial statements. Management coordinates with the CEO, CFO & Deputy CEO and Chairman on the preparation of any business model and strategy. The Company Secretary with the Chairman of the Board, the Chair of the various Board Committees, prepares the corporate governance statements and all Board Committee reports.

External Review

Entain’s external auditors audit the Annual Report and financial statements and review the half-year accounts. A report to the Audit Committee is prepared.

Committees’ Review

The Audit Committee reviews the Annual Report, draft financial statements and accompanying statements and meets with the external auditors to review their report. The Audit Committee proposes amendments and makes recommendations to the Board and further approves the Audit Committee’s Report. For the annual report the Remuneration Committee, People & Governance Committee and Sustainability & Governance Committee respectively review their Committee Reports, propose changes and make recommendations to the Board.

Board Review

The Board reviews the Annual Report and financial statements, accompanying reports and recommendations from its committees and makes changes to the disclosure where appropriate.

Auditor Reporting to The Board

The External auditors prepare their final report (Annual Auditor’s Report) or review report (half-year results).

Audit/Board Approval and Publish

The Board and auditors approve the Annual Report, year-end financial statements and disclosures and the half-year report and these are then released to the stock exchange and published on Entain’s website on receipt of the final audit report.

In respect of the financial statements and accompanying reports for the year ended 31 December 2023, the Company has followed the process detailed above. Following the review and challenge of the disclosures, the Committee recommended to the Board that the financial statements taken as a whole, were fair, balanced and understandable. The financial statements provided the shareholders with the necessary information to assess the Group’s performance, business model, strategy and risks facing the business. These include the ever increasing importance of ESG considerations.

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External audit

The Audit Committee has primary responsibility for overseeing the relationship with the Group’s external auditor, KPMG. KPMG completed its sixth financial reporting audit, providing robust challenge on specific financial reporting judgements and the control environment, with continued specific focus on the design and operation of IT systems and controls. The lead audit partner is Mark Flanagan who has been in role since 2021.# Audit Committee Report

The Committee reviewed the external auditor’s approach and strategy for the annual audit and also received regular updates on the audit, including observations on the control environment and the core platform and IT capabilities. Key audit matters discussed with KPMG are set out in its report on page 147. The Audit Committee reviews the fee structure, resourcing and terms of engagement for the external auditor annually. It further considers the reappointment of the external auditor each year before making a recommendation to the Board. It is anticipated that a retender for audit services will be completed by 2028 or sooner, in line with relevant guidelines. The Committee believes that the anticipated timeline for the retender of audit services is in the best interests of shareholders. It provides an appropriate balance of factors such as the auditor’s knowledge of controls and risks, maintaining audit quality, independence and objectivity, and providing value for money. The Group is in compliance with the requirements of the Statutory Audit Services for Large Companies Market Investigation Order 2014.

Effectiveness of the external audit

The Audit Committee evaluated the effectiveness of the external audit process during the year in consultation with the Chief Financial Officer and members of the senior finance team. The key areas of focus were:

Safeguards against independence threats being sufficient and comprehensive.
Quality and transparency of communications being timely, clear, concise and relevant and that any suggestions for improvements or changes are constructive.
The exercise of professional scepticism and the willingness of the auditor to challenge management’s assumptions.
The quality of the audit engagement team – including the continuity of appropriate industry, sector and technical expertise or where there have been new areas of activity and changes in regulation or professional standards.

The Committee concluded that the external audit process had been effective and noted the positive enhancements and improvements made to the audit process during the year. Due to the growing complexity of the Group, it was agreed that a more global audit relationship with KPMG was required going forwards in order to enhance the quality and transparency of key audit matters and provide broader real time oversight of local statutory audits in the main jurisdictions of the Group’s geographic footprint.

Activities

Financial disclosure

The Audit Committee reviewed the full and half-year financial statements with management before proposing them to the Board for approval. In undertaking its review, the Audit Committee received reports from management and the external auditor outlining significant financial judgements and estimates, including the appropriateness of Group’s revenue from online operations and recoverability of the carrying value of the investment in the Parent Company. In undertaking its review, the Committee focused on the integrity of the Group’s financial reporting process, the clarity of disclosure and compliance with relevant reporting standards.

The Audit Committee reviewed the assessment and reporting of longer-term viability, systems of risk management and internal control, including the reporting and classification of risk across the Group and the examination of what might constitute a significant failing or weakness in the system of internal control.

During the year, the Audit Committee considered the affordability of the Company’s progressive dividend policy, in particular, the implications of the HMRC settlement provision related to the Turkish facing business. The Committee further challenged and debated cash flow forecasts and consideration of relevant downside scenarios informed by long term viability modelling prior to approving the interim dividends paid for the full year 2023.

The Committee gave consideration and challenge to the appropriateness of adopting the going concern assumption in preparing the financial statements. The Committee agreed with the conclusions reached and the going concern statement for the year ended 31 December 2023 is set out on page 77.

In considering the Annual Report and Accounts, the Committee assessed whether the report was fair, balanced and understandable. The process undertaken is outlined on page 106. The Committee reviewed the consistency of the narrative disclosures and financial statements. It received a report from management on the verification process undertaken in respect of the annual report. The Committee then made a recommendation to the Board, which in turn reviewed the report as a whole, confirmed the assessment and approved the report’s publication.

Risk

During the year the Committee received regular updates on the progress implementing the Enterprise Risk Management Framework and reports from the Group Risk Committee. The Committee conducted deep dives assessments on the principal risks allocated by the Board relating to Data Breach and Cybersecurity, Trading Liability and Pricing Management, Technology Failure and Taxes. During these assessments, the Committee challenged management and sought assurances that suitable measures were in place to monitor, manage and mitigate the relevant risks. The Committee conducted a year end review of principal risks and emerging risks facing the business and will continue to work with management to ensure that all Entain specific risks are identified with robust processes and controls implemented to effectively manage them. Further details on the Group’s principal risks are set out on pages 83-86.

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1 Overview
8 Strategic report
88 Governance
140 Financial statements

Audit Committee Report

The Board with the support of the Audit Committee, completed its annual review of the effectiveness of the system of internal control, including the effectiveness of internal audit and consideration of whether it had the appropriate level of independence and its importance in assessing the Company’s culture. The Board concluded that it was satisfied that the system of internal control remains robust and fit for purpose and have selected areas on a risk basis for inclusion in the 2024 Internal Audit Plan.

Effectiveness of Internal Audit

The Audit Committee continued to monitor and review the effectiveness and capability of the Internal Audit function over the year. In assessing and determining effectiveness, the Committee met privately with the Director of Internal Audit, considered and approved the Internal Audit annual plan and surveyed management on their view of the effectiveness of Internal Audit. The Committee concluded that Internal Audit had unrestricted scope and access to information and sufficient resources to fulfil its annual work plan. This conclusion was strengthened by management’s positive feedback on the quality of the work performed and the additional assurance provided to management by the scope of Internal Audit’s processes.

Whistleblowing policy

The Group has a formal whistleblowing procedure by which employees can, in confidence, raise concerns about possible malpractice and misconduct. This is set out in the Group’s Code of Conduct and is approved by the Audit Committee. The Speak Out policy sets out the type of disclosure which is protected and also specifies to whom disclosures should be made and the process that will be followed. The Group actively encourages individuals, where they believe that malpractice has taken place, to make protected disclosures either internally through HR and Internal Audit or externally through an outsourced service provider. The Audit Committee receives regular reports from the Director of Internal Audit on the number of cases raised and the outcome of investigations. During 2023, the Company’s whistleblowing procedures have been further strengthened in order to assess complaints that might present an ethics issue. The Audit Committee continues to be satisfied that robust and appropriate arrangements are in place for the proportionate and independent investigation of such matters and for appropriate follow-up action.

Committee evaluation

The Committee undertook a review of its effectiveness through an online questionnaire administered by an external facilitator (Lintstock). The feedback from the Committee evaluation was positive in terms of Committee composition, the quality of the meetings, ways of working and the information provided to the Committee members. The effectiveness of the Chair was rated highly and it was recognised that the Committee had worked well over the year. There continued to be a good level of engagement with management and the external audit partner. Areas of focus for 2024 included close monitoring of financial performance, oversight of safer gambling controls, challenging management on progress automating key processes and controls, and spending more time to assess operational effectiveness and resiliency.

Non-audit services

The Audit Committee is responsible for the Group’s policy on non-audit services and the approval of non-audit services. The policy states that in the Company’s financial year, the total fees for non-audit services provided by the external auditors, excluding non-audit fees for due diligence for acquisitions and other specific matters noted below, should not exceed 70% of the average of the total fees for audit services they provided in the preceding three-year period. The policy is kept under annual review and the Audit Committee receives regular reports on non-audit services provided by KPMG and other audit firms. In the year ended 31 December 2023, the total non-audit fees as a percentage of the audit fees paid to the external auditors was 4.9%. In addition to their statutory duties, KPMG is also employed where, as a result of their position as auditors or for their specific expertise, they either must, or the Audit Committee accepts they are best placed to, perform the work in question.# Entain plc Annual Report 2023

Audit Committee Report

This is primarily work in relation to matters such as shareholder circulars, Group borrowings, regulatory filings and certain business acquisitions and disposals. In such circumstances the Audit Committee will separately review the specific service requirements and consider any impact on objectivity and independence of the auditors and any appropriate safeguards to this. As such the Audit Committee believes it is appropriate for these non-audit services to be excluded from the 70% cap set out above. In the year ended 31 December 2023 the fees paid in respect of due diligence for acquisitions to the external auditors was £nil.

Internal Audit

Internal Audit provides assurance to the Board, through the Audit Committee, that effective and efficient control processes are in place to identify and manage business risks that may prevent the business from achieving its objectives and strategy. The Director of Internal Audit is a standing attendee of the Committee and provides regular reports on Internal Audit findings, including the assessment of issues raised in previous reports. The work completed by Internal Audit during the year focused on key areas of the Group (disclosed on pages 83 to 86 under Principal Risks), which included:

Reviews of anti-money laundering and safer gambling processes across various jurisdictions and businesses.
Digital fraud management.
Recruitment, talent resilience and retention practices.
Data governance and retention management.
Safer gambling interactions management.
IT governance, including privileged access controls.
Command Centre Management and performance of core production systems Disaster Recovery.
Stadia health and safety and animal welfare
Review of the Group’s compliance with the UK Modern Slavery Act and adequacy of provisions to mitigate risks of slavery.
Compliance with Ontario licence requirements
Ongoing reviews of key financial controls’ operating effectiveness.

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Accounting and key areas of judgement and estimate

Throughout the course of the year, the Audit Committee determined the following areas of the financial statements were of significant interest. These issues were discussed with management and the external auditors to ensure that the required level of disclosure has been provided and that appropriate rigour has been applied where any judgement may be exercised.

| Matter considered | Action # Sustainability & Compliance Committee Report

Ethics & compliance

Ethics and integrity are at the core of our organisation and culture. The Committee received regular updates on the key regulatory issues and trends around ethics, compliance and anti-money laundering from the expanded Ethics & Compliance team. The Committee approved the new Ethics & Compliance Charter which sets out the mission of the Group’s Ethics & Compliance Programme and the independence and authority of the Ethics & Compliance team, which ensures that they are able to request information and access resources and colleagues to enable them to effectively undertake monitoring, testing activity and investigations. The Committee reviewed and approved the Group’s Global Anti-Money Laundering & Counter-Terrorist Financing Policy and the Ethics & Compliance Three Year Strategy.

Privacy and data protection

Regular updates on privacy and data protection were given to the Committee, covering matters such as the steps being taken to improve data governance, the ongoing development of the Group’s cybersecurity strategy, and key legal and regulatory developments around data legislation. The Committee completed its annual review of the Group Data Retention Policy and the Group Data Protection Policy.

Health, Safety, Security and the Environment (“HSSE”)

The Committee discussed the Group’s environmental strategy and its commitment to being carbon net zero by 2035. HSSE performance was monitored by the Committee through regular updates on the Group’s HSSE performance indicators and initiatives. The Committee reviewed and approved the proposed HSSE strategy for 2023 as well as agreeing the Group’s HSSE KPIs for the forthcoming year. The Committee reviewed and approved the Health, Safety, Wellbeing & Workplace Policy Statement and the Environmental Policy Statement, both of which can be found on the Company’s website at www.entaingroup.com.

During the financial year further workshops were held to support the Group’s work on meeting the TCFD requirements. The Committee received updates on the progress of the workshops and how they were informing the Group’s environmental strategy. The Committee undertook deep dive reviews on the two Principal Risks: health, safety and the wellbeing of customers, communities and employees, and loss of key locations. The former focused on addressing key risks and facilitating management solutions relating to HSE matters whilst the latter focused on the findings arising from assurance checks undertaken by the HSSE team and the actions taken to resolve any issues that had come to light from those checks.

Modern Slavery Act statement review

The Committee reviewed the Group’s Modern Slavery and Human Trafficking Transparency Statement for the financial year ended 31 December 2022, noting the key mitigation activities undertaken in 2022 including the continued monitoring of risks across the Group’s supply chains, enhanced mandatory training for all employees, and updated policies including a new Code of Conduct which sets out the Group’s commitment to preventing modern slavery. Entain continued to partner with Unseen, a UK anti-slavery charity. During 2022 steps were taken to implement the majority of the recommendations arising from the 2021 gap analysis undertaken by Unseen. During the year, the Committee received updates on the development of the multi-year Modern Slavery Strategy and the Modern Slavery Programme to support the Group’s work combating modern slavery. More details can be found on page 51. The Modern Slavery statement can be viewed on our website at www.entaingroup.com/modern-slavery-statement

Other reviews

The Committee oversaw the annual ESG report, reviewing the content and giving feedback to management on its content. It also received an overview of the current IT infrastructure and the key IT projects underway as well as an overview of the work of the Group Payment Processing Committee. The Committee meeting packs included the quarterly Internal Audit reports for information purposes. As and when appropriate, the Director of Internal Audit brought key matters to the attention of the Committee. The Committee received an update on the progress of the Group’s commitment to financially support areas such as research into safer gambling and education initiatives, grassroots sports, diversity in tech and community projects through the Entain Foundation.

Committee evaluation

A review of the Committee’s performance and effectiveness during the year was undertaken using a questionnaire provided by an external board review firm, Lintstock. Lintstock managed the evaluation process and produced the evaluation report. The feedback from the Committee evaluation was positive in terms of Committee composition, the quality of the meetings and the information provided to the Committee members, and the workings of the Committee. The Chair was rated highly and it was felt that the Committee had a good oversight of the policies and controls that fell within its scope of responsibilities.

Committee membership and attendance

The Committee has three members, two independent Non-Executive Directors plus the Chairman of the Board. Stella David stepped down from the Committee on 26 April 2023 following the establishment of the People & Governance Committee which she chaired until December 2023 (see the People & Governance Committee report on pages 101 to 103 for further information). Following changes to Board Committee memberships agreed in December 2023, Rahul Welde stepped down from the Committee with effect from 15 December 2023 and Barry Gibson joined the Committee with effect from the same date. Regular attendees at the meetings include the Director of Internal Audit and the Group General Counsel. Other individuals and external advisers are invited to attend as and when appropriate and necessary. The Committee had six meetings during the year, all of which took place before the membership changes agreed in December 2023. Attendance at the meetings was as follows:

Member	Number of meetings attended	Number of meetings eligible to attend
Virginia McDowell (Chair)	6	6
Stella David	1	2
David Satz	6	6
Rahul Welde	2	6

1 Resigned from the Committee on 26 April 2023.
2 Resigned from the Committee on 15 December 2023.

Activities

Safer betting and gaming

The Committee received regular updates on the Group’s responsible betting and gaming programme. Briefings were held on the continued development and impact of the ARC™ programme and the Committee was given a demonstration of the customer journey under a range of scenarios. A deep dive review of the Principal Risk: Safer Betting & Gaming was undertaken, where the Committee considered potential developments in technology and regulatory guidance in key areas such as affordability and customer protection. As in the previous financial year, the Committee undertook a half-year and a full-year review of the delivery of safer betting and gaming project metrics as part of the responsible gaming element of the Group-wide annual bonus structure which has a 15% weighting. This review included an external assessment by EPIC Risk Management on the Company’s performance against targets. With more challenging metrics having been put in place for 2023, at its year-end assessment the Committee determined it was satisfied that these metrics had been met and made a positive recommendation to the Remuneration Committee as part of its assessment. Further information on the responsible betting and gaming remuneration metric is outlined on page 131 of the Directors’ Remuneration Report.

Sustainability

During the financial year the Sustainability Team completed a comprehensive sustainability materiality assessment which was reviewed by the Committee. The assessment has helped Entain to better identify the sustainability issues that are most material to the business and its stakeholders and will support its preparation for the incoming reporting requirements, such as the EU Corporate Sustainability Reporting Directive. Following the sustainability materiality assessment the four pillars of the Sustainability Charter were updated to:

Be a leader on player protection
Provide a secure and trusted platform
Create the environment for everyone to do their best work
Positively impact on our communities

More information on Entain’s Sustainability strategy can be found on pages 40 and 41.

Gaming licence compliance

The Committee considered key elements of the Group’s gaming licence compliance programme, including the development and update of Entain’s Sports Betting Integrity Policy and the measures being taken to reduce the threats posed by Sports Betting Integrity issues.

Compliance governance

The Committee received quarterly reports on international, UK, Retail and digital compliance developments and monitoring of the Group’s compliance management. It continued to review the impact of M&A activity on the Group’s compliance programme and the regulatory risks associated with new market entry. The Committee received updates on the progress of the application for a compliance management system certification against ISO 37301 and on the progress of the Compliance Assessment by the UK Gambling Commission.

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1 Overview
8 Strategic report
88 Governance
140 Financial statements# Directors’ Remuneration Report

The changes to the Committee’s remit made following feedback from last year’s Committee evaluation had been positively received. Areas of focus for 2024 included ensuring a continued focus on safer betting and gaming, supporting the management of environmental goals and programmes, addressing the signiﬁcant regulatory issues faced by the Company, undertaking tailored training, and receiving more of an external perspective on best practices relating to key issues.

Entain plc Annual Report 2023
112
1 Overview
8 Strategic report
88 Governance
140 Financial statements
Sustainability & Compliance

Committee Report

Annual Statement from the Chair of the Remuneration Committee

On behalf of the Board, I am pleased to present the Directors’ Remuneration Report (the “Report”) for the year ended 31 December 2023.

I have taken on this role on 14 December 2023 upon appointment. My focus has been to ensure that remuneration continues to be aligned with the Group’s strategy, delivering pay for performance, and maintaining a strong alignment of remuneration with shareholder interests.

We are asking shareholders to vote on our Annual Report on Remuneration at our AGM on 24 April 2024. The Report summarises remuneration Policy for 2024. The Policy is set out in our 2022 Directors’ Remuneration Policy, which was approved by shareholders and is available at www.entaingroup.com.

In a year of transition for Entain plc, we have been mindful of the experience of our stakeholders and have ensured remuneration decisions reflect the performance and strategic priorities of the business.

“We continue to believe that our remuneration policy strongly supports the delivery of our strategy and creates a clear link between executive reward and the interests of our shareholders, rewarding long-term value creation.”

Virginia McDowell
Chair of the Remuneration Committee
Entain plc

Directors’ Remuneration Report

In this section:

Section	Page
Remuneration in context	124
Annual Report on Remuneration	130
2023 incentive outcomes
2023 annual bonus

The Remuneration Committee has reviewed the performance of the Group against the targets set for the 2023 annual bonus scheme. Our results in 2023 failed to meet the threshold level of the stretching performance conditions that had been set, and so no annual bonus was paid to the Executive Directors for 2023.

The Committee has assessed the Group’s performance against the metrics of ‘Market Share Growth’ and ‘Regulatory Performance’ and concluded that progress continued to be made in both of these areas, resulting in a full payout in relation to these metrics.

The Committee has determined that the 2023 Annual Bonus opportunity for executive directors is nil, in line with the assessment of performance against the relevant metrics.

Further details can be found on page 131.

2021 Long-Term Incentive Plan (“LTIP”)

The 2021 LTIP awards were subject to relative Total Shareholder Return (“TSR”) targets over the three-year period ended 31 December 2023.

As the Group’s relative TSR performance was below the minimum threshold level, the awards lapsed in full. Full details are set out on page 132.

2023 Group performance

2023 Group performance demonstrates continued strategic progress and delivery of shareholder value. Key performance highlights in 2023 include:

Net Gaming Revenue (NGR) growth of 7.5% (proforma constant currency), with Retail NGR of £1,699m and Digital NGR of £2,300m.
EBITDA growth of 10%, delivering £1,025m.
Customer Assets increased to 72.1m, with Retail customer numbers of 6.2m and Digital customer numbers of 65.9m.
BetMGM, our joint venture in the US, delivered a strong performance, with NGR of £1,030m and EBITDA of £45m.
Online NGR grew by 7% (constant currency) to £2,300m.
Profit per share was 31.7p.
Dividend per share was 17.8p per share.

The Group has continued to grow and diversify its revenue streams, with increasing proportions derived from regulated or regulating markets, and have consistently delivered market leading player protection in the markets in which we operate.

Virginia McDowell
Chair of the Remuneration Committee
Entain plc

Board changes

Stella David

Stella David was appointed as a Non-Executive Director on 14 December 2023 and became Chair of the Audit Committee on 1 February 2024. Stella has an outstanding track record of success across multiple industries. While this is an interim appointment, Stella is focused on driving the business during this period of transition.

Entain plc Annual Report 2023
114
8 Strategic report
88 Governance
140 Financial statements

Directors’ Remuneration Report

Section	Page
Remuneration in context	124
Annual Report on Remuneration	130
2023 incentive outcomes
2023 annual bonus

Directors’ salaries

The Remuneration Committee has reviewed the Directors’ salaries for 2023 and concluded that it is appropriate to make no changes to the current salary levels.

The Executive Director salary for 2023 remains at £750,000 for the CEO and £650,000 for the CFO, excluding pension contributions.

The Remuneration Committee has reviewed the Directors’ annual bonus and concluded that it is appropriate to make some discretionary adjustments to the annual bonus paid to Executive Directors for 2023.

As per the bonus plan, the threshold for the 2023 annual bonus was 85% of target NGR, with a maximum opportunity of 120% of target NGR. Our performance against target NGR was 97.1%, resulting in a bonus payout of 40% of salary. The bonus payout for the CEO and CFO is £300,000 and £260,000 respectively.

The Remuneration Committee has decided to include BetMGM NGR as a standalone metric this year to emphasise the importance of this business to the future value of Entain.

The Committee has agreed that the 2023 annual bonus targets for Executive Directors remain unchanged, and these are based on Group NGR and BetMGM NGR targets.

Long-Term Incentive Plan

The Remuneration Committee has awarded LTIP awards to Executive Directors in line with the approved remuneration policy. These awards are subject to performance conditions based on relative TSR and earnings per share (EPS) growth over a three-year period.

The Remuneration Committee will continue to align the LTIP with the company’s strategic objectives and shareholder interests.

Conclusion

The Remuneration Committee is committed to ensuring that executive remuneration is aligned with the Group’s strategy, delivering pay for performance, and maintaining a strong alignment of remuneration with shareholder interests. We believe that our remuneration policy continues to support the delivery of our strategy and creates a clear link between executive reward and the interests of our stakeholders.

Board changes

Stella David

Stella David was appointed as a Non-Executive Director on 14 December 2023 and became Chair of the Audit Committee on 1 February 2024. Stella has an outstanding track record of success across multiple industries. Her continued contribution to the business over the last three years, including leading the significant transformation of our governance approach, has been invaluable. She will continue to provide valuable counsel and challenge as we focus on our strategy of operating only in regulated or regulating markets and overhauling our governance approach.

Jette Nygaard-Andersen

The Remuneration Committee has appointed Jette Nygaard-Andersen as Chair of the Audit Committee with immediate effect. Jette has been a Non-Executive Director since 2019 and has made a significant contribution to the business over the last three years, including leading the development of our ESG strategy and enhancing our approach to responsible gambling. She will continue to provide valuable counsel and challenge as we focus on our strategy of operating only in regulated or regulating markets and enhancing our player protection measures.# Entain plc Annual Report 2023

Directors’ Remuneration Report

Role of the Committee

The Committee oversees the Company’s overall remuneration strategy to ensure it is aligned to the Company’s purpose and values and is linked to the successful delivery of the Company’s long-term strategy. The Committee has delegated responsibility for designing and determining remuneration for the Chairman, the Executive Directors and senior executive management. It also reviews the remuneration of the wider workforce and related policies and the alignment of incentives and rewards with culture, taking these factors into account when setting the remuneration policy for the executive team.

The Remuneration Committee

Committee membership and attendance during 2023

Member	Number of meetings attended	Number of meetings eligible to attend
Virginia McDowell (Chair)	6	7
Stella David	2	6
Mark Gregory	11	11
Virginia Beard (until 31 December 2023)	6	6
Rahul Welde	6	6

Virginia McDowell (Chair) was appointed to the Remuneration Committee on 17 January 2023. Stella David was appointed to the Remuneration Committee on 13 May 2023.
Mark Gregory was appointed to the Remuneration Committee on 13 May 2023. Virginia Beard resigned from the Remuneration Committee on 31 December 2023.

Member	Number of meetings attended	Number of meetings eligible to attend
Stella David	2	2
Virginia Beard	3	3
Mark Gregory	4	11
Virginia McDowell	11	11
Rahul Welde	6	6

Stella David was appointed to the Remuneration Committee on 13 May 2023. Virginia Beard resigned from the Remuneration Committee on 31 December 2023.

Member	Number of meetings attended	Number of meetings eligible to attend
Virginia Beard	11	11
Mark Gregory	11	11
Stella David	6	6
Virginia McDowell	6	7
Rahul Welde	6	6

Directors’ Remuneration Report

Key areas of Remuneration Committee focus in 2023

A summary of the matters considered during the year is set out below:

Our workforce

Receiving updates on all-colleague remuneration arrangements throughout the Group.
Approval of the 2023 ShareSave plan.
Determination of the payouts from the 2022 annual bonus.
Approval of the 2023 annual bonus plan and 2023 incentive targets.
Review of pay equity and the Gender Pay Gap Report.
Approval of the remuneration package for Stella David as Interim CEO.
Approval of the 2022 Directors’ Remuneration Report.
Receiving updates on external market developments in remuneration and governance, including international compensation practices.

Committee governance

Remuneration Committee evaluation.

Key responsibilities

Recommending to the Board the Remuneration Policy for Executive Directors and senior executive management.
Overseeing the Remuneration Policy for all colleagues.
The Remuneration Committee has oversight of the Company’s remuneration strategy to ensure it is aligned to the Company’s purpose and values and is linked to the successful delivery of the Company’s long-term strategy.
The Remuneration Committee has delegated responsibility for designing and determining remuneration for the Chairman, the Executive Directors and senior executive management.
It also reviews the remuneration of the wider workforce and related policies and the alignment of incentives and rewards with culture, taking these factors into account when setting the remuneration policy for the executive team.

Remuneration Committee evaluation

The Remuneration Committee has undertaken an evaluation of its own performance and effectiveness, engaging Linstock as an external facilitator.
The Committee is satisfied with its performance and effectiveness and has agreed to continue to use Linstock as an external facilitator to provide advice on remuneration matters, and has confirmed the independence, objectivity and freedom from conflict of interest of the advice it receives.
The Committee’s advice included provision of market data, advice on content of executive remuneration plans, and assistance to the Group’s internal audit function in relation to executive remuneration consulting in the UK. Further details can be found at www.remunerationconsultantsgroup.com.

The Committee also reviewed the remuneration arrangements for key stakeholders.
The Committee believes that the Remuneration Policy remains fit for purpose and supports the Company’s strategy. Priorities for change and improvements to strengthen the Remuneration Policy have been identified.

Advice to the Committee

Advisers are appointed independently by the Remuneration Committee. The Committee is satisfied that the advice it receives is independent, objective and free from conflict of interest.
Deloitte LLP provided advice to the Committee on executive remuneration matters.
Deloitte LLP also provided a range of tax and advisory services to the Group and provided external audit services.
The Committee has satisfied itself that the advice received from Deloitte LLP is objective and independent.
Further details on the remuneration of the Committee’s advisers can be found at www.remunerationconsultantsgroup.com.# Shareholder voting and consideration of shareholder views

Resolution Date

Votes for	% of votes for	Votes against	% of votes against	Votes withheld
461,233,616	93.6%	31,471,152	6.4%	2,146,077

Annual Report on Remuneration

	Votes for	% of votes for	Votes against	% of votes against	Votes withheld
Resolution	461,233,616	93.6%	31,471,152	6.4%	2,146,077
Remuneration Policy	437,002,327	88.4%	56,502,441	11.6%	2,146,077

The remuneration framework for Executive Directors at Entain is intended to incentivise them to execute the Company’s strategy and create long-term sustainable value for shareholders.

Year 1 Year 2 Year 3 Year 4 Year 5

Total pay
* Fixed Pay
* Base salary
* Pension
* Annual Bonus
* One-year performance period
* Key performance metrics
* Malus provisions apply
* Three-year deferral period
* LTIP
* Three-year performance period
* Key performance metrics
* Malus provisions apply

2023 – Executive Directors’ remuneration

The full explanatory notes for each element of remuneration are detailed on pages 130 to 132 in the Annual Report on Remuneration.

£000s

	Base Salary	Pension	Annual Bonus	Total
Group Chief Executive Officer	461	407	0	868
Chief Financial Officer	313	16	222	821
Chief People Officer	211	2	0	213
Group Chief Executive Officer	313	16	222	821
Chief Financial Officer	313	16	222	821
Chief People Officer	211	2	0	213

Executive remuneration at Entain

2023 Incentive outcomes

The full explanatory notes for the annual bonus and LTIP outcomes are detailed on pages 131 to 132 in the Annual Report on Remuneration.

2023 Annual Bonus

Underlying Group Operating (60%)
- 0% of maximum
Group NGR 1 (20%)
- 0% of maximum
Safer Betting and Gaming (15%)
- 100% of maximum
Customer (5%)
- 100% of maximum
Total payout
- 20% of maximum

2021–23 LTIP

Cumulative EPS (33.3%)
- 0% of maximum
Relative TSR vs. FTSE 100 (33.3%)
- 0% of maximum
Relative TSR vs. Bespoke peer group (33.3%)
- 0% of maximum
Total payout
- 0% of maximum

Threshold 20% | Target 3.6% | Stretch 8.4%
Outcome £5,409m | Outcome 225.3p

Threshold 13.0% | Target 20% | Stretch 46.1%
Outcome (15.5%)

Threshold Median: 8.4% | Target Median: 13.0% | Stretch Upper quartile: 46.1%
Outcome (15.5%)

Implementation of the Remuneration Policy for Executive Directors

Element	Operation	How we implemented the Policy in 2023	How we plan to implement the Policy in 2024
Salary	To provide competitive remuneration, base salary is reviewed annually by the Remuneration Committee. Increases are normally no higher than the typical level of increase across the Group.	To the extent that increases were awarded, they were in line with the remuneration policy.	To the extent that increases are awarded, they will be in line with the remuneration policy.
Pension	To provide competitive remuneration, Executive Directors receive standard benefits, life insurance and a cash alternative.	Executive Directors participate in a company-provided pension plan or receive a cash equivalent.	Executive Directors participate in a company-provided pension plan or receive a cash equivalent.
Annual Bonus	To incentivise performance against strategic objectives.	Maximum annual incentive opportunity of 150% of base salary. 50% of maximum opportunity is payable for target performance and 100% for threshold performance.	Maximum annual incentive opportunity of 150% of base salary. 50% of maximum opportunity is payable for target performance and 100% for threshold performance.
LTIP	To provide long-term shareholder value creation.	Maximum LTIP opportunity of 250% of base salary, increasing to 400% of base salary for Executive Directors appointed before 13 December 2023. For Directors appointed on or after 13 December 2023, the maximum is 200% of base salary. The performance period for the 2021 LTIP ended in 2023 and awards are expected to lapse in full.	Maximum LTIP opportunity of 250% of base salary. For Directors appointed on or after 13 December 2023, the maximum is 200% of base salary.

Entain plc Annual Report 2023# Entain plc Annual Report 2023

8 Strategic report

88 Governance

140 Financial statements

Directors’ Remuneration Report

Performance metrics and link to strategy

a bespoke See page 123 for details on in 2024 Shareholding Guidelines in the post-tax number of vested interests as at 31 December 2023 are detailed on page 134. Shareholding guidelines:

Executive Directors: 5x Base Salary
Non-Executive Directors: 1x Base Salary

Shareholding guidelines:

Presidents: 3x Base Salary
Directors: 1.5x Base Salary

100% of their guideline (or their for cessation of employment.

Shareholding guidelines:

Directors: 5x Base Salary
Senior Management: 2x Base Salary

2024 Incentive plan metrics

Annual bonus

What is the underpin for the 2024 annual bonus?

The underpin for the 2024 annual bonus requires a minimum of 75% for the safer betting and gaming metric and individual objectives. In order to have a sustainable business, the protection of our customers and colleagues remains of paramount importance, and continuing to include a safer betting and gaming metric reinforces the importance of this to all our colleagues.

Are there any changes to the weighting of the annual bonus metrics for 2024?

No, the weighting remains the same, however, the safer betting and gaming metric has been split out from the overall colleague metrics and will now be a standalone metric. This will drive focus on the key activities that support our safer gambling and gaming commitments, and continue to support our colleagues in this area.

What is the underpin?

In previous years, the threshold for our safer betting and gaming metric has required a minimum number of colleagues to complete training in responsible gambling. This threshold has now been removed, meaning that all colleagues will be eligible for a bonus payment even if the 75% threshold for the safer betting and gaming metric is not met. This however does not mean that the metric is not important. In order to have a sustainable business, the protection of our customers and colleagues remains of paramount importance and continuing to include a safer betting and gaming metric reinforces the importance of this to all our colleagues.

How will the safer betting and gaming metric work for 2024?

For 2024, the underpin will be based around our colleagues’ completion of relevant training. We have introduced a tiered approach which rewards a greater number of colleagues for completing the training with a higher bonus payout.

When will targets for the 2024 annual bonus be disclosed?

The targets for the annual bonus, including individual objectives and the safer betting and gaming metric, will be disclosed in next year’s Directors’ Remuneration Report.

2024 LTIP

What metrics will be used for the 2024 LTIP?

The 2024 LTIP will continue to be contingent on Entain’s relative TSR performance, measured against a defined peer group of companies. The vesting will be subject to the achievement of performance conditions based on the company’s Total Shareholder Return (TSR) relative to the peer group, alongside the continued application of malus and clawback provisions. This aligns management’s interests closely with those of shareholders and the company’s long-term value creation.

What are the targets for the 2024 LTIP?

Metric	Weighting	Threshold (16.7% vesting)	Maximum (100% vesting)
Relative TSR vs. peer group	100%	Median	Upper quartile

The vesting for the LTIP will be subject to the company’s relative TSR performance compared to the peer group. 33.3% of the award will vest at median performance, with 100% vesting at upper quartile performance. There will be no vesting below median performance. This ensures that awards are only made where Entain is outperforming its peers.

Committed to good governance

The Remuneration Committee is committed to ensuring that executive remuneration is aligned with the company’s strategy, values and long-term interests of shareholders, while also being competitive and fair in the marketplace. The Committee operates with a view to ensuring clarity, simplicity, risk, predictability and proportionality in its decision-making.

Clarity

The Committee ensures that the executive remuneration framework is clearly communicated and understood by both management and shareholders.

Simplicity

The Committee strives to ensure that the remuneration framework is simple and straightforward to understand, minimising complexity where possible.

Risk

The Committee considers the potential risks associated with remuneration decisions, ensuring that they are mitigated and do not encourage excessive risk-taking.

Predictability

The Committee aims to ensure a degree of predictability in remuneration outcomes, allowing for effective financial planning and alignment with long-term objectives.

Proportionality

The Committee ensures that remuneration outcomes are proportionate to the company’s performance and the value delivered to shareholders.

Alignment to culture

The Committee is committed to ensuring that remuneration practices are aligned with the company’s culture and values, particularly in relation to responsible gambling and colleague well-being.

Remuneration in context

Understanding our colleague reward framework

The Group's reward framework is designed to attract, motivate and retain talented colleagues across all levels of the organisation. The framework is underpinned by the following principles:

Competitiveness: Rewards are benchmarked to ensure they are competitive within the relevant markets.
Performance: A significant portion of rewards is linked to the achievement of individual, team and company performance objectives.
Fairness: Rewards are applied equitably across the organisation, reflecting role, responsibility and contribution.
Transparency: The reward framework is communicated clearly to all colleagues.
Sustainability: Rewards are designed to support the long-term sustainability of the business and its values.# Directors’ Remuneration Report

We aim for transparency and a fair cascade of remuneration throughout the Group.

The Remuneration Committee reviews the remuneration strategy regularly, taking into account market conditions, the Group’s financial performance and the need to attract, retain and motivate Executive Directors and senior management.

Executive Directors and senior management

Base salary

Our base salary is the basis for a competitive remuneration package. The level of base salary is determined by a range of factors such as country budget, relevant legislative requirements, and experience of each individual, relativity to market rates, forecasts of any further market increases and attrition rates.

The remuneration of Executive Directors and senior management forms the basis of competitive salaries annually.

Pension

Executive Directors and senior management are eligible to participate in the pension arrangement in their country of employment on the same basis as local employees.

Short-term incentives

A significant proportion of senior management, Executive Directors and senior management participate in the same Group annual bonus plan as eligible members of the wider workforce, although depending on role, greater emphasis may be placed on business unit performance. We operate local incentive arrangements that are competitive with market practice.

Executive Directors and senior management participate in the same Group annual bonus plan as eligible members of the wider workforce. Bonuses are paid annually and are subject to deferral into shares for three years.

Long-term incentives

A proportion of this population is eligible to be considered for LTIP or Restricted Stock Awards. Executive Directors and senior management participate in the Group’s all-employee ShareSave plan.

LTIP awards for Executive Directors and senior management, and vesting is subject to Group performance outcomes.

Restricted Stock Awards for Executive Directors and senior management are typically granted at target levels with the potential for vesting to be enhanced or reduced based on a mix of profit and revenue measures.

Consideration of colleague and stakeholder views

The Remuneration Committee takes account of views from remuneration arrangements across the Group and gave them the opportunity to provide feedback. During the year, this included focus groups with representatives from across the Group and gave them the opportunity to provide very informative input on their experiences and views. All-employee remuneration and actions in response to cost-of-living pressures

The Remuneration Committee’s approach to remuneration for Executive Directors and senior management ensures the focus on this is heightened in the current economic climate and the remuneration packages are fair and aligned with colleague remuneration packages. All-employee remuneration initiatives during 2023:

Pay awards - Our colleagues received a pay award of 6.2% on average from January 2024, which represents an increase in real terms in line with the Group’s pay strategy and in response to the cost of living. This is significantly above inflation and reflects the Group’s strong performance.
All-employee ShareSave plan - All of our colleagues have the opportunity to share in the value they create. A third cycle of our all-employee ShareSave plan launched in January 2024, offering colleagues the opportunity to save and buy shares in the Company.

We believe that our remuneration approach supports colleagues in delivering the Group’s objectives, and the Remuneration Committee will continue to monitor the external environment and take appropriate action to ensure that remuneration remains competitive and aligned with the Group’s pay strategy.

CEO pay ratio (unaudited)

The table below provides information on the ratio of the CEO’s remuneration to the median remuneration of our UK colleagues, and the second provides further information on the total colleague remuneration for the Group and the components of pay.

The CEO’s total remuneration was £3.3 million in 2023, compared to £2.3 million in 2022. The increase is mainly attributable to the increase in the median pay of our UK colleagues. Our UK employee population is predominantly made up of retail colleagues.

Method	25th percentile	50th percentile	75th percentile
2023 Option A	£78	£79	£80
2022 Option A	101	87	73
2021 Option A	£96	£76	£71
2020 Option A	106	£75	£85
2019 Option A	278	215	170

UK colleagues – pay element

	25th percentile	50th percentile	75th percentile
Salary	£20,480	£20,301	£21,122
Total remuneration	£25,310	£28,663	£31,631

We seek to calculate total remuneration for all of our UK colleagues and rank them accordingly on this basis.

The CEO’s total remuneration of £3.3 million represents a ratio of 1:96 when compared to the median UK colleague’s total remuneration of £34,354. The median remuneration is calculated based on full-time equivalent data as at 31 December 2023. Salary excludes any statutory payments such as National Insurance contributions and holiday pay, and the overall picture presented by the ratios is consistent with the Group’s remuneration policy and that the remuneration of Executive Directors and senior management is broadly in line with the remuneration of our wider colleague population.

We believe that the pay of our Executive Directors and senior management is fair and reasonable and receives regular review by the Remuneration Committee. We aim to provide a market-competitive remuneration package in line with the Group’s remuneration policy and that the overall remuneration packages for Executive Directors and senior management are appropriate to the local market and the ability for many colleagues to benefit from the Group’s remuneration structure.

We successfully launched the third cycle of our all-employee ShareSave plan in January 2024, offering colleagues the opportunity to save and buy shares in the Company, and that the total value of shares purchased through the plan amounts to £43 million, with the average participant investing £1,200 and vesting subject to continued employment.Structures are in place to support salary progression, and regular reviews are conducted to ensure that compensation is competitive and reflects individual performance and contribution. The relative importance of the spend on pay as a proportion of revenue is a key metric that is monitored, and in 2023 this stood at 64.2% compared to 62.3% in 2022. This increase in staff costs is largely due to an increase in employee numbers and an investment in talent to support our strategic growth agenda, with 16 new roles created in 2023 compared to only one in 2022.

Gender pay gap reporting

In line with statutory requirements, Entain publishes its gender pay gap data. In 2023, the mean pay gap for male and female colleagues in the UK is 4.0% (2022: 3.2%), with the median pay gap being 5.2% (2022: 38.7%). From further analysis it is clear that these gaps largely remain attributable to the historical concentration of men in more senior roles within the business, and we are continuing to invest in initiatives to create greater diversity at senior levels. Further information on these is provided on pages 127 and 128. Entain plc Annual Report 2023 127

Summary of performance

The following tables provide a summary of Entain's performance in comparison to relevant benchmarks and a summary of CEO remuneration outcomes for the period 2015-2023.

Year	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEO	S David	S David	S Segev	S Segev	K Alexander	K Alexander	K Alexander	K Alexander	K Alexander
% of total remuneration	£0.55m	£1.33m	£4.0m	£4.1m	£4.1m	£4.1m	£4.0m	£3.7m	£3.6m
Annual bonus payout (% of maximum)	–	–	48.8%	100%	–	–	–	100%	100%
LTIP vesting (% of maximum)	–	–	–	–	–	–	35.7%	33.0%	–
Other vesting (% of maximum)	–	–	–	–	–	–	–	100%	100%

	2023	2022	2021	2020
	Base salary/ fees	Annual bonus	Base salary/ fees	Annual bonus
Executive Directors
S David 1	–	–	–	–
CEO
S David 1	–	–	–	–
R Wood 3	3.0%	1.3%	(57.8%)	3.6%
CFO
J Woods 4	–	–	(5.3%)	8.3%
Non-Executive Directors
B Gibson 5,6,7	0%	–	–	0%
P Bouchut 7, 8	5.1%	–	–	(1.2%)
C Eeles 9	–	–	–	–
M Gregory 10	–	–	–	–
S Grant 10	–	–	–	–
S Johnson 7	0.9%	–	–	0%
D Satz 11	(0.4%)	–	–	11.3%
R Welde 12	–	–	–	–
All colleagues	10.9%	(5.2%)	(9.7%)	(0.1%)

1 S David is the CEO of Entain. He was not entitled to receive a bonus payment in respect of 2023.
2 The CEO remuneration figures for 2023 and 2022 reflect payments made up to the reporting date.
3 R Wood is the Chief Financial Officer of Entain.
4 J Woods is the Chief Financial Officer of Entain.
5 B Gibson is the Senior Independent Director.
6 P Bouchut is a Non-Executive Director.
7 D Satz is a Non-Executive Director.
8 R Welde is a Non-Executive Director.
9 S Johnson is a Non-Executive Director.
10 M Gregory and S Grant are Non-Executive Directors.
11 D Satz is a Non-Executive Director.
12 R Welde is a Non-Executive Director.
13 The change in Base Salary/Fees for all colleagues in 2023 compared to 2022 reflects the inflationary pressures during the year and the Group’s approach to salary reviews. The change in Annual Bonus for all colleagues reflects the impact of the bonus scheme design and performance conditions.

Change in Directors’ pay for the year in comparison to all Entain colleagues

The remuneration of Directors is benchmarked against comparable roles in peer companies and the wider FTSE 350. The Group’s remuneration policy aims to ensure that remuneration is aligned with shareholder interests and the performance of the Group.

	2023	2022	2021	2020
	Base salary/ fees	Annual bonus	Base salary/ fees	Annual bonus
Executive Directors
S David 1	–	–	–	–
CEO
S David 1	–	–	–	–
R Wood 3	3.0%	1.3%	(57.8%)	3.6%
CFO
J Woods 4	–	–	(5.3%)	8.3%
Non-Executive Directors
B Gibson 5,6,7	0%	–	–	0%
P Bouchut 7, 8	5.1%	–	–	(1.2%)
C Eeles 9	–	–	–	–
M Gregory 10	–	–	–	–
S Grant 10	–	–	–	–
S Johnson 7	0.9%	–	–	0%
D Satz 11	(0.4%)	–	–	11.3%
R Welde 12	–	–	–	–
All colleagues	10.9%	(5.2%)	(9.7%)	(0.1%)

	2019	2018	2017	2016	2015
	Base salary/ fees	Annual bonus	Base salary/ fees	Annual bonus	Base salary/ fees
Executive Directors
K Alexander 4	4.1%	3.0%	4.1%	0.8%	4.0%
CEO
K Alexander 4	4.1%	3.0%	4.1%	0.8%	4.0%
Non-Executive Directors
B Gibson 5,6,7	0%	–	0%	–	0%
P Bouchut 7, 8	(1.2%)	–	–	–	–
C Eeles 9	–	–	–	–	–
M Gregory 10	–	–	–	–	–
S Grant 10	–	–	–	–	–
S Johnson 7	0%	–	0%	–	4.0%
D Satz 11	11.3%	–	–	–	–
R Welde 12	–	–	–	–	–
All colleagues	(4.2%)	(2.7%)	0.1%	132.4%	(1.4%)

1 S David is the CEO of Entain. He was not entitled to receive a bonus payment in respect of 2023.
2 The CEO remuneration figures for 2023 and 2022 reflect payments made up to the reporting date.
3 R Wood is the Chief Financial Officer of Entain.
4 J Woods is the Chief Financial Officer of Entain.
5 B Gibson is the Senior Independent Director.
6 P Bouchut is a Non-Executive Director.
7 D Satz is a Non-Executive Director.
8 R Welde is a Non-Executive Director.
9 S Johnson is a Non-Executive Director.
10 M Gregory and S Grant are Non-Executive Directors.
11 D Satz is a Non-Executive Director.
12 R Welde is a Non-Executive Director.
13 The change in Base Salary/Fees for all colleagues in 2023 compared to 2022 reflects the inflationary pressures during the year and the Group’s approach to salary reviews. The change in Annual Bonus for all colleagues reflects the impact of the bonus scheme design and performance conditions.

The following tables provide a summary of CEO remuneration outcomes for the period 2015–2023.

Year	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEO	S David 1	S David 1	S Segev 2	S Segev 2	K Alexander 3	K Alexander 3	K Alexander 3	K Alexander 3	K Alexander 3
% of total remuneration	£0.55m	£1.33m	£4.0m	£4.1m	£4.1m	£4.1m	£4.0m	£3.7m	£3.6m
Annual bonus payout (% of maximum)	–	–	48.8%	100%	–	–	–	100%	100%
LTIP vesting (% of maximum)	–	–	–	–	–	–	35.7%	33.0%	–
Other vesting (% of maximum)	–	–	–	–	–	–	–	100%	100%

1 S David is the CEO of Entain. He was not entitled to receive a bonus payment in respect of 2023.
2 S Segev was the CEO of Entain in 2020 and 2021.
3 K Alexander was the CEO of Entain from 2015 to 2019.
Note: Base salary/fees and annual bonus figures for 2023 reflect actual payments made up to the reporting date. LTIP vesting figures are based on the value of shares vesting in the year.

Directors’ pay in comparison to all Entain colleagues

	2019	2018	2017	2016	2015
	Base salary/ fees	Annual bonus	Base salary/ fees	Annual bonus	Base salary/ fees
Executive Directors
K Alexander 4	4.1%	3.0%	4.1%	0.8%	4.0%
CEO
K Alexander 4	4.1%	3.0%	4.1%	0.8%	4.0%
Non-Executive Directors
B Gibson 5,6,7	0%	–	0%	–	0%
P Bouchut 7, 8	(1.2%)	–	–	–	–
C Eeles 9	–	–	–	–	–
M Gregory 10	–	–	–	–	–
S Grant 10	–	–	–	–	–
S Johnson 7	0%	–	0%	–	4.0%
D Satz 11	11.3%	–	–	–	–
R Welde 12	–	–	–	–	–
All colleagues	(4.2%)	(2.7%)	0.1%	132.4%	(1.4%)

1 S David is the CEO of Entain. He was not entitled to receive a bonus payment in respect of 2023.
2 S Segev was the CEO of Entain in 2020 and 2021.
3 K Alexander was the CEO of Entain from 2015 to 2019.
Note: Base salary/fees and annual bonus figures for 2023 reflect actual payments made up to the reporting date. LTIP vesting figures are based on the value of shares vesting in the year.

Directors’ Remuneration Report

Summary of CEO remuneration outcomes: 2015–2023

Change in Directors’ pay for the year in comparison to all Entain colleagues

Directors’ Remuneration Report

Summary of CEO remuneration outcomes: 2015–2023

Change in Directors’ pay for the year in comparison to all Entain colleagues

Base salary	Pension	Annual bonus	Long-term incentive	Total remuneration	Total variable remuneration

					
					


Stella David
1	2023	4613–			
		2	2023	813	
Rob Wood		2023		16	
3		2023	211	2	–

 





 

Base salary

	
 

			














 









Metric	Weighting	Threshold (25% vesting)	Maximum (100% vesting)	Entain performance	Vesting as a % of maximum for each metric	Vesting
	One-third	Median: 13.0% Upper quartile: 		0%	0%
Relative TSR vs.

2023 annual bonus









Metric Weighting Threshold Target Stretch Actual

Metric	Weighting	Threshold	Target	Stretch	Actual
 maximum for each metric	Payout as a % of maximum bonus opportunity		60%		
Safer betting and gaming			100%		
Total as a % of maximum opportunity	20.0%	

In summary: UK market – based on the usage of our active account management tools amongst risk-assessed online customers and the 







Entain plc Annual Report 2023

130

2023 annual bonus



	J Nygaard-Andersen	R Wood	R Hoskin
Bonus opportunity (% of salary)		200%	200%
Salary eligible for 2023 bonus			
Outcome:
– As % of maximum bonus	20%	20%	20%
– As % of salary		40%	40%











Metric Weighting Threshold (25% vesting) Maximum (100% vesting) Entain performance Vesting as a % of maximum for each metric Vesting

Metric	Weighting	Threshold (25% vesting)	Maximum (100% vesting)	Entain performance	Vesting as a % of maximum for each metric	Vesting
	One-third	Median: 13.0% Upper quartile: 		0%	0%
Relative TSR vs.

131
```# Directors’ Remuneration Report

Share awards granted during 2023 (audited)

The Remuneration Committee is pleased to present details of the share awards granted to the executive directors during 2023. These awards are designed to align executive remuneration with the long-term performance of the Company and shareholder interests, supporting the delivery of Entain’s strategic objectives. Awards are subject to challenging performance conditions where applicable.

The principal share-based incentive plans are the Long-Term Incentive Plan (LTIP) and the All-Employee Share Acquisition Plan (AESAP) (previously the All-Employee Share Purchase Plan). The AESAP allows employees to acquire shares through salary sacrifice. For directors, a specific scheme, the All-Employee Deferred Bonus Plan (“ADBP”), was introduced in 2021.

Chairman and Non-Executive Directors

Fees	£000	Annual bonus	£000	Long-term incentives	£000	Pension	£000	Total	£000
Barry Gibson	2023	–	–	–	–	£73	£73	–
	2022	–	–	–	–	£73	£73	–
Pierre Bouchut	2	2023	112	–	–	–	112	112	–
		2022	106	–	–	–	106	106	–
Ben Story	3	2023	13	–	–	–	13	13	–
		2022	–	–	–	–	–	–	–
Stella David	4	2023	176	–	–	–	176	176	–
		2022	£48	–	–	–	£48	£48	–
Mark Gregory		2023	18	–	–	–	18	18	–
		2022	106	–	–	–	106	106	–
Paul Quentel		2023	14	–	–	–	14	14	–
		2022	£8	–	–	–	£8	£8	–
Jean-Francois Pottier	2023	107	–	–	–	107	107	–
		2022	106	–	–	–	106	106	–
David Satz	6	2023	£76	–	–	–	£76	£76	–
		2022	£78	–	–	–	£78	£78	–
Rahul Welde	7	2023	£88	–	–	–	£88	£88	–
		2022	42	–	–	–	42	42	–
Former Non-Executive Directors	8	2023	–	–	–	–	–	–	–
		2022	42	–	–	–	42	42	–
		Total	£737	–	–	–	£737	£737	–

1 Non-executive Director fees reflect fees paid to individuals for their services as Non-Executive Directors. All other remuneration, including annual bonus and long-term incentives, is considered variable.

2 Pierre Bouchut was a Director until 13 September 2022.

3 Ben Story was appointed on 13 September 2023.

4 Stella David retired on 31 December 2023.

5 Mark Gregory was appointed on 13 September 2023.

6 David Satz retired on 22 October 2023.

7 Rahul Welde was appointed on 13 September 2023.

8 Former Non-Executive Directors include Mr R Sandler who resigned on 22 October 2020 and Mr J-F Pottier who retired on 31 December 2022.

Fee structure

The Board comprises the Chairman, Executive Directors and Non-Executive Directors. The remuneration committee reviews the fee structure annually and determines fees, which are typically fixed at a level intended to attract and retain high calibre individuals. Fees are set by the Board and, for Non-Executive Directors, are subject to shareholder approval at the Annual General Meeting. In line with good practice, the Chairman, Chief Executive Officer and other Executive Directors, are not eligible to receive additional fees for Board or committee membership. Fees are reviewed annually and paid monthly.

As at 1 January 2023 | As at 1 January 2024
---|---|
Chairman | £75 | £85
Non-Executive Directors | £48 | £48
Audit Committee | £49 | £49
Remuneration Committee | £49 | £49
Nomination Committee | £49 | £49

Letters of appointment

The remuneration of the Non-Executive Directors is determined by the Board, taking into account the Remuneration Policy and the provisions of the incentive plan rules. As such, he retained his eligibility to receive a time pro-rated annual bonus in respect of 2023, and his bonus entitlement was calculated based on achieving personal and company performance conditions, prorated for service. In the case of Mr R Welde, due to the circumstances of his departure, the Remuneration Committee has discretion under the terms of the incentive plan to pay a bonus and award LTIP awards that would otherwise be forfeited. He received a time pro-rated annual bonus and LTIP awards that were forfeited.

Director	Date appointed	Arrangement	Notice period
B Gibson		Letter of appointment	3 months
P Bouchut	13 September 2018	Letter of appointment	3 months
B Story		Letter of appointment	3 months
J-F Pottier		Letter of appointment	3 months
R Sandler		Letter of appointment	3 months
D Satz	22 October 2020	Letter of appointment	3 months
R Welde		Letter of appointment	3 months

Share interests (audited)

Director	owned shares
B Gibson	£76,617
P Bouchut	£65,847
B Story	–
M Gregory	2
P Quentel	2
J-F Pottier
D Satz	£68
R Welde	21,644

1 The Chairman’s shareholding reflects the number of shares held by his spouse.

2 These shareholdings represent beneficial interests in the ordinary shares of the Company.

The Remuneration Committee oversees the share interests of Directors and ensures compliance with relevant policies and regulations. The Committee’s objective is to ensure that Directors’ shareholdings align with the long-term interests of shareholders. Dividends received on these shares are disclosed in the table above.

Director	Dividends
B Gibson	£771
P Bouchut	£665
B Story	–
M Gregory	–
P Quentel	–
J-F Pottier	£82
D Satz	–
R Welde	£219

Customer and creditor payment policy

The Group is committed to prompt payment of customer cash-out requests and maintains adequate cash reserves to cover customer withdrawals and balances.## Entain plc Annual Report 2023

1 Overview

14 Strategic report

88 Governance

Directors

The Company’s Articles of Association may only be amended by a special resolution of the shareholders of the Company. The Directors' biographies are disclosed on page 89. The Company’s Articles of Association provide that any new Director appointed by the Board during the year, having not been elected by the shareholders at the time of their appointment, must retire and stand for election by the shareholders at the next AGM, when that Director must retire and stand for election at the meeting. The Articles also require one third of the Directors not newly appointed since the last AGM to seek re-election. In compliance with the recommendation of the Code, all Directors will seek reappointment at the 2024 AGM, as they did in 2023.

Directors’ remuneration

The Executive Directors have Service Agreements and all the Non-Executive Directors have Letters of Appointment and the details of their key terms are set out in the Directors’ Remuneration Report. Details of remuneration of each Director are provided in the Remuneration Report on pages 113 to 137.

Powers of directors

Subject to company law and the Company’s articles, the Directors may exercise all of the powers of the Company and may delegate their power and discretion to Committees. The articles give the Directors power to appoint and replace Directors.

Directors’ interests

This is reported in the Directors’ Remuneration Report on pages 133 and 134 and provides details of the interests of each Director, including details of current incentive schemes and long- term incentive schemes, the interests of Directors in the share capital of the Company and details of their share interests as at 31 December 2023.

Principal activity

Entain plc (the “Company”) and its subsidiaries (together the “Group”) is a major international sports-betting and gaming company operating both online and in the retail sector. The Company is registered as a public limited company under the Isle of Man Companies Act 2006 and is listed in the Premium category on the Main Market of the London Stock Exchange.

Results and future performance

A review of the Group’s results and activities is covered within the Strategic Report on pages 8 to 87. This incorporates the Chairman’s Statement, which includes an indication of likely future developments.

Key performance indicators

Key performance indicators in relation to the Group’s activities are continually reviewed by senior management and are presented on page 23.

Dividends

An interim dividend of 8.9p per ordinary share was paid on 22 September 2023 and a second interim dividend for 2023 of 8.9p per ordinary share was approved by the Board on 29 February 2024, making a total dividend payment of £113m for the 2023 full-year. The Board recognises the importance of dividends to shareholders, the strength of the operational performance of the business and our future prospects. The Board expects to continue with its progressive dividend policy during 2024.

Corporate Governance

The Directors recognise the importance of corporate governance and their associated report is set out on pages 88 to 139. The information in that section is deemed to form part of this Directors’ Report for the purposes of DTR 7.2.1. As a company quoted on the Premium Main Market of the London Stock Exchange, the Company has adopted the 2018 UK Corporate Governance Code (“Code”), as amended from time to time, and will seek to comply with premium listed company norms to the extent appropriate for the size and nature of the Company.

Engagement with Employee Statements

This is discussed in the s172 Statement on pages 64 to 67, pages 96 to 97 and page 126.

Engagement with Stakeholder Statements

This is discussed in the s172 Statement on pages 64 to 67 and pages 96 to 97.

Research and development

The Group’s research and development is focused on the development and maintenance of the Entain platform and the production of its product portfolio, including ARC TM . The Group will continue to invest in research and development to ensure it remains well positioned to deliver sustainable growth. For further details on the Group’s strategic priorities, see the Strategic Report.

138 Entain plc Annual Report 2023

146 Financial statements

Substantial shareholdings – Interests in voting rights

In accordance with Chapter 5 of the Disclosure and Transparency Rules of the Financial Conduct Authority, the Directors have been notified of the following interests in the Company’s Shares:

Shareholder	Number of Shares	% of Issued Share Capital & Total Voting rights
1 The Capital Group Companies	85,626,652	13.40%
Dodge & Cox	58,512,293	9.16%
Blackrock Inc	45,562,418	7.13%
Janus Henderson Group plc	32,126,154	5.03%
Eminence Capital, LP	30,054,030	4.7%
The Vanguard Group, Inc	26,991,121	4.23%

The Company had 638,799,891 ordinary shares in issue on 21 February 2024.

Risk management

The risk management objectives and policies of the Group are set out in Note 23 on pages 149 to 157 of the Group’s financial statements.

Political donations

The Company did not make any political donations or incur any political expenditure during 2023 (2022: Nil).

Insurance

The Directors’ and Officers’ liability insurance policy in respect of any legal costs that may be incurred against the Directors’ and Officers’ liability insurance policy in respect of any legal costs that may be incurred against the Directors and Officers of the Company will be renewed in accordance with the Company’s insurance renewal cycle. The Directors are not aware of any claim which, if made, would materially affect the Company’s financial position.

Annual General Meeting

The Company’s Annual General Meeting will be held on 24 April 2024 at etc. venues, 200 Aldersgate, London, EC1A 4HD.

Independent Auditors

KPMG LLP (“KPMG”) has expressed its willingness to continue in office as the Company’s auditors and a resolution proposing their re-appointment will be put to the shareholders at the forthcoming AGM. So far as the Directors are aware, there is no relevant audit information of which the Company’s auditors are unaware, and each Director has taken all the steps that he or she ought to have taken as a Director in order to make himself or herself aware of any relevant audit information and to establish that the Company’s auditors are aware of that information.

On behalf of the Board:

J M Barry Gibson
Chairman

Directors’ Interests Register

On appointment, each Director must notify the Company of their registrable interests in the Company’s shares and the Company’s register of interests kept by the Company Secretary. Each Director has provided undertakings to the Company that they will not deal in the Company’s shares during closed periods. Directors’ interests are published in the Directors’ Report and in the Directors’ Remuneration Report. Any Director who has a conflict of interest in a matter before the Board shall declare his or her interest and recuse himself or herself from the discussion and voting on the subject matter that gives rise to the conflict. The relevant Director does not receive Board papers and is excluded from discussions and voting on the subject matter that gives rise to the conflict. The Directors are required to notify the Company of their interests in any other company, and of any appointments or interests they hold which might be considered to give rise to a conflict of interest with their duties as Directors of the Company.

Directors’ Indemnities

The Company has entered into deeds of indemnity with each of the Directors and Officers of the Company in accordance with the Company’s Articles of Association and the Companies Act 2006. These deeds provide that the Company will indemnify each Director and Officer to the extent permitted by law against liability incurred in the proper performance of their duties.

Diversity

Entain remains committed to establishing a 40% female Board in accordance with its own Board diversity policy and the external target of 40% as laid out in the FTSE Women Leaders Review by 2025. With female representation on the Board at 33.3% as at the date of this report, the Board notes that it has not met all of the FCA board diversity targets laid out in the Listing Rules, however, it has met the targets relating to senior Board positions and ethnic diversity (see tables below).

	Number of board members	Percentage of the board	Number of senior positions on the board #	Number in executive management*	Percentage of executive management*
Men	6	66.6%	3	6	75%
Women	3	33.3%	1	2	25%

	Number of board members	Percentage of the board	Number of senior positions on the board #	Number in executive management*	Percentage of executive management*
White British or other White (including minority- White Groups)	8	89%	4	6	75%
Asian/ Asian British	1	11%	0	2	25%

For the purposes of the FCA disclosures, ‘executive management’ refers to the Group’s executive committee, including the company secretary, but excluding administrative and support staff.

Share capital

Details of the Company’s authorised and issued share capital, together with details of the movement therein, are set out in Note 24 on pages 158 to 163 of the Group’s financial statements. The Directors confirm that there are no obligations attaching to shares and restrictions on the transfer of shares.# Entain plc Annual Report 2023

1 Overview

14 Strategic report

88 Governance

146 Financial statements

Directors’ Report

Financial statements

In this section

Independent Auditor’s Report

Consolidated income statement

Consolidated statement of financial position

Consolidated statement of cash flows

Consolidated statement of changes in equity

Statement of cash flows

Statement of changes in equity

Corporate information

In our opinion:

the consolidated financial statements give a true and fair view of the consolidated financial position of Entain plc as at 31 December 2023, and of its consolidated financial performance and its consolidated cash flows for the year then ended; and
the parent company financial statements give a true and fair view of the financial position of Entain plc as at 31 December 2023, and of its profit for the year then ended.

We have read the other information in the Annual Report and Accounts 2023. We have considered whether it is consistent with the audited financial statements and our knowledge obtained in the audit, and have considered the implications for our report on the audited financial statements.

In our opinion, the information given in the Directors’ Report for the financial year for which the consolidated financial statements are prepared is consistent with the consolidated financial statements.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities, as further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report, are to help ensure that the financial statements are free from material misstatement, whether caused by fraud or error. We have fulfilled these responsibilities in accordance with the Ethical Standards for Auditors, which are effective for audits of financial statements for periods beginning on or after 1 January 2016, based on the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards). We have taken into account the provisions of the Companies Act 2006.

What our opinion covers

Our opinion on the consolidated financial statements covers:

Group
Parent Company (Entain plc)

Consolidated income statement
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Key Audit Matters
Overview of our audit
Factors driving our view of risks
Audit committee interaction
Our independence

Overview of our audit

Factors driving our view of risks

Our objective is to form an opinion on the financial statements and to report our opinion to you. We have been engaged as auditor pursuant to the Companies Act 2006 and our audit of the financial statements is in accordance with ISAs (UK) and the Audit Commission Act 1998 and regulations made thereunder.

Audit committee interaction

The Audit Committee has been kept informed of the progress of the audit and has reviewed the draft audit reports. We have been pleased to have an ongoing dialogue with the Audit Committee throughout the audit, including meetings with the Audit Committee Chair.

Our independence

We confirmed our independence as auditor of Entain plc for the year ended 31 December 2023. We have complied with the independence requirements of the relevant professional bodies and legislation. We have also provided the Audit Committee with a confirmation of our independence as required by the Financial Reporting Council’s Ethical Standards. We confirm that our independence is not impaired.

Our independence is important to us and we have considered the provisions of the Ethical Standards, which are effective for audits of financial statements for periods beginning on or after 1 January 2016, based on the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards), and have taken into account the provisions of the Companies Act 2006.

	FY23 £m	FY22 £m
Group	40	36
GPM	33.75	22
LCM	30	22
HCM	20	2.25
PLC	20	2.0
AMPT
Group
Entain plc
GPM
HCM
PLC
LCM
AMPT
Audit related fees	£3.6m	£0.5m
Other assurance services	£0.2m
Taxation services		£0.2m
Total fees	£3.8m	£0.7m
Other fees
Total fees	£7.4m	£3.8m

Fees payable to the auditor
Group
Audit of financial statements	45	40
GPM	33.75	36
LCM	30	22
HCM	20	22
PLC	20	2.0
AMPT	2.25	2.0
Group
Entain plc
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion
Group
Parent Company (Entain plc)
Consolidated income statement
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Basis for opinion # Entain plc Annual Report 2023

140 Financial statements Entain plc Annual Report 2023

144 Independent Auditor's Report

To the shareholders of Entain plc

We have been engaged by the company to report solely on the preparation of the consolidated financial statements, as required by Section 7 of the Companies Act 2006, and for no other purpose. We do not express an opinion on the consolidated financial statements or any other matter. The information presented in this report is derived from such information as was available to us, and we do not express an opinion as to the completeness or accuracy of any information presented.

The audit of the financial statements was conducted by other auditors, who have issued an unmodified audit opinion. We have not audited, reviewed or performed any other work on the financial statements. The work carried out by us was limited to ensuring that the financial statements were presented in a consistent and intelligible manner. We have not undertaken any work on the financial statements of any other entities.

We have also reviewed the information in the Annual Report that has been extracted from the consolidated financial statements, which include the following:

	Group	%	%	%	%
Net assets		2%	3%	98%	97%
Revenue		17%	22%	9%	83%
Revenue including share of revenue from joint ventures	1	15%	7%	19%	85%
		74%

145 Independent Auditor's Report

The impact of climate change

The Directors confirm that they have had regard to the UK Corporate Governance Code (the Code) and have applied the principles of good governance in the preparation of this report. The Code requires the Board to consider the long-term prospects of the company and to report on matters including principal risks and uncertainties.

The Group’s strategy and business model are set out in pages 18 to 23. The principal risks and uncertainties are described in pages 40 to 46 of the Annual Report. The Directors have assessed the going concern and viability of the Group, and have confirmed that appropriate disclosures have been made in note 2 to the financial statements.

3. Going concern, viability and principal risks and uncertainties

Going concern

The Directors have considered the future prospects of the Group and have concluded that the going concern disclosures in note 2 to the financial statements are acceptable.

Basis of preparation

The consolidated financial statements have been prepared in accordance with UK GAAP, including FRS 102, as amended by The Financial Reporting Council (FRC) and are presented in pounds sterling. The financial statements have been prepared on the basis that the Group is a going concern and that this basis is appropriate.

The consolidated financial statements have been prepared on a basis consistent with that of the previous year. In addition, for the first time, the Group has adopted IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments. The Directors have considered the impact of these standards on the financial statements and have concluded that the going concern disclosures in note 2 to the financial statements are acceptable.

Impact of climate change

The Directors have had regard to the UK Corporate Governance Code (the Code) and have applied the principles of good governance in the preparation of this report. The Code requires the Board to consider the long-term prospects of the company and to report on matters including principal risks and uncertainties.

Our reporting

4.# Key audit matters

What we mean

Our assessment of risk vs FY22 is stable for the revenue from Online operations.

Description of the Key Audit Matter

4.1 Revenue from online operations (group)

Financial Statement Elements

Description	FY23	FY22
Revenue from online operations (group)	£3,366.6m	£2,998.5m

Our assessment of risk vs FY22

The risk of data processing error for the revenue from Online operations is considered to be low. The risk of fraud relating to the manipulation of revenue from online operations is considered to be low.

Our response to the risk

Controls:

We have assessed the design and operating effectiveness of controls over the revenue recognition process, including controls over data integrity and completeness. We have also performed detailed testing of revenue transactions to provide assurance over the accuracy and completeness of revenue recognised from online operations.

Tests of details (tracing and vouching):

We have performed detailed testing of a sample of revenue transactions by tracing from source documentation to the accounting records and vouching from the accounting records to source documentation. This included testing the appropriateness of the revenue recognition criteria being met in accordance with IFRS 15.

Communications with the Entain plc’s Audit Committee

We have communicated our findings to the Entain plc’s Audit Committee, including our assessment of the key audit matters and the procedures performed to address them.

Areas of particular auditor judgement

The revenue from online operations is considered to be a key audit matter due to the volume of transactions and the judgement involved in the recognition of revenue in accordance with IFRS 15.

TAB New Zealand

STS Holdings S.A.

4.2 complex accounting and sensitivity assumptions relating to the acquisition of tab new zealand and sts holdings s.A.

Financial Statement Elements

Description	FY23	FY22
TAB New Zealand assets	£374.1m	£nil
STS Holdings S.A. Deferred and consideration	£401.3m	£nil
STS Holdings S.A. consideration	£1,112.1m	£nil

Our assessment of risk vs FY23

The risk of accounting and valuation judgements relating to the acquisition of TAB New Zealand and STS Holdings S.A. is considered to be high. The key areas of judgement relate to the valuation of acquired assets and liabilities, including the determination of deferred and contingent consideration.

Description of the Key Audit Matter

TAB New Zealand

STS Holdings S.A.

Our response to the risk

TAB New Zealand

STS Holdings S.A.

TAB New Zealand and STS Holdings S.A.# Entain plc Annual Report 2023

Independent auditor's report

statement items.

indirect law/ regulation areas

The audit was conducted in accordance with International Standards on Auditing. Our audit is designed to provide reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. However, it is important to note that our audit is not designed to detect all fraud or breaches of law or regulation. The nature of an audit means that we are not expected to identify all such instances.

Our audit is designed to provide reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. However, it is important to note that our audit is not designed to detect all fraud or breaches of law or regulation. The nature of an audit means that we are not expected to identify all such instances.

6. Our determination of materiality

Basis for determining materiality and judgements applied

In planning and performing our audit of the Consolidated Financial Statements of Entain plc (the Group), we determined the materiality for the financial statements as a whole to be £45m (FY22: £40m).

Materiality for statements as a whole

What we mean

Materiality is the aggregate of all misstatements in the financial statements which, if considered individually or in the aggregate, could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

Basis for determining materiality and judgements applied

Our determination of materiality is based on a qualitative and quantitative assessment. A quantitative benchmark is typically used to determine a monetary value above which misstatements would be considered material. We have used the benchmark of Profit Before Tax (PBT) as it is considered to be a key indicator of the Group’s performance. The quantitative benchmark used for PBT is 5% of PBT.

We also consider qualitative factors such as the nature of the misstatement, the impact on compliance with regulatory requirements, the effect on trends, and the potential to mask a change in earnings or conceal unlawful transactions.

The materiality for the financial statements as a whole is set at £45m (FY22: £40m).

Performance materiality

What we mean

Performance materiality is set at a lower level than materiality for the financial statements as a whole. It is used to determine the nature, timing and extent of further audit procedures, and to evaluate the effect of identified misstatements, individually or in aggregate.

Basis for determining performance materiality and judgements applied

We have set performance materiality at 50% of materiality for the financial statements as a whole, at £22.5m (FY22: £20m). This is consistent with our audit methodology.

In determining our performance materiality, we have considered the following:

Total Group Revenue: £4,769.6m (FY22: £4,296.9m)
Total Group Assets: £10,850.6m (FY22: £8,740.1m)

	FY23	FY22	FY23	FY22	FY23	FY22
Total Group Revenue	£4,769.6m	£4,296.9m	(£842.6)m	£102.9m	£10,850.6m	£8,740.1m
Group Materiality as % of amount	0.9%	0.9%	(5.3%)	2.4%	0.4%	0.3%

Audit misstatement posting threshold

An audit misstatement posting threshold is the level above which we consider individual misstatements to be significant and require communication to the Audit Committee.

Basis for determining the audit misstatement posting threshold and judgements applied

We have set the audit misstatement posting threshold at 1% of materiality for the financial statements as a whole, at £4.5m (FY22: £4.0m). This is consistent with our audit methodology.

In determining our audit misstatement posting threshold, we have considered:

Total Group Revenue: £4,769.6m (FY22: £4,296.9m)
Total Group Assets: £10,850.6m (FY22: £8,740.1m)

	FY23	FY22
Total Group Revenue	£4.5m	£4.0m
Total Group Assets	£108.5m	£87.4m
Group Materiality as % of amount	0.1%	0.1%

7. The scope of our audit

Group scope

Our audit scope is the consolidated financial statements of Entain plc and its subsidiaries, which are presented in accordance with International Financial Reporting Standards as adopted by the European Union.

Basis for determining the group scope and judgements applied

Our audit scope encompasses all entities within the Entain plc group, as defined by IFRS 10 ‘Consolidated Financial Statements’. This includes the parent company, Entain plc, and all its subsidiaries.

Our audit of the group financial statements includes the audit of:

The financial statements of Entain plc and its subsidiaries.
The financial information prepared by the entities within the group in accordance with IFRS as adopted by the European Union.

The audit scope for the components is as follows:

Component	Number of components	Range of materiality applied
Audit of statutory financial statements	8	£0.4m - £1.0m
Audit of financial statements	8	£0.4m - £1.0m

The audit of the financial statements of the subsidiaries is performed by component auditors in accordance with ISA (UK) 600 ‘Special Considerations—Audits of Group Financial Statements, Including the Audit of Component’s Financial Statements’.

Audit of statutory financial statements

This refers to the audits performed on the individual statutory financial statements of each subsidiary entity within the Entain plc group.

Basis for determining the audit of statutory financial statements and judgements applied

The statutory financial statements of the following entities have been audited:

Entain plc
Entain Holdings Limited
Entain Enterprises Limited
Entain Gaming Limited
Entain Betting Limited
Entain Services Limited
Entain Digital Limited
Entain Media Limited

The materiality for each component audit is determined based on the size and significance of that specific entity within the group. The range of materiality applied for these component audits is £0.4m to £1.0m. This is determined by the component auditors based on their assessment of the relevant benchmarks for each entity, such as profit before tax or total assets, and considering qualitative factors.

The group audit engagement team has oversight of the component auditors and directs their work. The group engagement partner is responsible for the overall audit opinion on the group financial statements.

The group engagement team has determined the materiality for the group financial statements as a whole to be £45m (FY22: £40m).

The group engagement team has determined the performance materiality for the group financial statements as a whole to be £22.5m (FY22: £20m).

The audit misstatement posting threshold for the group has been set at £4.5m (FY22: £4.0m).

The group engagement team has performed a risk assessment for each component to determine the level of involvement required from the group audit team. For components where the risk of material misstatement is considered higher, the group engagement team will perform more extensive audit procedures.

The group audit team relies on the work performed by the component auditors and reviews their audit files to ensure that they have obtained sufficient appropriate audit evidence.

The scope of our audit also includes obtaining an understanding of the internal control environment of the group and the individual components. This understanding helps us to identify areas where there may be a higher risk of material misstatement.

We also consider the regulatory environment in which the group operates. This includes laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, such as tax and company law.

We are required to obtain an understanding of laws and regulations relevant to the entity’s operations and that we are in a position to identify non-compliance therewith.

Our audit procedures also include considering the risk of fraud and error. We perform procedures designed to identify and assess the risks of material misstatement due to fraud.

The audit of statutory financial statements is conducted in accordance with the relevant local auditing standards. The materiality for each component is determined by the component auditor, taking into account the size and significance of that entity within the group, and local regulatory requirements.

We have performed a risk assessment for each component to determine the level of involvement required from the group audit team. For components where the risk of material misstatement is considered higher, the group engagement team will perform more extensive audit procedures.

The group audit team relies on the work performed by the component auditors and reviews their audit files to ensure that they have obtained sufficient appropriate audit evidence.

The group engagement team is responsible for the overall audit opinion on the group financial statements.

Our audit approach for each component is risk-based. We identify the significant risks of material misstatement at the component level and design audit procedures to address those risks.

The following table summarises the scope of our component audits:

Component	Number of components	Range of materiality applied
Audit of statutory financial statements	8	£0.4m - £1.0m

The materiality for the individual statutory financial statements is determined by the component auditor, taking into account the size and significance of that entity within the group, and local regulatory requirements.

The audit procedures performed at the component level are tailored to the specific risks and circumstances of each entity.

We assess the work performed by the component auditors through review of their working papers and discussions.

The group audit team is responsible for the overall audit opinion on the group financial statements.

The group audit team maintains independence from the component entities.

The scope of our audit also includes obtaining an understanding of the internal control environment of the group and the individual components.

We also consider the regulatory environment in which the group operates.

Our audit procedures also include considering the risk of fraud and error.

The audit of statutory financial statements is conducted in accordance with the relevant local auditing standards.

The group engagement partner is responsible for the overall audit opinion on the group financial statements.

The group audit team has oversight of the component auditors and directs their work.