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1 Corporate information
Entain plc (\u201cthe Company\u201d) is a company incorporated and domiciled in the Isle of Man on 5 January 2010 whose shares are traded
publicly on the London Stock Exchange. The principal activities of the Company and its subsidiaries (\u201cthe Group\u201d) are described in the
strategic report. The consolidated \ufb01nancial statements of the Group for the year ended 31 December 2023 were authorised for issue in
accordance with a resolution of the Directors on 7 March 2024.
The nature of the Group\u2019s operations and its principal activities are set out in Note 5.
2 Basis of preparation
The consolidated \ufb01nancial statements of the Group have been prepared in accordance with International Financial Reporting Standards
adopted pursuant to Regulation (EC) No 1606/2002 as it applies to the European Union and in accordance with the requirements of the
Isle of Man Companies Act 2006 applicable to companies reporting under IFRSs. The accounting policies set out in this section as detailed
have been applied consistently year on year other than for the changes in accounting policies set out in Note 3.
The consolidated \ufb01nancial statements are presented in Pounds Sterling (\u00a3). All values are in millions (\u00a3m) rounded to one decimal place
except where otherwise indicated. The separately disclosed items have been included within the appropriate classi\ufb01cations in the
consolidated income statement. Further details are given in Note 6.
Going concern
In adopting the going concern basis of preparation in the \ufb01nancial statements, the Directors have considered the current trading
performance of the Group, the \ufb01 nancial 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 \u2018severe but plausible\u2019 downside
scenarios such as legislation changes impacting the Group\u2019s Online business and severe data privacy and cybersecurity breaches.
Given the level of the Group\u2019s available cash post the recent extension of certain \ufb01nancing 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 \ufb01nancial resources to continue in operational existence, for at least 12 months (being the going concern
assessment period) from date of approval of the \ufb01nancial statements, and have, therefore, considered it appropriate to adopt the going
concern basis of preparation in the \ufb01nancial statements.
3 Changes in accounting policies
From 1 January 2023 the Group has applied, for the \ufb01rst time, certain standards, interpretations and amendments. The adoption of the
following standards and amendments to standards did not have a material impact on the current period or any prior period upon transition:
\u2013 Amendments to IAS 1 Presentation of Financial Statements; disclosure of accounting policies;
\u2013 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; de\ufb01nition of accounting estimates;
\u2013 Amendments to IAS 12 Income Taxes; deferred tax related to assets and liabilities arising from a single transaction;
\u2013 Amendments to IAS 12 International Tax Reform Pillar Two Model Rules;
\u2013 IFRS 17 Insurance Contracts; original issue.
4 Summary of signi\ufb01cant accounting policies
4.1 Basis of consolidation
The consolidated \ufb01nancial statements comprise the \ufb01nancial statements of the Group at 31 December each year. The consolidation
has been performed using the results to 31 December for all subsidiaries, using consistent accounting policies. With the exception of a
small number of immaterial subsidiaries, the \ufb01 nancial statements of those subsidiaries are prepared to 31 December. Control is achieved
where the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect these
returns through its power over the investee.
All intragroup transactions, balances, income and expenses are eliminated on consolidation.
Subsidiaries are consolidated, using the acquisition method of accounting, from the date on which control is transferred to the Group
and cease to be consolidated from the date on which control is transferred from the Group. On acquisition, the assets and liabilities and
contingent liabilities of a subsidiary are measured at fair value at the date of acquisition. Any excess of the cost of acquisition over the
fair values of the separately identi\ufb01 able net assets acquired is recognised as goodwill. Where necessary, adjustments are made to the
\ufb01nancial statements of subsidiaries to bring the accounting policies used in line with those used by the Group.
4.2 Critical accounting estimates and judgements
The preparation of \ufb01nancial information requires the use of assumptions, estimates and judgements about future conditions. Use of
available information and application of judgement are inherent in the formation of estimates. Actual results in the future may differ from
those reported.
Judgements
Management believes that the areas where judgement has been applied are:
\u2013 separately disclosed items (Note 6).
\u2013 business combinations (Note 32)
Separately disclosed items
To assist in understanding the underlying performance of the Group, management applies judgement to identify those items that are
deemed to warrant separate disclosure due to either their nature or size. Whilst not limited to, the following items of pre-tax income and
expense are generally disclosed separately:
\u2013 amortisation of acquired intangibles resulting from IFRS 3 \u201cBusiness Combinations\u201d fair value exercises;
\u2013 pro\ufb01ts or losses on disposal, closure, or impairment of non-current assets or businesses;
\u2013 corporate transaction and restructuring costs;
\u2013 legal, regulatory and tax litigation;
\u2013 changes in the fair value of contingent consideration; and
\u2013 the related tax effect of these items.
Any other non-recurring items are considered individually for classi\ufb01cation as separately disclosed by virtue of their nature or size.
During 2023 the Group separately disclosed a net charge on continuing operations before tax of \u00a31,287.5m including \u00a3254.6m of
amortisation of acquired intangibles resulting from IFRS 3.
The separate disclosure of these items allows a clearer understanding of the trading performance on a consistent and comparable basis,
together with an understanding of the effect of non-recurring or large individual transactions upon the overall pro\ufb01tability of the Group.
The separately disclosed items have been included within the appropriate classi\ufb01cations in the consolidated income statement.
Further details are given in Note 6.
Business combinations \u2013 Acquisition consideration
For business combinations, in assessing the relevant consideration transferred, certain judgements are required to assess whether
transfers of assets re\ufb02ect payments for future service or elements of acquisition consideration. Speci\ufb01cally, for the Tab NZ acquisition,
the Group has committed to make minimum guaranteed funding payments to Tab NZ in the \ufb01rst \ufb01ve years post completion, with further
contingent payments subject to revenue performance due up to and including year 25. As there are no ongoing obligations or service
requirements on the selling party, these payments have been deemed to form part of consideration under IFRS 3 rather than ongoing
deductions on pro\ufb01 ts. Further details are provided in Note 32.
Estimates
Included within the \ufb01nancial statements are a number of areas where estimation is required.
Management believes that the area where this is most notable within the \ufb01nancial statements is the accounting for business
combinations (Note 32).
Business combinations
For business combinations, the Group estimates the fair value of the consideration transferred, which can include assumptions
about the future business performance of the business acquired and an appropriate discount rate to determine the fair value of any
contingent consideration.
The Group then estimates the fair value of assets acquired and liabilities assumed in the business combination. The area of most notable
estimation within the fair value exercise relates to separately identi\ufb01able intangible assets including brands, customer lists and licences.
These estimates also require inputs and assumptions to be applied within the relief from royalty calculation of fair values with the more
signi\ufb01cant assumptions relating to future earnings, customer attrition rates and discount rates. The Group engages external experts to
support the valuation process, where appropriate. IFRS 3 \u2018Business Combinations\u2019 allows the Group to recognise provisional fair values if
the initial accounting for the business combination is incomplete.
The fair value of contingent consideration recognised in business combinations is reassessed at each reporting date, using updated
inputs and assumptions based on the latest \ufb01nancial forecasts and other relevant information for the businesses acquired. Fair value
movements and the unwinding of the discounting is recognised within the income statement as a separately disclosed item. See Note 6
and Note 32 for further details.
Goodwill on acquisition is initially measured at cost, being the excess of the cost of the business combination over the Group\u2019s interest
in the net fair value of the separately identi\ufb01able assets, liabilities and contingent liabilities at the date of acquisition in accordance with
IFRS 3 Business Combinations. Goodwill is not amortised but reviewed for impairment at the \ufb01rst reporting period after acquisition and
then annually thereafter. As such it is stated at cost less any provision for impairment of value. Any impairment is recognised immediately
in the consolidated income statement and is not subsequently reversed.
On acquisition, any goodwill acquired is allocated to cash-generating units for the purpose of impairment testing. Where goodwill forms
part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposal is
included in the carrying amount of the assets when determining the gain or loss on disposal. On the current year acquisitions, any non-
controlling interests where put options are in place are recognised using the present access method where the Group assesses that the
non-controlling shareholder has present access to the returns associated with their equity interests.
Impairment
On acquisition, any goodwill acquired is allocated to cash-generating units for the purpose of impairment testing. Where goodwill forms
part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposal is
included in the carrying amount of the assets when determining the gain or loss on disposal.
An impairment review is performed for goodwill and other inde\ufb01nite life assets on at least an annual basis. For all other non-current
assets an impairment review is performed where there are indicators of impairment. This requires an estimation of the recoverable
amount which is the higher of an asset\u2019s fair value less costs to sell and its value in use. Estimating a value in use amount requires
management to make an estimate of the expected future cash \ufb02ows from each cash-generating unit and to discount cash \ufb02ows by
a suitable discount rate in order to calculate the present value of those cash \ufb02ows. Estimating an asset\u2019s fair value less costs to sell is
determined using future cash \ufb02ow and pro\ufb01t projections as well as industry observed multiples and publicly observed share prices for
similar betting and gaming companies. See Note 14 for details on sensitivity analysis performed around these estimates.
Impairment losses are recognised in the consolidated income statement and during the current year, the Group has recognised an
impairment charge of \u00a3289.0m primarily against the Group\u2019s Australian CGU, the closed B2C operations in Africa, and under the Unirkn
B2C offering. See Note 14 for further details.
4.3 Other accounting policies
\u2018Put\u2019 options over the equity of subsidiary companies
The potential cash payments related to put options issued by the Group over the equity of subsidiary companies are accounted for as
\ufb01nancial liabilities. The amounts that may become payable under the option on exercise are initially recognised at the present value
of the expected gross obligation with the corresponding entry being recognised in retained earnings. Such options are subsequently
measured at amortised cost, using the effective interest method, in order to accrete the liability up to the amount payable under the
option at the date at which it \ufb01rst becomes exercisable. The present value of the expected gross obligation is reassessed at the end of
each reporting period and any changes are recorded in the income statement. In the event that an option expires unexercised, the liability
is derecognised with a corresponding adjustment to retained earnings.
Intangible assets
Intangible assets acquired separately are capitalised at cost and those acquired as part of a business combination are capitalised
separately from goodwill. The costs relating to internally generated intangible assets, principally software costs, are capitalised if the
criteria for recognition as assets are met. Other expenditure is charged in the year in which the expenditure is incurred. Following initial
recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses.
The useful lives of these intangible assets are assessed to be either \ufb01nite or inde\ufb01nite. Inde\ufb01nite lived assets are not amortised and
are subject to an annual impairment review from the year of acquisition. Where amortisation is charged on assets with \ufb01nite lives, this
expense is taken to the consolidated income statement through the \u2018operating expenses, depreciation and amortisation\u2019 line item.
The useful lives applied to the Group\u2019s intangible assets are as follows:
Exclusive New Zealand licence
25\u2013year duration of licence
Other licences
Lower of 15 years, or duration of licence
Software \u2013 purchased & internally capitalised costs
2\u201315 years
Trademarks & brand names
10\u201325 years, or inde\ufb01nite life
Customer relationships
3\u201315 years
The useful lives of all intangible assets are reviewed at each \ufb01nancial period end. Impairment testing is performed annually for intangible
assets which are not subject to systematic amortisation and where an indicator of impairment exists for all other intangible assets.
An intangible asset is derecognised on disposal, with any gain or loss arising (calculated as the difference between the net disposal
proceeds and the carrying amount of the item) included in the consolidated income statement in the year of disposal.
Pensions and other post-employment bene\ufb01ts
The Group\u2019s de\ufb01ned bene\ufb01t pension plan holds assets separately from the Group. The pension cost relating to the plan is assessed in
accordance with the advice of independent quali\ufb01ed actuaries using the projected unit credit method.
Actuarial gains or losses are recognised in the consolidated statement of comprehensive income in the period in which they arise.
Any past service cost is recognised immediately. The retirement bene\ufb01t asset recognised in the balance sheet represents the fair value of
scheme assets less the value of the de\ufb01ned bene\ufb01t obligations.
There is a degree of estimation involved in predicting the ultimate bene\ufb01ts payable under de\ufb01ned bene\ufb01t pension arrangements.
The pension scheme liabilities are determined using actuarial valuations. The actuarial valuation involves making assumptions about
discount rates, mortality rates and future pension increases. Due to the long-term nature of this plan, such estimates are subject to
uncertainty. See Note 30 for details on sensitivity analysis performed around these estimates.
In making these estimates and assumptions, management considers advice provided by external advisers, such as actuaries.
Where actual experience differs to these estimates, actuarial gains and losses are recognised directly in other comprehensive income.
Refer to Note 30 for details of the values of assets and obligations and key assumptions used. The Gala Coral Pension Plan has a net
asset position when measured on an IAS 19 basis. Judgement is applied, based on legal, actuarial, and accounting guidance in IFRIC
14, regarding the amounts of net pension asset that is recognised in the consolidated balance sheet. The Ladbrokes Pension Plan was
bought out in 2021. Further details are given in Note 30.
Although the Group anticipates that plan surpluses will be utilised during the life of the plans to address member bene\ufb01ts, the Group
recognises its pension surplus in full on the basis that there are no substantive restrictions on the return of residual plan assets in the
event of a winding up of the plan after all member obligations have been met.
The Group\u2019s contributions to de\ufb01ned contribution scheme are charged to the consolidated income statement in the period to which the
contributions relate.
Investments in joint ventures
A joint venture is an entity in which the Group holds an interest on a long-term basis, and which is jointly controlled by the Group and one
or more other venturers under a contractual agreement.
Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control
the arrangement.
The Group\u2019s share of results of joint ventures is included in the Group consolidated income statement using the equity method of
accounting. Investments in joint ventures are carried in the Group consolidated balance sheet at cost plus post-acquisition changes in
the Group\u2019s share of net assets of the entity less any impairment in value. The carrying value of investments in joint ventures includes
acquired goodwill.
If the Group\u2019s share of losses in the joint venture equals or exceeds its investment in the joint venture, the Group does not recognise further
losses, unless it has obligations to continue to provide \ufb01nancial support to the joint venture.
Investments in associates
Associates are those businesses in which the Group has a long-term interest and is able to exercise signi\ufb01cant in\ufb02uence over the \ufb01nancial
and operational policies but does not have control or joint control over those policies.
The Group\u2019s share of results of associates is included in the Group\u2019s consolidated income statement using the equity method of
accounting. Investments in associates are carried in the Group\u2019s consolidated balance sheet at cost plus post-acquisition changes in the
Group\u2019s share of net assets of the entity less any impairment in value. The carrying value of investments in associates includes acquired
goodwill. If the Group\u2019s share of losses in the associate equals or exceed its investments in the associate, the Group does not recognise
further losses, unless it has obligations to continue to provide \ufb01nancial support to the associate.
Property, plant and equipment
Land is stated at cost less any impairment in value.
Buildings, plant and equipment are stated at cost less accumulated depreciation and any impairment in value.
Depreciation is applied using the straight-line method to speci\ufb01c classes of asset to reduce them to their residual value over their
estimated useful economic lives.
Land and buildings
Lower of 50 years, or estimated useful life of the building, or lease. Inde\ufb01nite lives are
attached to any freehold land held and therefore it is not depreciated.
Plant and equipment
3\u20135 years
Fixtures and \ufb01ttings
3\u201310 years
ROU assets arising under lease contracts are depreciated over the lease term (as de\ufb01ned in IFRS 16) being the period to the expiry date
of the lease, unless it is expected that a break clause will be exercised when the lease term is the period to the date of the break.
The carrying values of property, plant and equipment are reviewed for impairment where an indicator of impairment exists, being
events or changes in circumstances indicating that the carrying values may not be recoverable. If any such indication exists and
where the carrying values exceed the estimated recoverable amount, the assets or cash-generating units are written down to their
recoverable amount.
The recoverable amount of property, plant and equipment is the greater of fair value less costs to sell and value in use. In assessing value
in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects current market
assessments of the time value of money and the risks speci\ufb01c to the asset. For an asset that does not generate largely independent cash
in\ufb02ows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.
An item of property, plant and equipment is derecognised upon disposal, with any gain or loss arising (calculated as the difference
between the net disposal proceeds and the carrying amount of the item) included in the consolidated income statement in the year
of disposal.
Leases
The Group has applied IFRS 16 only to those contracts that were previously identi\ufb01ed as a lease under IAS 17 Leases; any contracts not
previously identi\ufb01ed as leases have not been reassessed for the purposes of adopting IFRS 16. Accordingly, the de\ufb01nition of a lease under
IFRS 16 has only been applied to contracts entered into on or after 1 January 2019.
Leases, other than those with a lease period of less than one year at inception, or where the original cost of the asset acquired would be
a negligible amount (see Note 22), are capitalised at inception at the present value of the minimum lease payments. Lease payments are
apportioned between the \ufb01nance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining
balance of the liability. Finance charges are charged directly against income.
ROU assets are included within property, plant and equipment at cost and depreciated over their estimated useful lives, which normally
equates to the lives of the leases, after considering anticipated residual values.
ROU assets which are sub-leased to customers are classi\ufb01ed as \ufb01nance leases if the lease agreements transfer substantially all the risks
and rewards of usage to the lessee. All other sub-leases are classi\ufb01ed as operating leases. When assets are subject to \ufb01nance leases,
the present value of the sub-lease is recognised as a receivable, net of allowances for expected credit losses and the related ROU asset
is derecognised. The difference between the gross receivable and the present value of the receivable is recognised as unearned \ufb01nance
lease income.
Finance lease interest income is recognised over the term of the lease using the net investment method (before tax) so as to give a
constant rate of return on the net investment in sub-leases. Operating lease rental income is recognised on a straight-line basis over the
life of the lease.
Cash and cash equivalents
Cash and cash equivalents consist of cash at bank and in hand, short-term deposits (and customer balances).
Financial assets
Financial assets are recognised when the Group becomes party to the contracts that give rise to them. The Group classi\ufb01es \ufb01nancial
assets at inception as \ufb01nancial assets at amortised cost, \ufb01nancial assets at fair value through pro\ufb01t or loss or \ufb01nancial assets at fair value
through other comprehensive income.
Financial assets at amortised cost are non-derivative \ufb01nancial assets with \ufb01xed or determinable payments that are not quoted in an
active market. On initial recognition, \ufb01nancial assets at amortised cost are measured at fair value net of transaction costs.
Trade receivables are generally accounted for at amortised cost. Expected credit losses are recognised for \ufb01nancial assets recorded at
amortised cost, including trade receivables. Expected credit losses are calculated by using an appropriate probability of default, taking
accounts of a range of possible future scenarios and applying this to the estimated exposure of the Group at the point of default.
Financial assets at fair value through pro\ufb01t or loss include derivative \ufb01nancial instruments. Financial assets through pro\ufb01t or loss are
measured initially at fair value with transaction costs taken directly to the consolidated income statement. Subsequently, the fair values
are remeasured, and gains and losses are recognised in the consolidated income statement.
Financial assets at fair value through other comprehensive income comprise equity investments that are designated as such on
acquisition. These investments are measured initially at fair value. Subsequently, the fair values are remeasured, and gains and losses are
recognised in the consolidated statement of comprehensive income.
Financial liabilities
Financial liabilities comprise trade and other payables, interest-bearing loans and borrowings, contingent consideration, ante-post bets,
guarantees and derivative \ufb01nancial instruments. On initial recognition, \ufb01nancial liabilities are measured at fair value net of transaction
costs where they are not categorised as \ufb01nancial liabilities at fair value. Financial liabilities measured at fair value include contingent
consideration, derivative \ufb01nancial instruments, ante-post bets and guarantees.
Financial liabilities at fair value are measured initially at fair value, with transaction costs taken directly to the consolidated income
statement. Subsequently, the fair values are remeasured and gains and losses from changes therein are recognised in the consolidated
income statement.
Trade and other payables are held at amortised cost and include amounts due to clients representing customer deposits and winnings,
which are matched by an equal and opposite amount within cash and cash equivalents.
All interest-bearing loans and borrowings are initially recognised at fair value net of issue costs associated with the borrowing.
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest
rate method.
All \ufb01nancial liabilities are recorded as cash \ufb02ows from \ufb01nancing activities.
Derecognition of \ufb01nancial assets and liabilities
Financial assets are derecognised when the right to receive cash \ufb02ows from the assets has expired or when the Group has transferred
its contractual right to receive the cash \ufb02ows from the \ufb01nancial assets or has assumed an obligation to pay the received cash \ufb02ows in full
without material delay to a third party, and either:
\u2013 substantially all the risks and rewards of ownership have been transferred; or
\u2013 substantially all the risks and rewards have neither been retained nor transferred but control is not retained.
Financial liabilities are derecognised when the obligation is discharged, cancelled or expires.
Derivative \ufb01nancial instruments
The Group uses derivative \ufb01nancial instruments such as cross currency swaps, foreign exchange swaps and interest rate swaps, to
hedge its risks associated with interest rate and foreign currency \ufb02uctuations. Derivative \ufb01nancial instruments are recognised initially and
subsequently at fair value. The gains or losses on re-measurement are taken to the consolidated income statement.
Derivative \ufb01nancial instruments are classi\ufb01ed as assets where their fair value is positive, or as liabilities where their fair value is negative.
Derivative assets and liabilities arising from different transactions are only offset if the transactions are with the same counterparty, a
legal right of offset exists, and the parties intend to settle the cash \ufb02ows on a net basis.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that
an out\ufb02ow of resources embodying economic bene\ufb01ts will be required to settle the obligation and a reliable estimate can be made of the
amount of the obligation.
Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date and
are discounted to present value where the effect is material using a pre-tax rate that re\ufb02ects current market assessments of the time
value of money and the risks speci\ufb01c to the liability. The unwinding of the discount is recognised as a \ufb01nance expense.
Foreign currency translation
The presentational currency of Entain plc and the functional currencies of its UK subsidiaries is Pounds Sterling (\u00a3).
Other than Sterling the main functional currencies of subsidiaries are the Euro (\u20ac), the US Dollar ($) and the Australian Dollar (A$). At the
reporting date, the assets and liabilities of non-sterling subsidiaries are translated into Pounds Sterling (\u00a3) at the rate of exchange
ruling at the balance sheet date and their cash \ufb02ows are translated at the weighted average exchange rates for the year. The post-tax
exchange differences arising on the retranslation are taken directly to other comprehensive income.
Transactions in foreign currencies are initially recorded in the subsidiary\u2019s functional currency and translated at the foreign currency rate
ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the foreign
currency rate of exchange ruling at the balance sheet date.
All foreign currency translation differences are taken to the consolidated income statement. Non-monetary items that are measured
at historical cost in a foreign currency are translated using the exchange rate at the date of the initial transaction. Non-monetary items
measured at fair value in a foreign currency are translated using the exchange rate at the date when the fair value was determined.
On disposal of a foreign entity, the deferred cumulative retranslation differences previously recognised in equity relating to that particular
foreign entity are recognised in the consolidated income statement as part of the pro\ufb01t or loss on disposal.
The following exchange rates were used in 2023 and 2022:
2023
2022
Currency
Average
Year end
Average
Year end
Euro (\u20ac)
1.149
1.151
1.175
1.128
US Dollar ($)
1.242
1.274
1.245
1.208
Australian Dollar (A$)
1.873
1.866
1.788
1.775
NZ Dollars (NZD)
2.024
2.010
1.955
1.904
Income tax
Deferred tax is provided on all temporary differences at the balance sheet date, between the tax bases of assets and liabilities and their
carrying amounts for \ufb01nancial reporting purposes except:
\u2013 on the initial recognition of goodwill;
\u2013 where the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting pro\ufb01t nor the tax pro\ufb01t; and
\u2013 associated with investments in subsidiaries, joint ventures and associates, where the timing of the reversal of the temporary
differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences and carry forward of unused tax assets and unused tax
losses, to the extent that it is probable that taxable pro\ufb01t will be available against which the deductible temporary differences and carry
forward of unused tax assets and unused tax losses can be utilised. The carrying amount of deferred tax assets is reviewed at each
balance sheet date and reduced to the extent that it is no longer probable that suf\ufb01cient taxable pro\ufb01t will be available to allow all or
part of the deferred tax asset to be utilised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply
to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively
enacted at the balance sheet date. Deferred tax balances are not discounted.
Interest or penalties payable and receivable in relation to income tax are recognised as an income tax expense or credit in the
consolidated income statement.
Income tax expenses are recognised within pro\ufb01t or loss except to the extent that they relate to items recognised in other comprehensive
income or directly in equity, in which case they are recognised in other comprehensive income or directly in equity.
Revenues, expenses and assets are recognised net of the amount of sales tax except:
\u2013 where the sales tax incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the
sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and
\u2013 receivables and payables are stated with the amount of sales tax included.
The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the
consolidated balance sheet.
Accounting for uncertain tax positions
The Group is subject to various forms of tax in a number of jurisdictions. Given the nature of the industry within which the Group operates,
the tax and regulatory regimes are continuously changing and, as such, the Group is exposed to a small number of uncertain tax
positions. Judgement is applied to adequately provide for uncertain tax positions where it is believed that it is more likely than not that an
economic out\ufb02ow will arise. In particular, judgement has been applied in the Group\u2019s accounting for Greek tax and further disclosure is
given in Note 33.
Equity instruments and dividends
Equity instruments issued by the Company are recorded at the fair value of proceeds received net of direct issue costs.
Final dividends proposed by the Board of Directors and unpaid at the year end are not recognised in the \ufb01nancial statements until they
have been approved by shareholders at the Annual General Meeting. Interim dividends are recognised when paid..
Revenue
The Group reports the gains and losses on all betting and gaming activities as revenue, which is measured at the fair value of the
consideration received or receivable from customers less free bets, promotions, bonuses and other fair value adjustments. Revenue is net
of VAT/GST. The Group considers betting and gaming revenue to be out of the scope of IFRS 15 Revenue, and accounts for those revenues
within the scope of IFRS 9 Financial Instruments.
For LBOs, on course betting, Core Telephone Betting, mobile betting and Digital businesses (including sportsbook, betting exchange,
casino, games, other number bets), revenue represents gains and losses, being the amounts staked and fees received, less total payouts
recognised on the settlement of the sporting event or casino gaming machine roulette or slots spin. Open betting positions (\u201cante-post\u201d)
are carried at fair value and gains and losses arising on these positions are recognised in revenue. See Note 26 for details of ante-post
positions at the year end.
The following forms of revenue, which are not signi\ufb01cant in the context of Group revenue, are accounted for within the scope of IFRS 15
Revenue. Revenue from the online poker business re\ufb02ects the net income (rake) earned from poker hands completed by the year end.
In the case of the greyhound stadia, revenue represents income arising from the operation of the greyhound stadia in the year, including
broadcasting rights, admission fees and sales of refreshments, net of VAT. Given the nature of these revenue streams they are not
considered to be subject to judgement over the performance obligations, amount received or timing of recognition.
Finance expense and income
Finance expense and income arising on interest-bearing \ufb01nancial instruments carried at amortised cost are recognised in the
consolidated income statement using the effective interest rate method. Finance expense includes the amortisation of fees that are an
integral part of the effective \ufb01 nance cost of a \ufb01nancial instrument, including issue costs, and the amortisation of any other differences
between the amount initially recognised and the redemption price. All \ufb01nance expenses are recognised over the availability period.
Share-based payment transactions
Certain employees (including Directors) of the Group receive remuneration in the form of equity settled share-based payment
transactions, whereby employees render services in exchange for shares or rights over shares (equity settled transactions).
The cost of equity settled transactions is measured by reference to the fair value at the date on which they are granted, further details
of which are given in Note 31. In valuing equity settled transactions, no account is taken of any performance conditions, other than
conditions linked to the price of the shares of Entain plc (market conditions).
The cost of equity settled transactions is recognised in the consolidated income statement, with a corresponding credit in equity, over
the period in which the performance conditions are ful\ufb01lled, ending on the date on which the relevant employees become fully entitled to
the award (vesting date). The cumulative expense recognised for equity settled transactions at each reporting date until the vesting date
re\ufb02ects the extent to which the vesting period has expired and the number of awards that, in the opinion of the Directors of the Group at
that date, based on the best available estimate of the number of equity instruments, will ultimately vest.
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition,
which are treated as vesting irrespective of whether or not the market condition is satis\ufb01ed, provided that all other performance
conditions are satis\ufb01ed.
The dilutive effect of outstanding options is re\ufb02ected as additional share dilution in the computation of earnings per share as shown in
Note 12.
4.4 Future accounting developments
The standards and interpretations that are issued, but not yet effective, excluding those relating to annual improvements, up to the date
of issuance of the Group\u2019s \ufb01nancial statements, are disclosed below. The Group intends to adopt these standards, if applicable, when they
become effective. None of these are expected to have a signi\ufb01cant effect on the consolidated \ufb01nancial statements of the Group as set
out below:
IFRS 16
Leases
Lease liability in a sale and leaseback transaction
1 January 2024
IAS 1
Presentation of Financial Statements
Classi\ufb01cation of liabilities as current or non-current
1 January 2024
Non-current liabilities regarding long-term debt with covenants
IFRS 10
Consolidated Financial Statements
Sale or contribution of assets between an investor and its associate or
Date deferred
joint venture
IAS 28
Investments in Associates and Joint
Sale or contribution of assets between an investor and its associate or Date deferred
Ventures joint venture
IFRS 7
Financial Instrument Disclosures
Supplier Financial Arrangements
1 January 2024
IAS 7
Statement of Cash Flows
Supplier Financial Arrangements
1 January 2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-530": { "value": "1 Corporate information Entain plc (\u201cthe Company\u201d) is a company incorporated and domiciled in the Isle of Man on 5 January 2010 whose shares are traded publicly on the London Stock Exchange. The principal activities of the Company and its subsidiaries (\u201cthe Group\u201d) are described in the strategic report. The consolidated \ufb01nancial statements of the Group for the year ended 31 December 2023 were authorised for issue in accordance with a resolution of the Directors on 7 March 2024. The nature of the Group\u2019s operations and its principal activities are set out in Note 5. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "Entain plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-527": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "Isle of Man", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-528": { "value": "Isle of Man", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-531": { "value": "2 Basis of preparation The consolidated \ufb01nancial statements of the Group have been prepared in accordance with International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies to the European Union and in accordance with the requirements of the Isle of Man Companies Act 2006 applicable to companies reporting under IFRSs. The accounting policies set out in this section as detailed have been applied consistently year on year other than for the changes in accounting policies set out in Note 3. The consolidated \ufb01nancial statements are presented in Pounds Sterling (\u00a3). All values are in millions (\u00a3m) rounded to one decimal place except where otherwise indicated. The separately disclosed items have been included within the appropriate classi\ufb01cations in the consolidated income statement. Further details are given in Note 6. Going concern In adopting the going concern basis of preparation in the \ufb01nancial statements, the Directors have considered the current trading performance of the Group, the \ufb01 nancial 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 \u2018severe but plausible\u2019 downside scenarios such as legislation changes impacting the Group\u2019s Online business and severe data privacy and cybersecurity breaches. Given the level of the Group\u2019s available cash post the recent extension of certain \ufb01nancing 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 \ufb01nancial resources to continue in operational existence, for at least 12 months (being the going concern assessment period) from date of approval of the \ufb01nancial statements, and have, therefore, considered it appropriate to adopt the going concern basis of preparation in the \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-575": { "value": "The consolidated \ufb01nancial statements of the Group have been prepared in accordance with International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies to the European Union and in accordance with the requirements of the Isle of Man Companies Act 2006 applicable to companies reporting under IFRSs. The accounting policies set out in this section as detailed have been applied consistently year on year other than for the changes in accounting policies set out in Note 3. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-576": { "value": "Going concern In adopting the going concern basis of preparation in the \ufb01nancial statements, the Directors have considered the current trading performance of the Group, the \ufb01 nancial 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 \u2018severe but plausible\u2019 downside scenarios such as legislation changes impacting the Group\u2019s Online business and severe data privacy and cybersecurity breaches. Given the level of the Group\u2019s available cash post the recent extension of certain \ufb01nancing 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 \ufb01nancial resources to continue in operational existence, for at least 12 months (being the going concern assessment period) from date of approval of the \ufb01nancial statements, and have, therefore, considered it appropriate to adopt the going concern basis of preparation in the \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-532": { "value": "3 Changes in accounting policies From 1 January 2023 the Group has applied, for the \ufb01rst time, certain standards, interpretations and amendments. The adoption of the following standards and amendments to standards did not have a material impact on the current period or any prior period upon transition: \u2013 Amendments to IAS 1 Presentation of Financial Statements; disclosure of accounting policies; \u2013 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; de\ufb01nition of accounting estimates; \u2013 Amendments to IAS 12 Income Taxes; deferred tax related to assets and liabilities arising from a single transaction; \u2013 Amendments to IAS 12 International Tax Reform Pillar Two Model Rules; \u2013 IFRS 17 Insurance Contracts; original issue. 4.4 Future accounting developments The standards and interpretations that are issued, but not yet effective, excluding those relating to annual improvements, up to the date of issuance of the Group\u2019s \ufb01nancial statements, are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective. None of these are expected to have a signi\ufb01cant effect on the consolidated \ufb01nancial statements of the Group as set out below:
IFRS 16
Leases
Lease liability in a sale and leaseback transaction
1 January 2024
IAS 1
Presentation of Financial Statements
Classi\ufb01cation of liabilities as current or non-current
1 January 2024
Non-current liabilities regarding long-term debt with covenants
IFRS 10
Consolidated Financial Statements
Sale or contribution of assets between an investor and its associate or
Date deferred
joint venture
IAS 28
Investments in Associates and Joint
Sale or contribution of assets between an investor and its associate or Date deferred
Ventures joint venture
IFRS 7
Financial Instrument Disclosures
Supplier Financial Arrangements
1 January 2024
IAS 7
Statement of Cash Flows
Supplier Financial Arrangements
1 January 2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-577": { "value": "From 1 January 2023 the Group has applied, for the \ufb01rst time, certain standards, interpretations and amendments. The adoption of the following standards and amendments to standards did not have a material impact on the current period or any prior period upon transition: \u2013 Amendments to IAS 1 Presentation of Financial Statements; disclosure of accounting policies; \u2013 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; de\ufb01nition of accounting estimates; \u2013 Amendments to IAS 12 Income Taxes; deferred tax related to assets and liabilities arising from a single transaction; \u2013 Amendments to IAS 12 International Tax Reform Pillar Two Model Rules; \u2013 IFRS 17 Insurance Contracts; original issue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-533": { "value": "4.1 Basis of consolidation The consolidated \ufb01nancial statements comprise the \ufb01nancial statements of the Group at 31 December each year. The consolidation has been performed using the results to 31 December for all subsidiaries, using consistent accounting policies. With the exception of a small number of immaterial subsidiaries, the \ufb01 nancial statements of those subsidiaries are prepared to 31 December. Control is achieved where the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect these returns through its power over the investee. All intragroup transactions, balances, income and expenses are eliminated on consolidation. Subsidiaries are consolidated, using the acquisition method of accounting, from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred from the Group. On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at fair value at the date of acquisition. Any excess of the cost of acquisition over the fair values of the separately identi\ufb01 able net assets acquired is recognised as goodwill. Where necessary, adjustments are made to the \ufb01nancial statements of subsidiaries to bring the accounting policies used in line with those used by the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-612": { "value": "4.2 Critical accounting estimates and judgements The preparation of \ufb01nancial information requires the use of assumptions, estimates and judgements about future conditions. Use of available information and application of judgement are inherent in the formation of estimates. Actual results in the future may differ from those reported. Judgements Management believes that the areas where judgement has been applied are: \u2013 separately disclosed items (Note 6). \u2013 business combinations (Note 32) Separately disclosed items To assist in understanding the underlying performance of the Group, management applies judgement to identify those items that are deemed to warrant separate disclosure due to either their nature or size. Whilst not limited to, the following items of pre-tax income and expense are generally disclosed separately: \u2013 amortisation of acquired intangibles resulting from IFRS 3 \u201cBusiness Combinations\u201d fair value exercises; \u2013 pro\ufb01ts or losses on disposal, closure, or impairment of non-current assets or businesses; \u2013 corporate transaction and restructuring costs; \u2013 legal, regulatory and tax litigation; \u2013 changes in the fair value of contingent consideration; and \u2013 the related tax effect of these items. Any other non-recurring items are considered individually for classi\ufb01cation as separately disclosed by virtue of their nature or size. During 2023 the Group separately disclosed a net charge on continuing operations before tax of \u00a31,287.5m including \u00a3254.6m of amortisation of acquired intangibles resulting from IFRS 3. The separate disclosure of these items allows a clearer understanding of the trading performance on a consistent and comparable basis, together with an understanding of the effect of non-recurring or large individual transactions upon the overall pro\ufb01tability of the Group. The separately disclosed items have been included within the appropriate classi\ufb01cations in the consolidated income statement. Further details are given in Note 6. Estimates Included within the \ufb01nancial statements are a number of areas where estimation is required. Management believes that the area where this is most notable within the \ufb01nancial statements is the accounting for business combinations (Note 32). ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-534": { "value": "4.2 Critical accounting estimates and judgements The preparation of \ufb01nancial information requires the use of assumptions, estimates and judgements about future conditions. Use of available information and application of judgement are inherent in the formation of estimates. Actual results in the future may differ from those reported. Judgements Management believes that the areas where judgement has been applied are: \u2013 separately disclosed items (Note 6). \u2013 business combinations (Note 32) Separately disclosed items To assist in understanding the underlying performance of the Group, management applies judgement to identify those items that are deemed to warrant separate disclosure due to either their nature or size. Whilst not limited to, the following items of pre-tax income and expense are generally disclosed separately: \u2013 amortisation of acquired intangibles resulting from IFRS 3 \u201cBusiness Combinations\u201d fair value exercises; \u2013 pro\ufb01ts or losses on disposal, closure, or impairment of non-current assets or businesses; \u2013 corporate transaction and restructuring costs; \u2013 legal, regulatory and tax litigation; \u2013 changes in the fair value of contingent consideration; and \u2013 the related tax effect of these items. Any other non-recurring items are considered individually for classi\ufb01cation as separately disclosed by virtue of their nature or size. During 2023 the Group separately disclosed a net charge on continuing operations before tax of \u00a31,287.5m including \u00a3254.6m of amortisation of acquired intangibles resulting from IFRS 3. The separate disclosure of these items allows a clearer understanding of the trading performance on a consistent and comparable basis, together with an understanding of the effect of non-recurring or large individual transactions upon the overall pro\ufb01tability of the Group. The separately disclosed items have been included within the appropriate classi\ufb01cations in the consolidated income statement. Further details are given in Note 6. Business combinations \u2013 Acquisition consideration For business combinations, in assessing the relevant consideration transferred, certain judgements are required to assess whether transfers of assets re\ufb02ect payments for future service or elements of acquisition consideration. Speci\ufb01cally, for the Tab NZ acquisition, the Group has committed to make minimum guaranteed funding payments to Tab NZ in the \ufb01rst \ufb01ve years post completion, with further contingent payments subject to revenue performance due up to and including year 25. As there are no ongoing obligations or service requirements on the selling party, these payments have been deemed to form part of consideration under IFRS 3 rather than ongoing deductions on pro\ufb01 ts. Further details are provided in Note 32. Estimates Included within the \ufb01nancial statements are a number of areas where estimation is required. Management believes that the area where this is most notable within the \ufb01nancial statements is the accounting for business combinations (Note 32). Business combinations For business combinations, the Group estimates the fair value of the consideration transferred, which can include assumptions about the future business performance of the business acquired and an appropriate discount rate to determine the fair value of any contingent consideration. The Group then estimates the fair value of assets acquired and liabilities assumed in the business combination. The area of most notable estimation within the fair value exercise relates to separately identi\ufb01able intangible assets including brands, customer lists and licences. These estimates also require inputs and assumptions to be applied within the relief from royalty calculation of fair values with the more signi\ufb01cant assumptions relating to future earnings, customer attrition rates and discount rates. The Group engages external experts to support the valuation process, where appropriate. IFRS 3 \u2018Business Combinations\u2019 allows the Group to recognise provisional fair values if the initial accounting for the business combination is incomplete. The fair value of contingent consideration recognised in business combinations is reassessed at each reporting date, using updated inputs and assumptions based on the latest \ufb01nancial forecasts and other relevant information for the businesses acquired. Fair value movements and the unwinding of the discounting is recognised within the income statement as a separately disclosed item. See Note 6 and Note 32 for further details. Goodwill on acquisition is initially measured at cost, being the excess of the cost of the business combination over the Group\u2019s interest in the net fair value of the separately identi\ufb01able assets, liabilities and contingent liabilities at the date of acquisition in accordance with IFRS 3 Business Combinations. Goodwill is not amortised but reviewed for impairment at the \ufb01rst reporting period after acquisition and then annually thereafter. As such it is stated at cost less any provision for impairment of value. Any impairment is recognised immediately in the consolidated income statement and is not subsequently reversed. On acquisition, any goodwill acquired is allocated to cash-generating units for the purpose of impairment testing. Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposal is included in the carrying amount of the assets when determining the gain or loss on disposal. On the current year acquisitions, any non- controlling interests where put options are in place are recognised using the present access method where the Group assesses that the non-controlling shareholder has present access to the returns associated with their equity interests. Impairment On acquisition, any goodwill acquired is allocated to cash-generating units for the purpose of impairment testing. Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposal is included in the carrying amount of the assets when determining the gain or loss on disposal. An impairment review is performed for goodwill and other inde\ufb01nite life assets on at least an annual basis. For all other non-current assets an impairment review is performed where there are indicators of impairment. This requires an estimation of the recoverable amount which is the higher of an asset\u2019s fair value less costs to sell and its value in use. Estimating a value in use amount requires management to make an estimate of the expected future cash \ufb02ows from each cash-generating unit and to discount cash \ufb02ows by a suitable discount rate in order to calculate the present value of those cash \ufb02ows. Estimating an asset\u2019s fair value less costs to sell is determined using future cash \ufb02ow and pro\ufb01t projections as well as industry observed multiples and publicly observed share prices for similar betting and gaming companies. See Note 14 for details on sensitivity analysis performed around these estimates. Impairment losses are recognised in the consolidated income statement and during the current year, the Group has recognised an impairment charge of \u00a3289.0m primarily against the Group\u2019s Australian CGU, the closed B2C operations in Africa, and under the Unirkn B2C offering. See Note 14 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-630": { "value": "Separately disclosed items To assist in understanding the underlying performance of the Group, management applies judgement to identify those items that are deemed to warrant separate disclosure due to either their nature or size. Whilst not limited to, the following items of pre-tax income and expense are generally disclosed separately: \u2013 amortisation of acquired intangibles resulting from IFRS 3 \u201cBusiness Combinations\u201d fair value exercises; \u2013 pro\ufb01ts or losses on disposal, closure, or impairment of non-current assets or businesses; \u2013 corporate transaction and restructuring costs; \u2013 legal, regulatory and tax litigation; \u2013 changes in the fair value of contingent consideration; and \u2013 the related tax effect of these items. Any other non-recurring items are considered individually for classi\ufb01cation as separately disclosed by virtue of their nature or size. During 2023 the Group separately disclosed a net charge on continuing operations before tax of \u00a31,287.5m including \u00a3254.6m of amortisation of acquired intangibles resulting from IFRS 3. The separate disclosure of these items allows a clearer understanding of the trading performance on a consistent and comparable basis, together with an understanding of the effect of non-recurring or large individual transactions upon the overall pro\ufb01tability of the Group. The separately disclosed items have been included within the appropriate classi\ufb01cations in the consolidated income statement. Further details are given in Note 6. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-578": { "value": "Business combinations \u2013 Acquisition consideration For business combinations, in assessing the relevant consideration transferred, certain judgements are required to assess whether transfers of assets re\ufb02ect payments for future service or elements of acquisition consideration. Speci\ufb01cally, for the Tab NZ acquisition, the Group has committed to make minimum guaranteed funding payments to Tab NZ in the \ufb01rst \ufb01ve years post completion, with further contingent payments subject to revenue performance due up to and including year 25. As there are no ongoing obligations or service requirements on the selling party, these payments have been deemed to form part of consideration under IFRS 3 rather than ongoing deductions on pro\ufb01 ts. Further details are provided in Note 32. Business combinations For business combinations, the Group estimates the fair value of the consideration transferred, which can include assumptions about the future business performance of the business acquired and an appropriate discount rate to determine the fair value of any contingent consideration. The Group then estimates the fair value of assets acquired and liabilities assumed in the business combination. The area of most notable estimation within the fair value exercise relates to separately identi\ufb01able intangible assets including brands, customer lists and licences. These estimates also require inputs and assumptions to be applied within the relief from royalty calculation of fair values with the more signi\ufb01cant assumptions relating to future earnings, customer attrition rates and discount rates. The Group engages external experts to support the valuation process, where appropriate. IFRS 3 \u2018Business Combinations\u2019 allows the Group to recognise provisional fair values if the initial accounting for the business combination is incomplete. The fair value of contingent consideration recognised in business combinations is reassessed at each reporting date, using updated inputs and assumptions based on the latest \ufb01nancial forecasts and other relevant information for the businesses acquired. Fair value movements and the unwinding of the discounting is recognised within the income statement as a separately disclosed item. See Note 6 and Note 32 for further details. Goodwill on acquisition is initially measured at cost, being the excess of the cost of the business combination over the Group\u2019s interest in the net fair value of the separately identi\ufb01able assets, liabilities and contingent liabilities at the date of acquisition in accordance with IFRS 3 Business Combinations. Goodwill is not amortised but reviewed for impairment at the \ufb01rst reporting period after acquisition and then annually thereafter. As such it is stated at cost less any provision for impairment of value. Any impairment is recognised immediately in the consolidated income statement and is not subsequently reversed. On acquisition, any goodwill acquired is allocated to cash-generating units for the purpose of impairment testing. Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposal is included in the carrying amount of the assets when determining the gain or loss on disposal. On the current year acquisitions, any non- controlling interests where put options are in place are recognised using the present access method where the Group assesses that the non-controlling shareholder has present access to the returns associated with their equity interests. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-579": { "value": "Impairment On acquisition, any goodwill acquired is allocated to cash-generating units for the purpose of impairment testing. Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposal is included in the carrying amount of the assets when determining the gain or loss on disposal. An impairment review is performed for goodwill and other inde\ufb01nite life assets on at least an annual basis. For all other non-current assets an impairment review is performed where there are indicators of impairment. This requires an estimation of the recoverable amount which is the higher of an asset\u2019s fair value less costs to sell and its value in use. Estimating a value in use amount requires management to make an estimate of the expected future cash \ufb02ows from each cash-generating unit and to discount cash \ufb02ows by a suitable discount rate in order to calculate the present value of those cash \ufb02ows. Estimating an asset\u2019s fair value less costs to sell is determined using future cash \ufb02ow and pro\ufb01t projections as well as industry observed multiples and publicly observed share prices for similar betting and gaming companies. See Note 14 for details on sensitivity analysis performed around these estimates. Impairment losses are recognised in the consolidated income statement and during the current year, the Group has recognised an impairment charge of \u00a3289.0m primarily against the Group\u2019s Australian CGU, the closed B2C operations in Africa, and under the Unirkn B2C offering. See Note 14 for further details. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-581": { "value": "4.3 Other accounting policies \u2018Put\u2019 options over the equity of subsidiary companies The potential cash payments related to put options issued by the Group over the equity of subsidiary companies are accounted for as \ufb01nancial liabilities. The amounts that may become payable under the option on exercise are initially recognised at the present value of the expected gross obligation with the corresponding entry being recognised in retained earnings. Such options are subsequently measured at amortised cost, using the effective interest method, in order to accrete the liability up to the amount payable under the option at the date at which it \ufb01rst becomes exercisable. The present value of the expected gross obligation is reassessed at the end of each reporting period and any changes are recorded in the income statement. In the event that an option expires unexercised, the liability is derecognised with a corresponding adjustment to retained earnings. Financial liabilities Financial liabilities comprise trade and other payables, interest-bearing loans and borrowings, contingent consideration, ante-post bets, guarantees and derivative \ufb01nancial instruments. On initial recognition, \ufb01nancial liabilities are measured at fair value net of transaction costs where they are not categorised as \ufb01nancial liabilities at fair value. Financial liabilities measured at fair value include contingent consideration, derivative \ufb01nancial instruments, ante-post bets and guarantees. Financial liabilities at fair value are measured initially at fair value, with transaction costs taken directly to the consolidated income statement. Subsequently, the fair values are remeasured and gains and losses from changes therein are recognised in the consolidated income statement. Trade and other payables are held at amortised cost and include amounts due to clients representing customer deposits and winnings, which are matched by an equal and opposite amount within cash and cash equivalents. All interest-bearing loans and borrowings are initially recognised at fair value net of issue costs associated with the borrowing. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. All \ufb01nancial liabilities are recorded as cash \ufb02ows from \ufb01nancing activities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-613": { "value": "Intangible assets Intangible assets acquired separately are capitalised at cost and those acquired as part of a business combination are capitalised separately from goodwill. The costs relating to internally generated intangible assets, principally software costs, are capitalised if the criteria for recognition as assets are met. Other expenditure is charged in the year in which the expenditure is incurred. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. The useful lives of these intangible assets are assessed to be either \ufb01nite or inde\ufb01nite. Inde\ufb01nite lived assets are not amortised and are subject to an annual impairment review from the year of acquisition. Where amortisation is charged on assets with \ufb01nite lives, this expense is taken to the consolidated income statement through the \u2018operating expenses, depreciation and amortisation\u2019 line item. The useful lives applied to the Group\u2019s intangible assets are as follows:
Exclusive New Zealand licence
25\u2013year duration of licence
Other licences
Lower of 15 years, or duration of licence
Software \u2013 purchased & internally capitalised costs
2\u201315 years
Trademarks & brand names
10\u201325 years, or inde\ufb01nite life
Customer relationships
3\u201315 years
The useful lives of all intangible assets are reviewed at each \ufb01nancial period end. Impairment testing is performed annually for intangible assets which are not subject to systematic amortisation and where an indicator of impairment exists for all other intangible assets. An intangible asset is derecognised on disposal, with any gain or loss arising (calculated as the difference between the net disposal proceeds and the carrying amount of the item) included in the consolidated income statement in the year of disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-580": { "value": "Intangible assets Intangible assets acquired separately are capitalised at cost and those acquired as part of a business combination are capitalised separately from goodwill. The costs relating to internally generated intangible assets, principally software costs, are capitalised if the criteria for recognition as assets are met. Other expenditure is charged in the year in which the expenditure is incurred. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. The useful lives of these intangible assets are assessed to be either \ufb01nite or inde\ufb01nite. Inde\ufb01nite lived assets are not amortised and are subject to an annual impairment review from the year of acquisition. Where amortisation is charged on assets with \ufb01nite lives, this expense is taken to the consolidated income statement through the \u2018operating expenses, depreciation and amortisation\u2019 line item. The useful lives applied to the Group\u2019s intangible assets are as follows:
Exclusive New Zealand licence
25\u2013year duration of licence
Other licences
Lower of 15 years, or duration of licence
Software \u2013 purchased & internally capitalised costs
2\u201315 years
Trademarks & brand names
10\u201325 years, or inde\ufb01nite life
Customer relationships
3\u201315 years
The useful lives of all intangible assets are reviewed at each \ufb01nancial period end. Impairment testing is performed annually for intangible assets which are not subject to systematic amortisation and where an indicator of impairment exists for all other intangible assets. An intangible asset is derecognised on disposal, with any gain or loss arising (calculated as the difference between the net disposal proceeds and the carrying amount of the item) included in the consolidated income statement in the year of disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-535": { "value": "Intangible assets Intangible assets acquired separately are capitalised at cost and those acquired as part of a business combination are capitalised separately from goodwill. The costs relating to internally generated intangible assets, principally software costs, are capitalised if the criteria for recognition as assets are met. Other expenditure is charged in the year in which the expenditure is incurred. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. The useful lives of these intangible assets are assessed to be either \ufb01nite or inde\ufb01nite. Inde\ufb01nite lived assets are not amortised and are subject to an annual impairment review from the year of acquisition. Where amortisation is charged on assets with \ufb01nite lives, this expense is taken to the consolidated income statement through the \u2018operating expenses, depreciation and amortisation\u2019 line item. The useful lives applied to the Group\u2019s intangible assets are as follows:
Exclusive New Zealand licence
25\u2013year duration of licence
Other licences
Lower of 15 years, or duration of licence
Software \u2013 purchased & internally capitalised costs
2\u201315 years
Trademarks & brand names
10\u201325 years, or inde\ufb01nite life
Customer relationships
3\u201315 years
The useful lives of all intangible assets are reviewed at each \ufb01nancial period end. Impairment testing is performed annually for intangible assets which are not subject to systematic amortisation and where an indicator of impairment exists for all other intangible assets. An intangible asset is derecognised on disposal, with any gain or loss arising (calculated as the difference between the net disposal proceeds and the carrying amount of the item) included in the consolidated income statement in the year of disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-536": { "value": "Pensions and other post-employment bene\ufb01ts The Group\u2019s de\ufb01ned bene\ufb01t pension plan holds assets separately from the Group. The pension cost relating to the plan is assessed in accordance with the advice of independent quali\ufb01ed actuaries using the projected unit credit method. Actuarial gains or losses are recognised in the consolidated statement of comprehensive income in the period in which they arise. Any past service cost is recognised immediately. The retirement bene\ufb01t asset recognised in the balance sheet represents the fair value of scheme assets less the value of the de\ufb01ned bene\ufb01t obligations. There is a degree of estimation involved in predicting the ultimate bene\ufb01ts payable under de\ufb01ned bene\ufb01t pension arrangements. The pension scheme liabilities are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, mortality rates and future pension increases. Due to the long-term nature of this plan, such estimates are subject to uncertainty. See Note 30 for details on sensitivity analysis performed around these estimates. In making these estimates and assumptions, management considers advice provided by external advisers, such as actuaries. Where actual experience differs to these estimates, actuarial gains and losses are recognised directly in other comprehensive income. Refer to Note 30 for details of the values of assets and obligations and key assumptions used. The Gala Coral Pension Plan has a net asset position when measured on an IAS 19 basis. Judgement is applied, based on legal, actuarial, and accounting guidance in IFRIC 14, regarding the amounts of net pension asset that is recognised in the consolidated balance sheet. The Ladbrokes Pension Plan was bought out in 2021. Further details are given in Note 30. Although the Group anticipates that plan surpluses will be utilised during the life of the plans to address member bene\ufb01ts, the Group recognises its pension surplus in full on the basis that there are no substantive restrictions on the return of residual plan assets in the event of a winding up of the plan after all member obligations have been met. The Group\u2019s contributions to de\ufb01ned contribution scheme are charged to the consolidated income statement in the period to which the contributions relate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-537": { "value": "Investments in joint ventures A joint venture is an entity in which the Group holds an interest on a long-term basis, and which is jointly controlled by the Group and one or more other venturers under a contractual agreement. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control the arrangement. The Group\u2019s share of results of joint ventures is included in the Group consolidated income statement using the equity method of accounting. Investments in joint ventures are carried in the Group consolidated balance sheet at cost plus post-acquisition changes in the Group\u2019s share of net assets of the entity less any impairment in value. The carrying value of investments in joint ventures includes acquired goodwill. If the Group\u2019s share of losses in the joint venture equals or exceeds its investment in the joint venture, the Group does not recognise further losses, unless it has obligations to continue to provide \ufb01nancial support to the joint venture. Investments in associates Associates are those businesses in which the Group has a long-term interest and is able to exercise signi\ufb01cant in\ufb02uence over the \ufb01nancial and operational policies but does not have control or joint control over those policies. The Group\u2019s share of results of associates is included in the Group\u2019s consolidated income statement using the equity method of accounting. Investments in associates are carried in the Group\u2019s consolidated balance sheet at cost plus post-acquisition changes in the Group\u2019s share of net assets of the entity less any impairment in value. The carrying value of investments in associates includes acquired goodwill. If the Group\u2019s share of losses in the associate equals or exceed its investments in the associate, the Group does not recognise further losses, unless it has obligations to continue to provide \ufb01nancial support to the associate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-582": { "value": "Investments in joint ventures A joint venture is an entity in which the Group holds an interest on a long-term basis, and which is jointly controlled by the Group and one or more other venturers under a contractual agreement. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control the arrangement. The Group\u2019s share of results of joint ventures is included in the Group consolidated income statement using the equity method of accounting. Investments in joint ventures are carried in the Group consolidated balance sheet at cost plus post-acquisition changes in the Group\u2019s share of net assets of the entity less any impairment in value. The carrying value of investments in joint ventures includes acquired goodwill. If the Group\u2019s share of losses in the joint venture equals or exceeds its investment in the joint venture, the Group does not recognise further losses, unless it has obligations to continue to provide \ufb01nancial support to the joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-583": { "value": "Investments in associates Associates are those businesses in which the Group has a long-term interest and is able to exercise signi\ufb01cant in\ufb02uence over the \ufb01nancial and operational policies but does not have control or joint control over those policies. The Group\u2019s share of results of associates is included in the Group\u2019s consolidated income statement using the equity method of accounting. Investments in associates are carried in the Group\u2019s consolidated balance sheet at cost plus post-acquisition changes in the Group\u2019s share of net assets of the entity less any impairment in value. The carrying value of investments in associates includes acquired goodwill. If the Group\u2019s share of losses in the associate equals or exceed its investments in the associate, the Group does not recognise further losses, unless it has obligations to continue to provide \ufb01nancial support to the associate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-538": { "value": "Property, plant and equipment Land is stated at cost less any impairment in value. Buildings, plant and equipment are stated at cost less accumulated depreciation and any impairment in value. Depreciation is applied using the straight-line method to speci\ufb01c classes of asset to reduce them to their residual value over their estimated useful economic lives.
Land and buildings
Lower of 50 years, or estimated useful life of the building, or lease. Inde\ufb01nite lives are
attached to any freehold land held and therefore it is not depreciated.
Plant and equipment
3\u20135 years
Fixtures and \ufb01ttings
3\u201310 years
ROU assets arising under lease contracts are depreciated over the lease term (as de\ufb01ned in IFRS 16) being the period to the expiry date of the lease, unless it is expected that a break clause will be exercised when the lease term is the period to the date of the break. The carrying values of property, plant and equipment are reviewed for impairment where an indicator of impairment exists, being events or changes in circumstances indicating that the carrying values may not be recoverable. If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets or cash-generating units are written down to their recoverable amount. The recoverable amount of property, plant and equipment is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset. For an asset that does not generate largely independent cash in\ufb02ows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. An item of property, plant and equipment is derecognised upon disposal, with any gain or loss arising (calculated as the difference between the net disposal proceeds and the carrying amount of the item) included in the consolidated income statement in the year of disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-584": { "value": "Property, plant and equipment Land is stated at cost less any impairment in value. Buildings, plant and equipment are stated at cost less accumulated depreciation and any impairment in value. Depreciation is applied using the straight-line method to speci\ufb01c classes of asset to reduce them to their residual value over their estimated useful economic lives.
Land and buildings
Lower of 50 years, or estimated useful life of the building, or lease. Inde\ufb01nite lives are
attached to any freehold land held and therefore it is not depreciated.
Plant and equipment
3\u20135 years
Fixtures and \ufb01ttings
3\u201310 years
ROU assets arising under lease contracts are depreciated over the lease term (as de\ufb01ned in IFRS 16) being the period to the expiry date of the lease, unless it is expected that a break clause will be exercised when the lease term is the period to the date of the break. The carrying values of property, plant and equipment are reviewed for impairment where an indicator of impairment exists, being events or changes in circumstances indicating that the carrying values may not be recoverable. If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets or cash-generating units are written down to their recoverable amount. The recoverable amount of property, plant and equipment is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset. For an asset that does not generate largely independent cash in\ufb02ows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-539": { "value": "Leases The Group has applied IFRS 16 only to those contracts that were previously identi\ufb01ed as a lease under IAS 17 Leases; any contracts not previously identi\ufb01ed as leases have not been reassessed for the purposes of adopting IFRS 16. Accordingly, the de\ufb01nition of a lease under IFRS 16 has only been applied to contracts entered into on or after 1 January 2019. Leases, other than those with a lease period of less than one year at inception, or where the original cost of the asset acquired would be a negligible amount (see Note 22), are capitalised at inception at the present value of the minimum lease payments. Lease payments are apportioned between the \ufb01nance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against income. ROU assets are included within property, plant and equipment at cost and depreciated over their estimated useful lives, which normally equates to the lives of the leases, after considering anticipated residual values. ROU assets which are sub-leased to customers are classi\ufb01ed as \ufb01nance leases if the lease agreements transfer substantially all the risks and rewards of usage to the lessee. All other sub-leases are classi\ufb01ed as operating leases. When assets are subject to \ufb01nance leases, the present value of the sub-lease is recognised as a receivable, net of allowances for expected credit losses and the related ROU asset is derecognised. The difference between the gross receivable and the present value of the receivable is recognised as unearned \ufb01nance lease income. Finance lease interest income is recognised over the term of the lease using the net investment method (before tax) so as to give a constant rate of return on the net investment in sub-leases. Operating lease rental income is recognised on a straight-line basis over the life of the lease. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-540": { "value": "Cash and cash equivalents Cash and cash equivalents consist of cash at bank and in hand, short-term deposits (and customer balances). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-585": { "value": "Financial assets Financial assets are recognised when the Group becomes party to the contracts that give rise to them. The Group classi\ufb01es \ufb01nancial assets at inception as \ufb01nancial assets at amortised cost, \ufb01nancial assets at fair value through pro\ufb01t or loss or \ufb01nancial assets at fair value through other comprehensive income. Financial assets at amortised cost are non-derivative \ufb01nancial assets with \ufb01xed or determinable payments that are not quoted in an active market. On initial recognition, \ufb01nancial assets at amortised cost are measured at fair value net of transaction costs. Trade receivables are generally accounted for at amortised cost. Expected credit losses are recognised for \ufb01nancial assets recorded at amortised cost, including trade receivables. Expected credit losses are calculated by using an appropriate probability of default, taking accounts of a range of possible future scenarios and applying this to the estimated exposure of the Group at the point of default. Financial assets at fair value through pro\ufb01t or loss include derivative \ufb01nancial instruments. Financial assets through pro\ufb01t or loss are measured initially at fair value with transaction costs taken directly to the consolidated income statement. Subsequently, the fair values are remeasured, and gains and losses are recognised in the consolidated income statement. Financial assets at fair value through other comprehensive income comprise equity investments that are designated as such on acquisition. These investments are measured initially at fair value. Subsequently, the fair values are remeasured, and gains and losses are recognised in the consolidated statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-541": { "value": "Financial assets Financial assets are recognised when the Group becomes party to the contracts that give rise to them. The Group classi\ufb01es \ufb01nancial assets at inception as \ufb01nancial assets at amortised cost, \ufb01nancial assets at fair value through pro\ufb01t or loss or \ufb01nancial assets at fair value through other comprehensive income. Financial assets at amortised cost are non-derivative \ufb01nancial assets with \ufb01xed or determinable payments that are not quoted in an active market. On initial recognition, \ufb01nancial assets at amortised cost are measured at fair value net of transaction costs. Trade receivables are generally accounted for at amortised cost. Expected credit losses are recognised for \ufb01nancial assets recorded at amortised cost, including trade receivables. Expected credit losses are calculated by using an appropriate probability of default, taking accounts of a range of possible future scenarios and applying this to the estimated exposure of the Group at the point of default. Financial assets at fair value through pro\ufb01t or loss include derivative \ufb01nancial instruments. Financial assets through pro\ufb01t or loss are measured initially at fair value with transaction costs taken directly to the consolidated income statement. Subsequently, the fair values are remeasured, and gains and losses are recognised in the consolidated income statement. Financial assets at fair value through other comprehensive income comprise equity investments that are designated as such on acquisition. These investments are measured initially at fair value. Subsequently, the fair values are remeasured, and gains and losses are recognised in the consolidated statement of comprehensive income. Financial liabilities Financial liabilities comprise trade and other payables, interest-bearing loans and borrowings, contingent consideration, ante-post bets, guarantees and derivative \ufb01nancial instruments. On initial recognition, \ufb01nancial liabilities are measured at fair value net of transaction costs where they are not categorised as \ufb01nancial liabilities at fair value. Financial liabilities measured at fair value include contingent consideration, derivative \ufb01nancial instruments, ante-post bets and guarantees. Financial liabilities at fair value are measured initially at fair value, with transaction costs taken directly to the consolidated income statement. Subsequently, the fair values are remeasured and gains and losses from changes therein are recognised in the consolidated income statement. Trade and other payables are held at amortised cost and include amounts due to clients representing customer deposits and winnings, which are matched by an equal and opposite amount within cash and cash equivalents. All interest-bearing loans and borrowings are initially recognised at fair value net of issue costs associated with the borrowing. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. All \ufb01nancial liabilities are recorded as cash \ufb02ows from \ufb01nancing activities. Derecognition of \ufb01nancial assets and liabilities Financial assets are derecognised when the right to receive cash \ufb02ows from the assets has expired or when the Group has transferred its contractual right to receive the cash \ufb02ows from the \ufb01nancial assets or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party, and either: \u2013 substantially all the risks and rewards of ownership have been transferred; or \u2013 substantially all the risks and rewards have neither been retained nor transferred but control is not retained. Financial liabilities are derecognised when the obligation is discharged, cancelled or expires. Derivative \ufb01nancial instruments The Group uses derivative \ufb01nancial instruments such as cross currency swaps, foreign exchange swaps and interest rate swaps, to hedge its risks associated with interest rate and foreign currency \ufb02uctuations. Derivative \ufb01nancial instruments are recognised initially and subsequently at fair value. The gains or losses on re-measurement are taken to the consolidated income statement. Derivative \ufb01nancial instruments are classi\ufb01ed as assets where their fair value is positive, or as liabilities where their fair value is negative. Derivative assets and liabilities arising from different transactions are only offset if the transactions are with the same counterparty, a legal right of offset exists, and the parties intend to settle the cash \ufb02ows on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-586": { "value": "Derecognition of \ufb01nancial assets and liabilities Financial assets are derecognised when the right to receive cash \ufb02ows from the assets has expired or when the Group has transferred its contractual right to receive the cash \ufb02ows from the \ufb01nancial assets or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party, and either: \u2013 substantially all the risks and rewards of ownership have been transferred; or \u2013 substantially all the risks and rewards have neither been retained nor transferred but control is not retained. Financial liabilities are derecognised when the obligation is discharged, cancelled or expires. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-587": { "value": "Derivative \ufb01nancial instruments The Group uses derivative \ufb01nancial instruments such as cross currency swaps, foreign exchange swaps and interest rate swaps, to hedge its risks associated with interest rate and foreign currency \ufb02uctuations. Derivative \ufb01nancial instruments are recognised initially and subsequently at fair value. The gains or losses on re-measurement are taken to the consolidated income statement. Derivative \ufb01nancial instruments are classi\ufb01ed as assets where their fair value is positive, or as liabilities where their fair value is negative. Derivative assets and liabilities arising from different transactions are only offset if the transactions are with the same counterparty, a legal right of offset exists, and the parties intend to settle the cash \ufb02ows on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-614": { "value": "Derivative \ufb01nancial instruments The Group uses derivative \ufb01nancial instruments such as cross currency swaps, foreign exchange swaps and interest rate swaps, to hedge its risks associated with interest rate and foreign currency \ufb02uctuations. Derivative \ufb01nancial instruments are recognised initially and subsequently at fair value. The gains or losses on re-measurement are taken to the consolidated income statement. Derivative \ufb01nancial instruments are classi\ufb01ed as assets where their fair value is positive, or as liabilities where their fair value is negative. Derivative assets and liabilities arising from different transactions are only offset if the transactions are with the same counterparty, a legal right of offset exists, and the parties intend to settle the cash \ufb02ows on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-542": { "value": "Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an out\ufb02ow of resources embodying economic bene\ufb01ts will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material using a pre-tax rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the liability. The unwinding of the discount is recognised as a \ufb01nance expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-543": { "value": "Foreign currency translation The presentational currency of Entain plc and the functional currencies of its UK subsidiaries is Pounds Sterling (\u00a3). Other than Sterling the main functional currencies of subsidiaries are the Euro (\u20ac), the US Dollar ($) and the Australian Dollar (A$). At the reporting date, the assets and liabilities of non-sterling subsidiaries are translated into Pounds Sterling (\u00a3) at the rate of exchange ruling at the balance sheet date and their cash \ufb02ows are translated at the weighted average exchange rates for the year. The post-tax exchange differences arising on the retranslation are taken directly to other comprehensive income. Transactions in foreign currencies are initially recorded in the subsidiary\u2019s functional currency and translated at the foreign currency rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the foreign currency rate of exchange ruling at the balance sheet date. All foreign currency translation differences are taken to the consolidated income statement. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rate at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rate at the date when the fair value was determined. On disposal of a foreign entity, the deferred cumulative retranslation differences previously recognised in equity relating to that particular foreign entity are recognised in the consolidated income statement as part of the pro\ufb01t or loss on disposal. The following exchange rates were used in 2023 and 2022:
2023
2022
Currency
Average
Year end
Average
Year end
Euro (\u20ac)
1.149
1.151
1.175
1.128
US Dollar ($)
1.242
1.274
1.245
1.208
Australian Dollar (A$)
1.873
1.866
1.788
1.775
NZ Dollars (NZD)
2.024
2.010
1.955
1.904
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-588": { "value": "The presentational currency of Entain plc and the functional currencies of its UK subsidiaries is Pounds Sterling (\u00a3).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-544": { "value": "Income tax Deferred tax is provided on all temporary differences at the balance sheet date, between the tax bases of assets and liabilities and their carrying amounts for \ufb01nancial reporting purposes except: \u2013 on the initial recognition of goodwill; \u2013 where the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting pro\ufb01t nor the tax pro\ufb01t; and \u2013 associated with investments in subsidiaries, joint ventures and associates, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences and carry forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable pro\ufb01t will be available against which the deductible temporary differences and carry forward of unused tax assets and unused tax losses can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that suf\ufb01cient taxable pro\ufb01t will be available to allow all or part of the deferred tax asset to be utilised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted. Interest or penalties payable and receivable in relation to income tax are recognised as an income tax expense or credit in the consolidated income statement. Income tax expenses are recognised within pro\ufb01t or loss except to the extent that they relate to items recognised in other comprehensive income or directly in equity, in which case they are recognised in other comprehensive income or directly in equity. Revenues, expenses and assets are recognised net of the amount of sales tax except: \u2013 where the sales tax incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and \u2013 receivables and payables are stated with the amount of sales tax included. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the consolidated balance sheet. Accounting for uncertain tax positions The Group is subject to various forms of tax in a number of jurisdictions. Given the nature of the industry within which the Group operates, the tax and regulatory regimes are continuously changing and, as such, the Group is exposed to a small number of uncertain tax positions. Judgement is applied to adequately provide for uncertain tax positions where it is believed that it is more likely than not that an economic out\ufb02ow will arise. In particular, judgement has been applied in the Group\u2019s accounting for Greek tax and further disclosure is given in Note 33. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-589": { "value": "Income tax Deferred tax is provided on all temporary differences at the balance sheet date, between the tax bases of assets and liabilities and their carrying amounts for \ufb01nancial reporting purposes except: \u2013 on the initial recognition of goodwill; \u2013 where the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting pro\ufb01t nor the tax pro\ufb01t; and \u2013 associated with investments in subsidiaries, joint ventures and associates, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences and carry forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable pro\ufb01t will be available against which the deductible temporary differences and carry forward of unused tax assets and unused tax losses can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that suf\ufb01cient taxable pro\ufb01t will be available to allow all or part of the deferred tax asset to be utilised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted. Interest or penalties payable and receivable in relation to income tax are recognised as an income tax expense or credit in the consolidated income statement. Income tax expenses are recognised within pro\ufb01t or loss except to the extent that they relate to items recognised in other comprehensive income or directly in equity, in which case they are recognised in other comprehensive income or directly in equity. Revenues, expenses and assets are recognised net of the amount of sales tax except: \u2013 where the sales tax incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and \u2013 receivables and payables are stated with the amount of sales tax included. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the consolidated balance sheet. Accounting for uncertain tax positions The Group is subject to various forms of tax in a number of jurisdictions. Given the nature of the industry within which the Group operates, the tax and regulatory regimes are continuously changing and, as such, the Group is exposed to a small number of uncertain tax positions. Judgement is applied to adequately provide for uncertain tax positions where it is believed that it is more likely than not that an economic out\ufb02ow will arise. In particular, judgement has been applied in the Group\u2019s accounting for Greek tax and further disclosure is given in Note 33. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-590": { "value": "Equity instruments and dividends Equity instruments issued by the Company are recorded at the fair value of proceeds received net of direct issue costs. Final dividends proposed by the Board of Directors and unpaid at the year end are not recognised in the \ufb01nancial statements until they have been approved by shareholders at the Annual General Meeting. Interim dividends are recognised when paid.. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-545": { "value": "Equity instruments and dividends Equity instruments issued by the Company are recorded at the fair value of proceeds received net of direct issue costs. Final dividends proposed by the Board of Directors and unpaid at the year end are not recognised in the \ufb01nancial statements until they have been approved by shareholders at the Annual General Meeting. Interim dividends are recognised when paid.. ", "dimensions": { "concept": "entainplc:DescriptionOfAccountingPolicyForEquityInstrumentsAndDividends", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-546": { "value": "Revenue The Group reports the gains and losses on all betting and gaming activities as revenue, which is measured at the fair value of the consideration received or receivable from customers less free bets, promotions, bonuses and other fair value adjustments. Revenue is net of VAT/GST. The Group considers betting and gaming revenue to be out of the scope of IFRS 15 Revenue, and accounts for those revenues within the scope of IFRS 9 Financial Instruments. For LBOs, on course betting, Core Telephone Betting, mobile betting and Digital businesses (including sportsbook, betting exchange, casino, games, other number bets), revenue represents gains and losses, being the amounts staked and fees received, less total payouts recognised on the settlement of the sporting event or casino gaming machine roulette or slots spin. Open betting positions (\u201cante-post\u201d) are carried at fair value and gains and losses arising on these positions are recognised in revenue. See Note 26 for details of ante-post positions at the year end. The following forms of revenue, which are not signi\ufb01cant in the context of Group revenue, are accounted for within the scope of IFRS 15 Revenue. Revenue from the online poker business re\ufb02ects the net income (rake) earned from poker hands completed by the year end. In the case of the greyhound stadia, revenue represents income arising from the operation of the greyhound stadia in the year, including broadcasting rights, admission fees and sales of refreshments, net of VAT. Given the nature of these revenue streams they are not considered to be subject to judgement over the performance obligations, amount received or timing of recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-615": { "value": "Finance expense and income Finance expense and income arising on interest-bearing \ufb01nancial instruments carried at amortised cost are recognised in the consolidated income statement using the effective interest rate method. Finance expense includes the amortisation of fees that are an integral part of the effective \ufb01 nance cost of a \ufb01nancial instrument, including issue costs, and the amortisation of any other differences between the amount initially recognised and the redemption price. All \ufb01nance expenses are recognised over the availability period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-591": { "value": "Finance expense and income Finance expense and income arising on interest-bearing \ufb01nancial instruments carried at amortised cost are recognised in the consolidated income statement using the effective interest rate method. Finance expense includes the amortisation of fees that are an integral part of the effective \ufb01 nance cost of a \ufb01nancial instrument, including issue costs, and the amortisation of any other differences between the amount initially recognised and the redemption price. All \ufb01nance expenses are recognised over the availability period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-547": { "value": "Finance expense and income Finance expense and income arising on interest-bearing \ufb01nancial instruments carried at amortised cost are recognised in the consolidated income statement using the effective interest rate method. Finance expense includes the amortisation of fees that are an integral part of the effective \ufb01 nance cost of a \ufb01nancial instrument, including issue costs, and the amortisation of any other differences between the amount initially recognised and the redemption price. All \ufb01nance expenses are recognised over the availability period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-548": { "value": "Share-based payment transactions Certain employees (including Directors) of the Group receive remuneration in the form of equity settled share-based payment transactions, whereby employees render services in exchange for shares or rights over shares (equity settled transactions). The cost of equity settled transactions is measured by reference to the fair value at the date on which they are granted, further details of which are given in Note 31. In valuing equity settled transactions, no account is taken of any performance conditions, other than conditions linked to the price of the shares of Entain plc (market conditions). The cost of equity settled transactions is recognised in the consolidated income statement, with a corresponding credit in equity, over the period in which the performance conditions are ful\ufb01lled, ending on the date on which the relevant employees become fully entitled to the award (vesting date). The cumulative expense recognised for equity settled transactions at each reporting date until the vesting date re\ufb02ects the extent to which the vesting period has expired and the number of awards that, in the opinion of the Directors of the Group at that date, based on the best available estimate of the number of equity instruments, will ultimately vest. No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vesting irrespective of whether or not the market condition is satis\ufb01ed, provided that all other performance conditions are satis\ufb01ed. The dilutive effect of outstanding options is re\ufb02ected as additional share dilution in the computation of earnings per share as shown in Note 12. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-592": { "value": "4.4 Future accounting developments The standards and interpretations that are issued, but not yet effective, excluding those relating to annual improvements, up to the date of issuance of the Group\u2019s \ufb01nancial statements, are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective. None of these are expected to have a signi\ufb01cant effect on the consolidated \ufb01nancial statements of the Group as set out below:
IFRS 16
Leases
Lease liability in a sale and leaseback transaction
1 January 2024
IAS 1
Presentation of Financial Statements
Classi\ufb01cation of liabilities as current or non-current
1 January 2024
Non-current liabilities regarding long-term debt with covenants
IFRS 10
Consolidated Financial Statements
Sale or contribution of assets between an investor and its associate or
Date deferred
joint venture
IAS 28
Investments in Associates and Joint
Sale or contribution of assets between an investor and its associate or Date deferred
Ventures joint venture
IFRS 7
Financial Instrument Disclosures
Supplier Financial Arrangements
1 January 2024
IAS 7
Statement of Cash Flows
Supplier Financial Arrangements
1 January 2024
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-549": { "value": "
5 Segment information
The Group\u2019s operating segments are based on the reports reviewed by the Executive Management Team (which is collectively considered
to be the Chief Operating Decision Maker (\u201cCODM\u201d)) to make strategic decisions, and allocate resources.
IFRS 8 requires segment information to be presented on the same basis as that used by the CODM for assessing performance and
allocating resources. The Group\u2019s operating segments are split into the \ufb01ve reportable segments as detailed below:
\u2013 Online: comprises betting and gaming activities from online and mobile operations. Brands include bwin, Coral, Crystalbet, Eurobet,
Ladbrokes, Sportingbet, SuperSport, Sports Interaction, STS, Tab NZ and BetCity, CasinoClub, Foxy Bingo, Gala, Gioco Digitale,
partypoker and PartyCasino, Optibet, and Ninja;
\u2013 Retail: comprises betting and retail activities in the shop estates in Great Britain, Northern Ireland, Jersey, Republic of Ireland,
Belgium, Italy, Croatia, New Zealand and Poland;
\u2013 New opportunities: Unikrn and innovation spend;
\u2013 Corporate: includes costs associated with Group functions including Group executive, legal, Group \ufb01nance, US joint venture, tax and
treasury; and
\u2013 Other segments: includes activities primarily related to Stadia.
The Executive Management Team of the Group has chosen to assess the performance of operating segments based on a measure of
NGR, EBITDA, and operating pro\ufb01t with \ufb01nance costs and taxation considered for the Group as a whole. See page 69 of this annual
report for further considerations of the use of Non-GAAP measures. Transfer prices between operating segments are on an arm\u2019s-length
basis in a manner similar to transactions with third parties.
The segment results for the year ended 31 December were as follows:
Elimination
All other New of internal Total
Online Retail segments opportunities Corporate revenue Group
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
NGR
3,426.5
1,386.7
26.7
\u2013
\u2013
(6.8)
4,833.1
VAT/GST
(59.9)
(3.6)
\u2013
\u2013
\u2013
\u2013
(63.5)
Revenue
3,366.6
1,383.1
26.7
\u2013
\u2013
(6.8)
4,769.6
Gross pro\ufb01t
1,980.1
900.2
26.7
\u2013
\u2013
\u2013
2,907.0
Contribution
1,369.8
890.3
26.3
(7.0)
\u2013
\u2013
2,279.4
Operating costs excluding
marketing costs
(512.4)
(606.1)
(21.0)
(22.3)
(109.7)
\u2013
(1,271.5)
Underlying EBITDA before
separately disclosed items
857.4
284.2
5.3
(29.3)
(109.7)
\u2013
1,007.9
Share-based payments
(7.3)
(2.4)
\u2013
(0.7)
(11.3)
\u2013
(21.7)
Depreciation and amortisation
(160.2)
(132.1)
(2.7)
(5.7)
(0.8)
\u2013
(301.5)
Share of joint ventures
and\u0359associates
(1.4)
\u2013
2.0
(1.5)
(42.0)
\u2013
(42.9)
Operating pro\ufb01t/(loss) before
separately disclosed items
688.5
149.7
4.6
(37.2)
(163.8)
\u2013
641.8
Separately disclosed items (Note 6)
(481.1)
(22.8)
\u2013
(44.3)
(738.3)
\u2013
(1,286.5)
Group operating pro\ufb01t/(loss)
207.4
126.9
4.6
(81.5)
(902.1)
\u2013
(644.7)
Net \ufb01nance expense
(197.9)
Loss before tax
(842.6)
Income tax
(36.1)
Loss for the year from
continuing operations
(878.7)
Loss for the year from discontinued
operations after tax (Note 21)
(57.8)
Loss for the year after
discontinued operations
(936.5)
1
2
1. Included within NGR are amounts of \u00a368.1m (2022: \u00a365.6m) in relation to online poker services and \u00a326.7m (2022: \u00a325.1m) arising from the operation of greyhound stadia
recognised under IFRS 15 Revenue.
2. Contribution represents gross pro\ufb01t less marketing costs and is a key performance metric used by the Group, particularly in Online.
Elimination
All other New of internal Total
Online Retail segments opportunities Corporate revenue Group
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
NGR
3,050.5
1,277.8
25.1
\u2013
\u2013
(4.5)
4,348.9
VAT/GST
(52.0)
\u2013
\u2013
\u2013
\u2013
\u2013
(52.0)
Revenue
2,998.5
1,277.8
25.1
\u2013
\u2013
(4.5)
4,296.9
Gross pro\ufb01t
1,829.6
860.0
25.1
\u2013
\u2013
\u2013
2,714.7
Contribution
1,254.2
852.1
25.0
(2.4)
\u2013
\u2013
2,128.9
Operating costs excluding
marketing costs
(426.0)
(571.9)
(20.1)
(26.7)
(91.0)
\u2013
(1,135.7)
Underlying EBITDA before
separately disclosed items
828.2
280.2
4.9
(29.1)
(91.0)
\u2013
993.2
Share-based payments
(7.8)
(2.3)
\u2013
(0.3)
(8.8)
\u2013
(19.2)
Depreciation and amortisation
(118.3)
(112.4)
(2.7)
(4.5)
(0.2)
\u2013
(238.1)
Share of joint ventures
and associates
(0.2)
\u2013
0.4
(0.4)
(193.9)
\u2013
(194.1)
Operating pro\ufb01t/(loss) before
separately disclosed items
701.9
165.5
2.6
(34.3)
(293.9)
\u2013
541.8
Separately disclosed items (Note 6)
(114.0)
(57.4)
(0.7)
\u2013
(41.1)
\u2013
(213.2)
Group operating pro\ufb01t/(loss)
587.9
108.1
1.9
(34.3)
(335.0)
\u2013
328.6
Net \ufb01nance income
(225.7)
Pro\ufb01t before tax
102.9
Income tax
(70.0)
Pro\ufb01t for the year from
continuing operations
32.9
Loss for the year from discontinued
operations after tax (Note 21)
(13.4)
Pro\ufb01t for the year after
discontinued operations
19.5
1 2 Geographical information Revenue by destination and non-current assets on a geographical basis for the Group, are as follows:
2023
2022
Non-current Non-current
Revenue assets Revenue assets
\u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
1,953.8
3,076.8
2,032.7
3,022.3
Australia and New Zealand
515.1
1,475.4
463.0
528.8
Italy
517.4
512.2
472.6
523.3
Rest of Europe
1,443.4
3,930.2
968.7
2,922.4
Rest of the world
339.9
293.8
359.9
259.6
Total
4,769.6
9,288.4
4,296.9
7,256.4
3 3 1 2 1. Rest of Europe is predominantly driven by markets in Croatia, Belgium, The Netherlands, Georgia, Germany, and Spain. 2. Rest of the world is predominantly driven by the markets in Brazil and Canada. 3. Non-current assets excluding other \ufb01nancial assets, deferred tax assets and retirement bene\ufb01t assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-593": { "value": "
Geographical information
Revenue by destination and non-current assets on a geographical basis for the Group, are as follows:
2023
2022
Non-current Non-current
Revenue assets Revenue assets
\u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
1,953.8
3,076.8
2,032.7
3,022.3
Australia and New Zealand
515.1
1,475.4
463.0
528.8
Italy
517.4
512.2
472.6
523.3
Rest of Europe
1,443.4
3,930.2
968.7
2,922.4
Rest of the world
339.9
293.8
359.9
259.6
Total
4,769.6
9,288.4
4,296.9
7,256.4
3
3
1
2
1. Rest of Europe is predominantly driven by markets in Croatia, Belgium, The Netherlands, Georgia, Germany, and Spain.
2. Rest of the world is predominantly driven by the markets in Brazil and Canada.
3. Non-current assets excluding other \ufb01nancial assets, deferred tax assets and retirement bene\ufb01t assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-550": { "value": "
6 Separately disclosed items
2023 2022
Tax impac t Tax impac t
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Legal settlement
585.0
\u2013
\u2013
\u2013
Amortisation of acquired intangibles
254.6
(41.6)
116.9
(16.5)
Impairment loss
289.0
\u2013
7.0
\u2013
Restructuring costs
49.7
(9.6)
11.8
(1.4)
Corporate transaction costs
17.8
\u2013
23.9
(0.6)
Legal and onerous contract provisions
17.6
(3.0)
8.1
(0.8)
Movement in fair value of contingent consideration
71.8
(15.5)
(1.0)
\u2013
Loss on disposal of property, plant and equipment
1.0
\u2013
1.0
\u2013
Financing
1.0
\u2013
5.7
\u2013
Furlough
\u2013
\u2013
45.5
(8.6)
Separately disclosed items for the year from continuing operations
1,287.5
(69.7)
218.9
(27.9)
Separately disclosed items for the year from discontinued operations (Note 21)
57.8
\u2013
13.4
\u2013
Total before tax
1,345.3
(69.7)
232.3
(27.9)
Separately disclosed items for the year after tax
1,275.6
204.4
1
2
3
4
5
6
7
8
9
10
1. On 5 December 2023, Entain plc entered into a Deferred Prosecution Agreement (\u201cDPA\u201d) with the Crown Prosecution Service (\u201cCPS\u201d) in relation to historical conduct of the
Group, thereby resolving the HM Revenue & Customs (\u201cHMRC\u201d) investigation into the Group. As a result of the agreement reached, the Group has recognised a \u00a3585.0m
discounted liability during the current year in relation to amounts it has agreed to be pay in relation to the disgorgement of pro\ufb01ts, charitable donations and contributions to CPS
costs. Further details are provided in Note 20.
2. Amortisation charges in relation to acquired intangible assets arising from the various acquisitions made by the Group in recent years, including Ladbrokes Coral, Crystalbet,
Neds, Enlabs, Avid, SuperSport, STS, NZ Tab and 365Scores.
3. Relates to impairments recorded against the Group\u2019s Australian business of \u00a3190.0m, the assets associated with the Group\u2019s Unikrn and Africa operations which have closed
as B2C operations during the year, of \u00a378.1m, an \u00a311.0m impairment of the Group\u2019s ROI retail portfolio, an impairment against the Group\u2019s Polish operation (excluding STS) of
\u00a35.1m and a number of smaller impairments against ROU assets that the Group no longer intends to use following their closure, including UK Retail shops. Further details are
provided in Note 14.
4. Primarily relates to costs associated with the Group\u2019s restructuring programme Project Romer.
5. Transaction costs associated with the M&A activity including the acquisition of 365Scores, NZ Tab, STS and Angstrom (see Note 32).
6. Relates primarily to costs associated with the Group\u2019s legal expenses in cooperating with the HMRC investigation.
7. Re\ufb02ects the movement in the fair value of contingent consideration arrangements on recent acquisitions as well as the associated discount unwind. Further details of contingent
consideration liabilities are provided in Note 26.
8. Relates to the loss on disposal of certain assets within the Group\u2019s retail estates.
9. Fees incurred in respect of bridging loans and other \ufb01nancing activities.
10. Relates to the repayment of monies received under the Government furlough scheme in the prior year.
The items above re\ufb02ect incomes and expenditures which are either exceptional in nature or size or are associated with the amortisation
of acquired intangibles. The Directors believe that each of these items warrants separate disclosure as they do not form part of the day-
to-day underlying trade of the Group.
", "dimensions": { "concept": "entainplc:DisclosureOfSeparatelyDisclosedItems", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-552": { "value": "
7 Administrative costs
Pro\ufb01t before tax, net \ufb01nance expense and separately disclosed items has been arrived at after charging:
2023 2022
\u00a3m \u00a3m
Betting and gaming taxes and duties
1,104.3
909.8
Revenue share arrangements (including content providers)
537.8
555.6
Software royalties
200.1
113.3
Other cost of sales
20.4
3.5
Cost of sales
1,862.6
1,582.2
Salaries and payroll-related expenses (Note 9)
725.0
652.0
Property expenses
92.7
80.0
Content and levy expenses
163.6
176.6
Marketing expenses
627.6
585.8
Depreciation and amortisation \u2013 owned assets
239.9
173.1
Depreciation and amortisation \u2013 leased assets
61.6
65.0
Other operating expenses
311.9
246.3
Administrative costs
2,222.3
1,978.8
Separately disclosed items before tax and \ufb01nance expense (Note 6)
1,286.5
213.2
Total
5,371.4
3,774.2
Fees payable to KPMG were as follows:
2023 2022
\u00a3m \u00a3m
Audit and audit-related services:
Audit of the parent Company and Group \ufb01nancial statements
0.6
0.6
Audit of the Company\u2019s subsidiaries
3.0
2.6
Audit-related assurance services
0.7
0.5
Total fees
4.3
3.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-618": { "value": "7 Administrative costs Pro\ufb01t before tax, net \ufb01nance expense and separately disclosed items has been arrived at after charging:
2023 2022
\u00a3m \u00a3m
Betting and gaming taxes and duties
1,104.3
909.8
Revenue share arrangements (including content providers)
537.8
555.6
Software royalties
200.1
113.3
Other cost of sales
20.4
3.5
Cost of sales
1,862.6
1,582.2
Salaries and payroll-related expenses (Note 9)
725.0
652.0
Property expenses
92.7
80.0
Content and levy expenses
163.6
176.6
Marketing expenses
627.6
585.8
Depreciation and amortisation \u2013 owned assets
239.9
173.1
Depreciation and amortisation \u2013 leased assets
61.6
65.0
Other operating expenses
311.9
246.3
Administrative costs
2,222.3
1,978.8
Separately disclosed items before tax and \ufb01nance expense (Note 6)
1,286.5
213.2
Total
5,371.4
3,774.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-594": { "value": "7 Administrative costs Pro\ufb01t before tax, net \ufb01nance expense and separately disclosed items has been arrived at after charging:
2023 2022
\u00a3m \u00a3m
Betting and gaming taxes and duties
1,104.3
909.8
Revenue share arrangements (including content providers)
537.8
555.6
Software royalties
200.1
113.3
Other cost of sales
20.4
3.5
Cost of sales
1,862.6
1,582.2
Salaries and payroll-related expenses (Note 9)
725.0
652.0
Property expenses
92.7
80.0
Content and levy expenses
163.6
176.6
Marketing expenses
627.6
585.8
Depreciation and amortisation \u2013 owned assets
239.9
173.1
Depreciation and amortisation \u2013 leased assets
61.6
65.0
Other operating expenses
311.9
246.3
Administrative costs
2,222.3
1,978.8
Separately disclosed items before tax and \ufb01nance expense (Note 6)
1,286.5
213.2
Total
5,371.4
3,774.2
Fees payable to KPMG were as follows:
2023 2022
\u00a3m \u00a3m
Audit and audit-related services:
Audit of the parent Company and Group \ufb01nancial statements
0.6
0.6
Audit of the Company\u2019s subsidiaries
3.0
2.6
Audit-related assurance services
0.7
0.5
Total fees
4.3
3.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-616": { "value": "Fees payable to KPMG were as follows:
2023 2022
\u00a3m \u00a3m
Audit and audit-related services:
Audit of the parent Company and Group \ufb01nancial statements
0.6
0.6
Audit of the Company\u2019s subsidiaries
3.0
2.6
Audit-related assurance services
0.7
0.5
Total fees
4.3
3.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-551": { "value": "
8 Finance expense and income
2023 2022
\u00a3m \u00a3m
Interest on term loans, bonds and bank facilities
(229.2)
(76.2)
Interest on lease liabilities
(12.6)
(12.8)
Other \ufb01nancing (Note 6)
(1.0)
(5.7)
Total \ufb01nance expense
(242.8)
(94.7)
Interest receivable
12.4
4.3
Losses arising on \ufb01nancial derivatives
(90.6)
(23.1)
Gains/(losses) arising on foreign exchange on debt instruments
123.1
(112.2)
Net \ufb01nance expense
(197.9)
(225.7)
1
1. Interest on lease liabilities of \u00a312.6m (2022: \u00a312.8m) is net of \u00a30.2m of sub-let interest receivable (2022: \u00a30.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-636": { "value": "8 Finance expense and income
2023 2022
\u00a3m \u00a3m
Interest on term loans, bonds and bank facilities
(229.2)
(76.2)
Interest on lease liabilities
(12.6)
(12.8)
Other \ufb01nancing (Note 6)
(1.0)
(5.7)
Total \ufb01nance expense
(242.8)
(94.7)
Interest receivable
12.4
4.3
Losses arising on \ufb01nancial derivatives
(90.6)
(23.1)
Gains/(losses) arising on foreign exchange on debt instruments
123.1
(112.2)
Net \ufb01nance expense
(197.9)
(225.7)
1 1. Interest on lease liabilities of \u00a312.6m (2022: \u00a312.8m) is net of \u00a30.2m of sub-let interest receivable (2022: \u00a30.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-635": { "value": "8 Finance expense and income
2023 2022
\u00a3m \u00a3m
Interest on term loans, bonds and bank facilities
(229.2)
(76.2)
Interest on lease liabilities
(12.6)
(12.8)
Other \ufb01nancing (Note 6)
(1.0)
(5.7)
Total \ufb01nance expense
(242.8)
(94.7)
Interest receivable
12.4
4.3
Losses arising on \ufb01nancial derivatives
(90.6)
(23.1)
Gains/(losses) arising on foreign exchange on debt instruments
123.1
(112.2)
Net \ufb01nance expense
(197.9)
(225.7)
1 1. Interest on lease liabilities of \u00a312.6m (2022: \u00a312.8m) is net of \u00a30.2m of sub-let interest receivable (2022: \u00a30.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-631": { "value": "8 Finance expense and income
2023 2022
\u00a3m \u00a3m
Interest on term loans, bonds and bank facilities
(229.2)
(76.2)
Interest on lease liabilities
(12.6)
(12.8)
Other \ufb01nancing (Note 6)
(1.0)
(5.7)
Total \ufb01nance expense
(242.8)
(94.7)
Interest receivable
12.4
4.3
Losses arising on \ufb01nancial derivatives
(90.6)
(23.1)
Gains/(losses) arising on foreign exchange on debt instruments
123.1
(112.2)
Net \ufb01nance expense
(197.9)
(225.7)
1 1. Interest on lease liabilities of \u00a312.6m (2022: \u00a312.8m) is net of \u00a30.2m of sub-let interest receivable (2022: \u00a30.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-617": { "value": "8 Finance expense and income
2023 2022
\u00a3m \u00a3m
Interest on term loans, bonds and bank facilities
(229.2)
(76.2)
Interest on lease liabilities
(12.6)
(12.8)
Other \ufb01nancing (Note 6)
(1.0)
(5.7)
Total \ufb01nance expense
(242.8)
(94.7)
Interest receivable
12.4
4.3
Losses arising on \ufb01nancial derivatives
(90.6)
(23.1)
Gains/(losses) arising on foreign exchange on debt instruments
123.1
(112.2)
Net \ufb01nance expense
(197.9)
(225.7)
1 1. Interest on lease liabilities of \u00a312.6m (2022: \u00a312.8m) is net of \u00a30.2m of sub-let interest receivable (2022: \u00a30.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-595": { "value": "8 Finance expense and income
2023 2022
\u00a3m \u00a3m
Interest on term loans, bonds and bank facilities
(229.2)
(76.2)
Interest on lease liabilities
(12.6)
(12.8)
Other \ufb01nancing (Note 6)
(1.0)
(5.7)
Total \ufb01nance expense
(242.8)
(94.7)
Interest receivable
12.4
4.3
Losses arising on \ufb01nancial derivatives
(90.6)
(23.1)
Gains/(losses) arising on foreign exchange on debt instruments
123.1
(112.2)
Net \ufb01nance expense
(197.9)
(225.7)
1 1. Interest on lease liabilities of \u00a312.6m (2022: \u00a312.8m) is net of \u00a30.2m of sub-let interest receivable (2022: \u00a30.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-553": { "value": "
9 Employee staff costs
The average monthly number of employees (including Executive Directors) was:
2023 2022
Number Number
Online
14,328
11,868
Retail
14,190
14,184
Other
467
390
Corporate
1,350
1,012
30,335
27,454
The number of people employed by the Group at 31 December 2023 was 31,180 (2022: 28,940).
2023 2022
\u00a3m \u00a3m
Wages and salaries
623.9
560.6
Redundancy costs
28.8
6.2
Social security costs
58.0
49.9
Other pension costs
21.4
18.6
Share-based payments (Note 31)
21.7
19.2
753.8
654.5
1
1. Included within redundancy costs are \u00a328.8m (2022: \u00a32.5m) which are included within separately disclosed items.
In addition to salary, employees may qualify for various bene\ufb01t schemes operated by the Group. Eligibility for bene\ufb01ts is normally
determined according to an employee\u2019s length of service and level of responsibility.
Bene\ufb01ts may include insured bene\ufb01ts that can cover private healthcare for the employee and their immediate family, long-term disability,
personal accident and death in service cover. Company cars, including fuel bene\ufb01ts, are provided predominantly to meet job requirements
but also to certain executives.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-554": { "value": "
10 Income tax
Analysis of expense for the year:
2023 2022
\u00a3m \u00a3m
Current income tax:
\u2013 current tax charge
114.3
91.4
\u2013 adjustments in respect of previous years
(19.6)
(7.9)
Deferred tax:
\u2013 relating to origination and reversal of temporary differences
(58.8)
(17.5)
\u2013 adjustments in respect of previous years
0.2
4.0
Income tax expense reported in the income statement
36.1
70.0
Income tax expense is attributable to:
Pro\ufb01t from continuing operations
36.1
70.0
Loss from discontinued operations
\u2013
\u2013
36.1
70.0
Deferred tax credited directly to other comprehensive income
(1.3)
(8.6)
A reconciliation of income tax expense applicable to loss (2022: pro\ufb01t) before tax at the UK statutory income tax rate to the income tax expense for the years ended 31 December 2023 and 31 December 2022 is as follows:
2023
2022
Separately Separately
disclosed disclosed
Underlying (Note 6) Total Underlying (Note 6) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Pro\ufb01t/(loss) from continuing operations before income tax
444.9
(1,287.5)
(842.6)
321.8
(218.9)
102.9
Loss from discontinued operations before tax
\u2013
(57.8)
(57.8)
\u2013
(13.4)
(13.4)
Pro\ufb01t/(loss) before tax
444.9
(1,345.3)
(900.4)
321.8
(232.3)
89.5
Corporation tax expense thereon at 23.52% (2022: 19.00%)
104.6
(316.4)
(211.8)
61.1
(44.1)
17.0
Adjusted for the effects of:
\u2013 Higher/(lower) effective tax rates on overseas\u0359earnings
(7.4)
19.9
12.5
4.6
6.8
11.4
\u2013 Non-deductible expenses
12.7
8.5
21.2
25.9
9.3
35.2
\u2013 Non-deductible legal settlement
\u2013
137.6
137.6
\u2013
\u2013
\u2013
\u2013 Fair value adjustment to contingent consideration
\u2013
10.5
10.5
\u2013
(0.6)
(0.6)
\u2013 Goodwill impairment
\u2013
68.6
68.6
\u2013
\u2013
\u2013
\u2013 Impact of additional 50% deduction for marketing
expenditure in Gibraltar
\u2013
\u2013
\u2013
(20.3)
\u2013
(20.3)
\u2013 Increase in unrecognised tax losses relating to US joint
venture
8.9
\u2013
8.9
40.7
\u2013
40.7
\u2013 Increase/(decrease) in other unrecognised tax losses
4.2
0.9
5.1
(12.1)
1.0
(11.1)
\u2013 Increase/(decrease) in unrecognised deferred interest
5.8
\u2013
5.8
0.4
\u2013
0.4
\u2013 Difference in current and deferred tax rates
(3.0)
0.1
(2.9)
0.7
0.5
1.2
Adjustments in respect of prior years:
\u2013 Deferred tax
(0.4)
0.6
0.2
4.8
(0.8)
4.0
\u2013 Current tax
(19.6)
\u2013
(19.6)
(7.9)
\u2013
(7.9)
Income tax expense
105.8
(69.7)
36.1
97.9
(27.9)
70.0
Deferred tax Deferred tax at 31 December relates to the following:
Deferred tax Deferred tax
liabilities assets
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
\u2013
\u2013
(31.0)
(45.1)
Intangible assets
731.8
410.6
(22.3)
(25.1)
Retirement bene\ufb01t assets
21.6
22.3
\u2013
\u2013
Losses
\u2013
\u2013
(59.7)
(56.9)
Contingent and deferred revenue share payments
\u2013
\u2013
(321.5)
\u2013
Other temporary difference
71.7
62.5
(58.7)
(30.2)
Deferred tax liabilities/(assets)
825.1
495.4
(493.2)
(157.3)
1 2 3 1. This deferred tax asset re\ufb02ects tax deductions that will arise on future payment of the deferred and contingent consideration amounts by Tab NZ (see Note 32). 2. The deferred tax liability includes a provision for tax on unremitted earnings from overseas subsidiaries of \u00a371.4m (2022: \u00a361.8m) and other temporary differences of \u00a30.3m (2022: \u00a30.7m). The deferred tax asset comprises deferred interest relief of \u00a352.2m (2022: \u00a322.9m) and other temporary differences of \u00a36.5m (2022: 7.3m). 3. Deferred tax assets and liabilities have been offset only where there is a legally enforceable right to do so, and the assets and liabilities relate to the same taxable entity or tax grouping.
Movements in deferred tax during the year ended 31 December 2023 were recognised as follows:
Net deferred tax liabilities/(assets):
Contingent
Property, and deferred Other
plant and Intangible Retirement revenue share temporary
equipment assets bene\ufb01t assets Losses payments differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2021
(62.3)
305.7
33.3
(27.0)
\u2013
16.9
266.6
Income statement
17.7
(14.5)
0.1
(28.7)
\u2013
11.9
(13.5)
Other comprehensive income
\u2013
\u2013
(8.6)
\u2013
\u2013
\u2013
(8.6)
Arising on business combinations
\u2013
85.4
\u2013
\u2013
\u2013
0.5
85.9
Settlement of tax on pension asset
\u2013
\u2013
(2.5)
\u2013
\u2013
\u2013
(2.5)
Exchange adjustment
(0.5)
8.9
\u2013
(1.2)
\u2013
3.0
10.2
At 31 December 2022
(45.1)
385.5
22.3
(56.9)
\u2013
32.3
338.1
Income statement
13.9
(46.7)
0.6
(3.3)
(5.1)
(18.0)
(58.6)
Other comprehensive income
\u2013
\u2013
(1.3)
\u2013
\u2013
\u2013
(1.3)
Arising on business combinations
(Note 32)
\u2013
368.9
\u2013
\u2013
(309.8)
\u2013
59.1
Exchange adjustment
0.2
1.8
\u2013
0.5
(6.6)
(1.3)
(5.4)
At 31 December 2023
(31.0)
709.5
21.6
(59.7)
(321.5)
13.0
331.9
1
Amounts presented on the consolidated balance sheet:
2023 2022
\u00a3m \u00a3m
Deferred tax liabilities
825.1
495.4
Deferred tax assets
(493.2)
(157.3)
Net deferred tax liability
331.9
338.1
The average standard rate of UK corporation tax during the period was 23.52% (2022: 19.0%).
The deferred tax assets and liabilities are measured at the tax rates of the respective territories which are expected to apply in the year
in which the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted
at the balance sheet date. Deferred tax assets have been recognised based on the ability of future offset against deferred tax liabilities
or against future taxable pro\ufb01ts, to the extent they relate to the same taxable entity. The assessment of future taxable pro\ufb01ts is based on
forecasts and assumptions consistent with those used for impairment testing as set out in Note 14.
As at 31 December 2023, the Group had \u00a31,760.9m (2022: \u00a31,764.6m) of gross unrecognised deferred tax assets. This unrecognised
deferred tax asset consists of \u00a3213.3m of capital losses (2022: \u00a3213.3m), \u00a31,479.5m of income losses (2022: \u00a31,538.3m), \u00a366.2m of
deferred interest relief (2022: \u00a313.0m) and \u00a31.9m of other deferred tax assets (2022: \u00a3nil). These assets arise in entities that do not have
deferred tax liabilities they can be set against, and where there are either no forecast future taxable pro\ufb01ts, or the potential future pro\ufb01ts
are not suf\ufb01ciently certain to support the deferred tax asset recognition.
There are no signi\ufb01cant unrecognised taxable temporary differences associated with investments in subsidiaries.
With effect from 1 April 2023 the standard rate of UK Corporation Tax was increased from 19% to 25%. The 25% rate has therefore been
used in measuring the UK deferred tax items at the date of this Report. Deferred tax on retirement bene\ufb01t assets is provided at 35.0%,
which is the rate applicable to refunds at the date of this Report.
In Gibraltar, a temporary enhanced tax deduction for qualifying business marketing and promotion costs was introduced in July 2021,
which applied for the years ended 31 December 2021 and 31 December 2022. The total impact of this measure for the Group has been
a cumulative tax credit of \u00a348.4m. In a subsequent Gibraltar Budget on 28 June 2022 the Chief Minister unexpectedly announced the
retrospective removal of this enhanced deduction, except in very limited circumstances. This change had not been substantively enacted
by the balance sheet date and so is not re\ufb02ected in the tax charge for the year. The impact of this change, once enacted, will depend on
how it is implemented and to which periods the change applies, but could result in a tax charge of up to \u00a348.4m.
The Group\u2019s future tax charge, and effective tax rate, will be affected by a number of factors including the geographic mix of pro\ufb01ts,
changes to statutory corporate tax rates and the impact of continuing global tax reforms.
During 2023 the UK enacted legislation to implement the OECD\u2019s global minimum tax model rules for multinational groups (\u201cPillar Two\u201d ).
This will apply from 1 January 2024 and is not expected not signi\ufb01cantly increase the Group\u2019s future Effective Tax Rate. The Group has
applied the temporary exception required under IAS 12 Income Taxes in relation to the accounting for deferred taxes arising from the
implementation of the Pillar Two rules.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-596": { "value": "10 Income tax Analysis of expense for the year:
2023 2022
\u00a3m \u00a3m
Current income tax:
\u2013 current tax charge
114.3
91.4
\u2013 adjustments in respect of previous years
(19.6)
(7.9)
Deferred tax:
\u2013 relating to origination and reversal of temporary differences
(58.8)
(17.5)
\u2013 adjustments in respect of previous years
0.2
4.0
Income tax expense reported in the income statement
36.1
70.0
Income tax expense is attributable to:
Pro\ufb01t from continuing operations
36.1
70.0
Loss from discontinued operations
\u2013
\u2013
36.1
70.0
Deferred tax credited directly to other comprehensive income
(1.3)
(8.6)
A reconciliation of income tax expense applicable to loss (2022: pro\ufb01t) before tax at the UK statutory income tax rate to the income tax
expense for the years ended 31 December 2023 and 31 December 2022 is as follows:
2023
2022
Separately Separately
disclosed disclosed
Underlying (Note 6) Total Underlying (Note 6) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Pro\ufb01t/(loss) from continuing operations before income tax
444.9
(1,287.5)
(842.6)
321.8
(218.9)
102.9
Loss from discontinued operations before tax
\u2013
(57.8)
(57.8)
\u2013
(13.4)
(13.4)
Pro\ufb01t/(loss) before tax
444.9
(1,345.3)
(900.4)
321.8
(232.3)
89.5
Corporation tax expense thereon at 23.52% (2022: 19.00%)
104.6
(316.4)
(211.8)
61.1
(44.1)
17.0
Adjusted for the effects of:
\u2013 Higher/(lower) effective tax rates on overseas\u0359earnings
(7.4)
19.9
12.5
4.6
6.8
11.4
\u2013 Non-deductible expenses
12.7
8.5
21.2
25.9
9.3
35.2
\u2013 Non-deductible legal settlement
\u2013
137.6
137.6
\u2013
\u2013
\u2013
\u2013 Fair value adjustment to contingent consideration
\u2013
10.5
10.5
\u2013
(0.6)
(0.6)
\u2013 Goodwill impairment
\u2013
68.6
68.6
\u2013
\u2013
\u2013
\u2013 Impact of additional 50% deduction for marketing
expenditure in Gibraltar
\u2013
\u2013
\u2013
(20.3)
\u2013
(20.3)
\u2013 Increase in unrecognised tax losses relating to US joint
venture
8.9
\u2013
8.9
40.7
\u2013
40.7
\u2013 Increase/(decrease) in other unrecognised tax losses
4.2
0.9
5.1
(12.1)
1.0
(11.1)
\u2013 Increase/(decrease) in unrecognised deferred interest
5.8
\u2013
5.8
0.4
\u2013
0.4
\u2013 Difference in current and deferred tax rates
(3.0)
0.1
(2.9)
0.7
0.5
1.2
Adjustments in respect of prior years:
\u2013 Deferred tax
(0.4)
0.6
0.2
4.8
(0.8)
4.0
\u2013 Current tax
(19.6)
\u2013
(19.6)
(7.9)
\u2013
(7.9)
Income tax expense
105.8
(69.7)
36.1
97.9
(27.9)
70.0
Deferred tax
Deferred tax at 31 December relates to the following:
Deferred tax Deferred tax
liabilities assets
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
\u2013
\u2013
(31.0)
(45.1)
Intangible assets
731.8
410.6
(22.3)
(25.1)
Retirement bene\ufb01t assets
21.6
22.3
\u2013
\u2013
Losses
\u2013
\u2013
(59.7)
(56.9)
Contingent and deferred revenue share payments
\u2013
\u2013
(321.5)
\u2013
Other temporary difference
71.7
62.5
(58.7)
(30.2)
Deferred tax liabilities/(assets)
825.1
495.4
(493.2)
(157.3)
1
2
3
1. This deferred tax asset re\ufb02ects tax deductions that will arise on future payment of the deferred and contingent consideration amounts by Tab NZ (see Note 32).
2. The deferred tax liability includes a provision for tax on unremitted earnings from overseas subsidiaries of \u00a371.4m (2022: \u00a361.8m) and other temporary differences of \u00a30.3m
(2022: \u00a30.7m). The deferred tax asset comprises deferred interest relief of \u00a352.2m (2022: \u00a322.9m) and other temporary differences of \u00a36.5m (2022: 7.3m).
3. Deferred tax assets and liabilities have been offset only where there is a legally enforceable right to do so, and the assets and liabilities relate to the same taxable entity or tax
grouping.
Movements in deferred tax during the year ended 31 December 2023 were recognised as follows: Net deferred tax liabilities/(assets):
Contingent
Property, and deferred Other
plant and Intangible Retirement revenue share temporary
equipment assets bene\ufb01t assets Losses payments differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2021
(62.3)
305.7
33.3
(27.0)
\u2013
16.9
266.6
Income statement
17.7
(14.5)
0.1
(28.7)
\u2013
11.9
(13.5)
Other comprehensive income
\u2013
\u2013
(8.6)
\u2013
\u2013
\u2013
(8.6)
Arising on business combinations
\u2013
85.4
\u2013
\u2013
\u2013
0.5
85.9
Settlement of tax on pension asset
\u2013
\u2013
(2.5)
\u2013
\u2013
\u2013
(2.5)
Exchange adjustment
(0.5)
8.9
\u2013
(1.2)
\u2013
3.0
10.2
At 31 December 2022
(45.1)
385.5
22.3
(56.9)
\u2013
32.3
338.1
Income statement
13.9
(46.7)
0.6
(3.3)
(5.1)
(18.0)
(58.6)
Other comprehensive income
\u2013
\u2013
(1.3)
\u2013
\u2013
\u2013
(1.3)
Arising on business combinations
(Note 32)
\u2013
368.9
\u2013
\u2013
(309.8)
\u2013
59.1
Exchange adjustment
0.2
1.8
\u2013
0.5
(6.6)
(1.3)
(5.4)
At 31 December 2023
(31.0)
709.5
21.6
(59.7)
(321.5)
13.0
331.9
1 Amounts presented on the consolidated balance sheet:
2023 2022
\u00a3m \u00a3m
Deferred tax liabilities
825.1
495.4
Deferred tax assets
(493.2)
(157.3)
Net deferred tax liability
331.9
338.1
The average standard rate of UK corporation tax during the period was 23.52% (2022: 19.0%). The deferred tax assets and liabilities are measured at the tax rates of the respective territories which are expected to apply in the year in which the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets have been recognised based on the ability of future offset against deferred tax liabilities or against future taxable pro\ufb01ts, to the extent they relate to the same taxable entity. The assessment of future taxable pro\ufb01ts is based on forecasts and assumptions consistent with those used for impairment testing as set out in Note 14. As at 31 December 2023, the Group had \u00a31,760.9m (2022: \u00a31,764.6m) of gross unrecognised deferred tax assets. This unrecognised deferred tax asset consists of \u00a3213.3m of capital losses (2022: \u00a3213.3m), \u00a31,479.5m of income losses (2022: \u00a31,538.3m), \u00a366.2m of deferred interest relief (2022: \u00a313.0m) and \u00a31.9m of other deferred tax assets (2022: \u00a3nil). These assets arise in entities that do not have deferred tax liabilities they can be set against, and where there are either no forecast future taxable pro\ufb01ts, or the potential future pro\ufb01ts are not suf\ufb01ciently certain to support the deferred tax asset recognition. There are no signi\ufb01cant unrecognised taxable temporary differences associated with investments in subsidiaries. With effect from 1 April 2023 the standard rate of UK Corporation Tax was increased from 19% to 25%. The 25% rate has therefore been used in measuring the UK deferred tax items at the date of this Report. Deferred tax on retirement bene\ufb01t assets is provided at 35.0%, which is the rate applicable to refunds at the date of this Report. In Gibraltar, a temporary enhanced tax deduction for qualifying business marketing and promotion costs was introduced in July 2021, which applied for the years ended 31 December 2021 and 31 December 2022. The total impact of this measure for the Group has been a cumulative tax credit of \u00a348.4m. In a subsequent Gibraltar Budget on 28 June 2022 the Chief Minister unexpectedly announced the retrospective removal of this enhanced deduction, except in very limited circumstances. This change had not been substantively enacted by the balance sheet date and so is not re\ufb02ected in the tax charge for the year. The impact of this change, once enacted, will depend on how it is implemented and to which periods the change applies, but could result in a tax charge of up to \u00a348.4m. The Group\u2019s future tax charge, and effective tax rate, will be affected by a number of factors including the geographic mix of pro\ufb01ts, changes to statutory corporate tax rates and the impact of continuing global tax reforms. During 2023 the UK enacted legislation to implement the OECD\u2019s global minimum tax model rules for multinational groups (\u201cPillar Two\u201d ). This will apply from 1 January 2024 and is not expected not signi\ufb01cantly increase the Group\u2019s future Effective Tax Rate. The Group has applied the temporary exception required under IAS 12 Income Taxes in relation to the accounting for deferred taxes arising from the implementation of the Pillar Two rules.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-555": { "value": "
11 Dividends
2023 2022
Shares in Shares in
2023 2022 issue issue
Pence per share pence pence number number
2022 interim dividend paid
\u2013
8.5
\u2013
588.8
2022 second interim dividend paid
8.5
n/a
588.8
n/a
2023 interim dividend paid
8.9
n/a
638.8
n/a
A second interim dividend of 8.9p (2022: 8.5p) per share, amounting to \u00a356.9m (2022: \u00a350.0m) in respect of the year ended 31 December
2023, was proposed by the Directors on 7 March 2024. The estimated total amount payable in respect of the \ufb01nal dividend is based on
the expected number of shares in issue on 7 March 2024. There are no income tax implications for the Group and Company arising from
the proposed second interim dividend. The 2022 second interim dividend of 8.5p per share (\u00a350.0m) was paid on 26 April 2023. The 2023
interim dividend of 8.9p per share (\u00a356.8m) was paid on 18 September 2023.
In the year, the Group paid a dividend totalling \u00a37.4m to non-controlling interests (2022: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "0.085", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-8": { "value": "0.089", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-556": { "value": "
12 Earnings per share
Basic earnings per share has been calculated by dividing the loss for the year attributable to shareholders of the Company of \u00a3928.6m
(2022: \u00a324.2m pro\ufb01t) by the weighted average number of shares in issue during the year of 617.5m (2022: 588.2m).
The dilutive effects of share options and contingently issuable shares are not considered when calculating the diluted loss per share.
At 31 December 2023, there were 638.8m \u20ac0.01 ordinary shares in issue.
The calculation of adjusted earnings per share which removes separately disclosed items and foreign exchange gains and losses arising
on \ufb01nancial instruments has also been disclosed as it provides a better understanding of the underlying performance of the Group.
Separately disclosed items are de\ufb01 ned in Note 4 and disclosed in Note 6.
Total earnings per share
Weighted average number of shares (millions)
2023
2022
Shares for basic earnings per share
616.0
588.2
Potentially dilutive share options and contingently issuable shares
1.5
4.5
Shares for diluted earnings per share
617.5
592.7
2023 2022
Total pro\ufb01t \u00a3m \u00a3m
(Loss)/pro\ufb01t attributable to shareholders
(928.6)
24.2
\u2013 from continuing operations
(870.8)
37.6
\u2013 from discontinued operations
(57.8)
(13.4)
Losses arising from \ufb01nancial instruments
90.6
23.1
(Gains)/losses arising from foreign exchange debt instruments
(123.1)
112.2
Associated tax charge on (losses)/gains arising from \ufb01nancial instruments and foreign exchange debt instruments
1.1
(2.4)
Separately disclosed items net of tax (Note 6)
1,232.7
201.4
Adjusted pro\ufb01t attributable to shareholders
272.7
358.5
\u2013 from continuing operations
272.7
358.5
\u2013 from discontinued operations
\u2013
\u2013
Standard earnings Adjusted earnings
per share per share
Earnings per share (pence)
2023
2022
2023
2022
Basic earnings per share
\u2013 from continuing operations
(141.4)
6.4
44.3
60.9
\u2013 from discontinued operations
(9.3)
(2.3)
\u2013
\u2013
From pro\ufb01t for the period
(150.7)
4.1
44.3
60.9
Diluted earnings per share
\u2013 from continuing operations
(141.4)
6.3
44.2
60.5
\u2013 from discontinued operations
(9.3)
(2.2)
\u2013
\u2013
From pro\ufb01t for the period
(150.7)
4.1
44.2
60.5
The earnings per share presented above is inclusive of the performance from the US joint venture BetMGM. Adjusting for the removal of
the BetMGM performance would result in a basic adjusted earnings per share of 51.1p (2022: 93.9p) and a diluted adjusted earnings per
share of 51.0p (2022: 93.2p) from continuing operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-557": { "value": "
13 Goodwill and intangible assets
Customer Trade-marks &
Goodwill Licences Software relationships brand names Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
3,492.5
49.7
622.0
1,005.0
2,017.5
7,186.7
Exchange adjustment
153.6
7.1
28.3
34.1
44.9
268.0
Additions
\u2013
\u2013
129.9
\u2013
\u2013
129.9
Additions from business combinations (Note 32)
1
624.0
149.1
7.4
201.9
207.0
1,189.4
Disposals
\u2013
(0.5)
(13.9)
\u2013
\u2013
(14.4)
Reclassi\ufb01cation
\u2013
\u2013
(1.0)
\u2013
\u2013
(1.0)
At 31 December 2022 (restated)
4,270.1
205.4
772.7
1,241.0
2,269.4
8,758.6
Exchange adjustment
(68.2)
11.8
(12.7)
(12.3)
(17.4)
(98.8)
Additions
\u2013
\u2013
191.5
\u2013
\u2013
191.5
Additions from business combinations (Note 32)
1,067.5
747.8
49.8
275.5
439.5
2,580.1
Disposals
\u2013
\u2013
(2.9)
\u2013
\u2013
(2.9)
At 31 December 2023
5,269.4
965.0
998.4
1,504.2
2,691.5
11,428.5
Accumulated amortisation and impairment
At 1 January 2022
275.5
13.3
405.8
942.0
180.6
1,817.2
Exchange adjustment
13.7
0.3
19.8
23.6
11.7
69.1
Amortisation charge
\u2013
12.7
109.1
52.4
54.9
229.1
Impairment charge
\u2013
0.5
\u2013
\u2013
\u2013
0.5
Disposals
\u2013
(0.5)
(13.9)
\u2013
\u2013
(14.4)
At 31 December 2022
289.2
26.3
520.8
1,018.0
247.2 2,101.5
Exchange adjustment
(13.3)
(0.1)
(9.1)
(13.8)
(7.3)
(43.6)
Amortisation charge
\u2013
45.3
138.0
141.4
90.4
415.1
Impairment charge
277.5
\u2013
2.2
0.5
2.1
282.3
Disposals
\u2013
\u2013
(2.9)
\u2013
\u2013
(2.9)
At 31 December 2023
553.4
71.5
649.0
1,146.1
332.4
2,752.4
Net book value
At 31 December 2022
3,980.9
179.1
251.9
223.0
2,022.2
6,657.1
At 31 December 2023
4,716.0
893.5
349.4
358.1
2,359.1
8,676.1
1
1. Restatement of prior year intangible valuations has been made in relation to the prior year SuperSport acquisition during the subsequent measurement period. See note 32 for
further details.
At 31 December 2023 the Group had not entered into contractual commitments for the acquisition of any intangible assets (2022: \u00a3nil).
Included within trade-marks and brand names are \u00a31,398.4m (2022: \u00a31,398.4m) of intangible assets considered to have inde\ufb01nite lives.
These assets relate to the UK Ladbrokes and Coral brands which are considered to have inde\ufb01nite durability that can be demonstrated,
and their value can be readily measured. The brands operate in longstanding and pro\ufb01table market sectors. The Group has a strong
position in the market and there are barriers to entry due to the requirement to demonstrate that the applicant is a \ufb01t and proper person
with the \u2018know-how\u2019 required to run such operations.
Goodwill re\ufb02ects the value by which consideration exceeds the fair value of net assets acquired as part of a business combination
including the deferred tax liability arising on acquisitions.
Licences comprise the cost of acquired betting shop and online licences, as well as licences acquired as part of the NZ Tab acquisition
(see Note 32).
Software relates to the cost of acquired software, through purchase or business combination, and the capitalisation of internally
developed software. Additions of \u00a3191.5m (2022: \u00a3128.8m) include \u00a392.6m of internally capitalised costs (2022: \u00a358.0m).
Customer relationships, trade-marks and brand names relate to the fair value of customer lists, trade-marks and brand names acquired
as part of business combinations, primarily relating to the bwin, Ladbrokes Coral Group, Enlabs, Sport Interaction, SuperSport, BetCity,
365Scores, and Tab NZ businesses.
14 Impairment testing of goodwill and inde\ufb01 nite life intangible assets
An impairment loss is recognised for any amount by which an asset\u2019s carrying amount exceeds its recoverable amount. The recoverable
amount is the higher of an asset\u2019s fair value less costs to sell and its value in use. For the purposes of assessing impairment, assets are
grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows (cash-generating units).
Within UK, European Retail, CEE, and Tab NZ Retail, the cash-generating units (\u201cCGUs\u201d) are generally an individual Licensed Betting
Of\ufb01ce (\u201cLBO\u201d) and, therefore, impairment is \ufb01rst assessed at this level for licences (intangibles) and property, plant and equipment, with
any impairment arising booked to licences and property, plant and equipment on a pro-rata basis. Since goodwill and brand names have
not been historically allocated to individual LBOs, a secondary assessment is then made to compare the carrying value of the segment
against the recoverable amount with any additional impairment then taken against goodwill \ufb01rst.
For Online the CGU is the relevant geographical location or business unit, for example Australia, European digital (de\ufb01ned as websites
hosted by proprietary platforms based in European constituent countries), Digital (de\ufb01ned as websites hosted by Entain proprietary
platforms) etc. and any impairments are made \ufb01rstly to goodwill, next to any capitalised intangible asset and then \ufb01nally to property,
plant and equipment. The expected cash \ufb02ows generated by the assets are discounted using appropriate discount rates that re\ufb02ect the
time value of money and risks associated with the group of assets.
For both tangible and intangible assets, the future cash \ufb02ows are based on the forecasts and budgets of the CGU or business discounted
to re\ufb02ect time value of money. The key assumptions within the UK and European Retail budgets are OTC wagers (customer visits and
spend per visit), the average number of machines per shop, gross win per shop per week, salary increases, the potential impact of the
shop closures and the \ufb01xed costs of the LBOs. The key assumptions within the budgets for Online are the number of active customers, net
revenue per head, win percentage, marketing spend, revenue shares and operating costs. All forecasts take into account the impact of the
Group\u2019s commitment to be Net Zero by 2035 as well as the impact of climate change.
The value in use calculations use cash \ufb02ows based on detailed, Board approved, \ufb01nancial budgets prepared by management covering a
three-year period. These forecasts have been extrapolated over years 4 to 8 representing a declining growth curve from year 3 until the
long-term forecast growth rate is reached. The growth rates used from years 4 to 8 range from 0% to 10%. From year 9 onwards long-term
growth rates used are between 0% and 2% (2022: between 0% and 2%) and are based on the long-term GDP growth rate of the countries
in which the relevant CGUs operate or the relevant outlook for the business. An eight-year horizon is considered appropriate based on the
Group\u2019s history of underlying pro\ufb01t as well as ensuring there is an appropriate decline to long-term growth rates from those growth rates
currently observed in our key markets. A 0% growth rate has been used for the UK Retail operating segment. All key assumptions used in
the value in use calculations re\ufb02ect the Group\u2019s past experience unless a relevant external source of information is available. Whilst the
same approach is adopted for Tab NZ impairment reviews, the value-in-use is assessed over the 25-year life of the licence rather than
into perpetuity.
The discount rate calculation is based on the speci\ufb01c circumstances with reference to the WACC and risk factors expected in the industry
in which the Group operates.
The pre-tax discount rates used, which have remained consistent year-on-year, and the associated carrying value of goodwill by CGU is
as follows:
2023 2022 2023 2022
restated
Goodwill % % \u00a3m \u00a3m
Digital
11.1
12.6\u201312.9
2,263.4
2,230.7
UK Retail
12.6
12.6
76.4
76.4
Australia
13.5
13.5
145.0
347.5
European Retail
9.5\u201313.3
9.5\u201313.3
147.1
161.5
European Digital
9.5\u201313.3
9.5\u201313.3
343.3
350.4
Enlabs
11.8
11.8
205.3
209.6
BetCity
12.7
n/a
200.1
n/a
SuperSport
11.5
11.8
527.8
538.4
STS
11.7
n/a
389.1
n/a
365Scores
12.3
n/a
86.8
n/a
Tab NZ
11.1
n/a
255.5
n/a
All other segments
11.1\u201312.6
12.4
76.2
66.4
4,716.0
3,980.9
1
1. Restatement of prior year intangible valuations has been made in relation to the prior year SuperSport acquisition during the subsequent measurement period. See note 32 for
further details.
It is not practical or material to disclose the carrying value of individual licences by LBO.
Impairment recognised during the year
Impairments of intangible assets and property, plant and equipment are recognised as separately disclosed items within operating expenses.
Australia impairment
During the current year, the Group recorded a non-cash impairment charge of \u00a3190.0m against the Online division. The charge has arisen in the
Group\u2019s Australian CGU and 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.
Whilst our Australian business continues to be pro\ufb01table and strategically important, market conditions and tax headwinds have reduced the value in use of the business resulting in the impairment charge. Post the annualisation of the tax increases and stabilisation of local market conditions, we expect our Australian business to return to growth. Impairment testing across the business
Licences/ Customer
Franchisees
PPE & Software
relationships
Goodwill
Brand name
UK Digital Digital Impairment review Combined
Digital/UK Retail
Impairment
UK Retail
UK Retail site by site Impairment review
UK Retail Impairment review
review
ROI ROI Impairment review
Eurobet Eurobet Digital Impairment review
Digital Eurobet
Impairment
Eurobet Eurobet Retail Impairment review review
Retail
Belgium Belgium Digital Impairment review
Digital Belgium
Impairment
Belgium Belgium Retail Impairment review review
Retail
Australia Australia Impairment review
Enlabs Enlabs Impairment review
BetCity BetCity Impairment review
SuperSport SuperSport Digital Impairment review
Digital SuperSport
SuperSport SuperSport Retail Impairment review Impairment review
Retail
STS STS Impairment review
365Scores 365Scores Impairment review
Tab NZ Tab NZ Digital Impairment review
Digital Tab NZ
Impairment
Tab NZ Tab NZ Retail Impairment review review
Retail
Unikrn impairment During the year, the Group took the decision to close its B2C eSports business operating under the Unikrn brand, in favour of developing a leading eSports proposition on existing labels. As a result of the decision to turn off its B2C operations, the Group has recorded an \u00a343.2m impairment of goodwill and \u00a31.1m impairment of trade-marks and brands associated with the Unikrn operation during the current year within the New Opportunities segment. Impala impairment The Group has also taken the decision during 2023 to close its B2C operations in Zambia and Kenya, operations that were run out of the previously acquired African subsidiary. As a result of the decision to close these operations and focus resources to drive growth in other markets, the Group has recorded an impairment against the value of assets carried against this business. The resulting impairment has been booked against goodwill of \u00a329.9m, and against software of \u00a34.0m within the Online segment. In addition, an impairment charge of \u00a311.0m has been recognised during the current year against our Retail estate in ROI as a result of a reduced outlook for this market, and \u00a35.0m against Totolotek following its closure post the STS acquisition. Sensitivity analysis With the exception of Australia, no reasonable change in assumptions would cause an additional impairment, including A 5% decrease in all cash \ufb02ows or a 0.5pp increase in discount rates. For Australia, a 10% increase in revenue would reduce the impairment by \u00a3110.0m, whereas a 5% decrease in revenue would increase the impairment by \u00a348.0m. Each 0.5pp movement in the discount rate impacting the charge by \u00a320.0m.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-632": { "value": "13 Goodwill and intangible assets
Customer Trade-marks &
Goodwill Licences Software relationships brand names Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
3,492.5
49.7
622.0
1,005.0
2,017.5
7,186.7
Exchange adjustment
153.6
7.1
28.3
34.1
44.9
268.0
Additions
\u2013
\u2013
129.9
\u2013
\u2013
129.9
Additions from business combinations (Note 32)
1
624.0
149.1
7.4
201.9
207.0
1,189.4
Disposals
\u2013
(0.5)
(13.9)
\u2013
\u2013
(14.4)
Reclassi\ufb01cation
\u2013
\u2013
(1.0)
\u2013
\u2013
(1.0)
At 31 December 2022 (restated)
4,270.1
205.4
772.7
1,241.0
2,269.4
8,758.6
Exchange adjustment
(68.2)
11.8
(12.7)
(12.3)
(17.4)
(98.8)
Additions
\u2013
\u2013
191.5
\u2013
\u2013
191.5
Additions from business combinations (Note 32)
1,067.5
747.8
49.8
275.5
439.5
2,580.1
Disposals
\u2013
\u2013
(2.9)
\u2013
\u2013
(2.9)
At 31 December 2023
5,269.4
965.0
998.4
1,504.2
2,691.5
11,428.5
Accumulated amortisation and impairment
At 1 January 2022
275.5
13.3
405.8
942.0
180.6
1,817.2
Exchange adjustment
13.7
0.3
19.8
23.6
11.7
69.1
Amortisation charge
\u2013
12.7
109.1
52.4
54.9
229.1
Impairment charge
\u2013
0.5
\u2013
\u2013
\u2013
0.5
Disposals
\u2013
(0.5)
(13.9)
\u2013
\u2013
(14.4)
At 31 December 2022
289.2
26.3
520.8
1,018.0
247.2 2,101.5
Exchange adjustment
(13.3)
(0.1)
(9.1)
(13.8)
(7.3)
(43.6)
Amortisation charge
\u2013
45.3
138.0
141.4
90.4
415.1
Impairment charge
277.5
\u2013
2.2
0.5
2.1
282.3
Disposals
\u2013
\u2013
(2.9)
\u2013
\u2013
(2.9)
At 31 December 2023
553.4
71.5
649.0
1,146.1
332.4
2,752.4
Net book value
At 31 December 2022
3,980.9
179.1
251.9
223.0
2,022.2
6,657.1
At 31 December 2023
4,716.0
893.5
349.4
358.1
2,359.1
8,676.1
1 1. Restatement of prior year intangible valuations has been made in relation to the prior year SuperSport acquisition during the subsequent measurement period. See note 32 for further details. At 31 December 2023 the Group had not entered into contractual commitments for the acquisition of any intangible assets (2022: \u00a3nil). Included within trade-marks and brand names are \u00a31,398.4m (2022: \u00a31,398.4m) of intangible assets considered to have inde\ufb01nite lives. These assets relate to the UK Ladbrokes and Coral brands which are considered to have inde\ufb01nite durability that can be demonstrated, and their value can be readily measured. The brands operate in longstanding and pro\ufb01table market sectors. The Group has a strong position in the market and there are barriers to entry due to the requirement to demonstrate that the applicant is a \ufb01t and proper person with the \u2018know-how\u2019 required to run such operations. Goodwill re\ufb02ects the value by which consideration exceeds the fair value of net assets acquired as part of a business combination including the deferred tax liability arising on acquisitions. Licences comprise the cost of acquired betting shop and online licences, as well as licences acquired as part of the NZ Tab acquisition (see Note 32). Software relates to the cost of acquired software, through purchase or business combination, and the capitalisation of internally developed software. Additions of \u00a3191.5m (2022: \u00a3128.8m) include \u00a392.6m of internally capitalised costs (2022: \u00a358.0m). Customer relationships, trade-marks and brand names relate to the fair value of customer lists, trade-marks and brand names acquired as part of business combinations, primarily relating to the bwin, Ladbrokes Coral Group, Enlabs, Sport Interaction, SuperSport, BetCity, 365Scores, and Tab NZ businesses. 15 Property, plant and equipment
Land and Plant and Fixtures Leased
buildings equipment and \ufb01ttings assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
26.8
102.5
188.3
572.3
889.9
Exchange adjustment
0.7
3.2
7.0
5.2
16.1
Additions
24.9
50.6
11.1
61.8
148.4
Additions from business combinations
0.2
3.2
4.4
9.5
17.3
Disposals
(10.4)
(20.2)
(16.1)
(3.5)
(50.2)
Reclassi\ufb01cation
(1.6)
1.9
42.9
(42.2)
1.0
At 31 December 2022
40.6
141.2
237.6
603.1
1,022.5
Exchange adjustment
(0.3)
(2.1)
(3.5)
(1.4)
(7.3)
Additions
18.0
27.0
45.9
45.6
136.5
Additions from business combinations (Note 32)
4.9
8.1
2.2
26.9
42.1
Disposals
(4.5)
(6.7)
(5.7)
(49.8)
(66.7)
Reclassi\ufb01cation
\u2013
0.9
(0.9)
\u2013
\u2013
At 31 December 2023
58.7
168.4
275.6
624.4
1,127.1
Accumulated depreciation
At 1 January 2022
11.3
38.3
52.2
320.9
422.7
Exchange adjustment
0.5
2.7
2.0
4.2
9.4
Depreciation charge
11.4
23.5
26.0
65.0
125.9
Impairment
\u2013
0.1
1.9
4.5
6.5
Disposals
(10.3)
(20.0)
(16.1)
(2.8)
(49.2)
Reclassi\ufb01cation
\u2013
\u2013
21.7
(21.7)
\u2013
At 31 December 2022
12.9
44.6
87.7
370.1
515.3
Exchange adjustment
(0.2)
(1.5)
(2.0)
(0.6)
(4.3)
Depreciation charge
13.7
29.4
36.6
61.3
141.0
Impairment
0.9
0.7
0.4
4.7
6.7
Disposals
(4.5)
(6.0)
(5.1)
(49.4)
(65.0)
Reclassi\ufb01cation
\u2013
(0.2)
0.2
\u2013
\u2013
At 31 December 2023
22.8
67.0
117.8
386.1
593.7
Net book value
At 31 December 2022
27.7
96.6
149.9
233.0
507.2
At 31 December 2023
35.9
101.4
157.8
238.3
533.4
At 31 December 2023, the Group had not entered into contractual commitments for the acquisition of any property, plant and equipment (2022: \u00a3nil). Included within \ufb01xtures, \ufb01ttings and equipment are assets in the course of construction which are not being depreciated of \u00a317.1m (2022: \u00a310.6m), relating predominantly to self-service betting terminals and the new point of sale system in UK Retail. An impairment charge of \u00a36.5m (2022: \u00a36.5m) has been made against closed retail shops and of\ufb01ce buildings included within leased assets in the year. See Notes 6 and 14 for further details. Analysis of leased assets:
Land and Plant and
buildings equipment Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
520.7
51.6
572.3
Exchange adjustment
5.0
0.2
5.2
Additions
60.0
1.8
61.8
Additions from business combinations
9.5
\u2013
9.5
Disposals
(2.0)
(1.5)
(3.5)
Reclassi\ufb01cation
\u2013
(42.2)
(42.2)
At 31 December 2022
593.2
9.9
603.1
Exchange adjustment
(1.3)
(0.1)
(1.4)
Additions
32.8
12.8
45.6
Additions from business combinations
26.0
0.9
26.9
Disposals
(49.8)
\u2013
(49.8)
At 31 December 2023
600.9
23.5
624.4
Accumulated depreciation
At 1 January 2022
299.8
21.1
320.9
Exchange adjustment
4.1
0.1
4.2
Depreciation charge
55.1
9.9
65.0
Impairment
4.5
\u2013
4.5
Disposals
(2.0)
(0.8)
(2.8)
Reclassi\ufb01cation
\u2013
(21.7)
(21.7)
At 31 December 2022
361.5
8.6
370.1
Exchange adjustment
(0.6)
\u2013
(0.6)
Depreciation charge
59.0
2.3
61.3
Impairment
4.7
\u2013
4.7
Disposals
(49.4)
\u2013
(49.4)
At 31 December 2023
375.2
10.9
386.1
Net book value
At 31 December 2022
231.7
1.3
233.0
At 31 December 2023
225.7
12.6
238.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-619": { "value": "13 Goodwill and intangible assets
Customer Trade-marks &
Goodwill Licences Software relationships brand names Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
3,492.5
49.7
622.0
1,005.0
2,017.5
7,186.7
Exchange adjustment
153.6
7.1
28.3
34.1
44.9
268.0
Additions
\u2013
\u2013
129.9
\u2013
\u2013
129.9
Additions from business combinations (Note 32)
1
624.0
149.1
7.4
201.9
207.0
1,189.4
Disposals
\u2013
(0.5)
(13.9)
\u2013
\u2013
(14.4)
Reclassi\ufb01cation
\u2013
\u2013
(1.0)
\u2013
\u2013
(1.0)
At 31 December 2022 (restated)
4,270.1
205.4
772.7
1,241.0
2,269.4
8,758.6
Exchange adjustment
(68.2)
11.8
(12.7)
(12.3)
(17.4)
(98.8)
Additions
\u2013
\u2013
191.5
\u2013
\u2013
191.5
Additions from business combinations (Note 32)
1,067.5
747.8
49.8
275.5
439.5
2,580.1
Disposals
\u2013
\u2013
(2.9)
\u2013
\u2013
(2.9)
At 31 December 2023
5,269.4
965.0
998.4
1,504.2
2,691.5
11,428.5
Accumulated amortisation and impairment
At 1 January 2022
275.5
13.3
405.8
942.0
180.6
1,817.2
Exchange adjustment
13.7
0.3
19.8
23.6
11.7
69.1
Amortisation charge
\u2013
12.7
109.1
52.4
54.9
229.1
Impairment charge
\u2013
0.5
\u2013
\u2013
\u2013
0.5
Disposals
\u2013
(0.5)
(13.9)
\u2013
\u2013
(14.4)
At 31 December 2022
289.2
26.3
520.8
1,018.0
247.2 2,101.5
Exchange adjustment
(13.3)
(0.1)
(9.1)
(13.8)
(7.3)
(43.6)
Amortisation charge
\u2013
45.3
138.0
141.4
90.4
415.1
Impairment charge
277.5
\u2013
2.2
0.5
2.1
282.3
Disposals
\u2013
\u2013
(2.9)
\u2013
\u2013
(2.9)
At 31 December 2023
553.4
71.5
649.0
1,146.1
332.4
2,752.4
Net book value
At 31 December 2022
3,980.9
179.1
251.9
223.0
2,022.2
6,657.1
At 31 December 2023
4,716.0
893.5
349.4
358.1
2,359.1
8,676.1
1 1. Restatement of prior year intangible valuations has been made in relation to the prior year SuperSport acquisition during the subsequent measurement period. See note 32 for further details. At 31 December 2023 the Group had not entered into contractual commitments for the acquisition of any intangible assets (2022: \u00a3nil). Included within trade-marks and brand names are \u00a31,398.4m (2022: \u00a31,398.4m) of intangible assets considered to have inde\ufb01nite lives. These assets relate to the UK Ladbrokes and Coral brands which are considered to have inde\ufb01nite durability that can be demonstrated, and their value can be readily measured. The brands operate in longstanding and pro\ufb01table market sectors. The Group has a strong position in the market and there are barriers to entry due to the requirement to demonstrate that the applicant is a \ufb01t and proper person with the \u2018know-how\u2019 required to run such operations. Goodwill re\ufb02ects the value by which consideration exceeds the fair value of net assets acquired as part of a business combination including the deferred tax liability arising on acquisitions. Licences comprise the cost of acquired betting shop and online licences, as well as licences acquired as part of the NZ Tab acquisition (see Note 32). Software relates to the cost of acquired software, through purchase or business combination, and the capitalisation of internally developed software. Additions of \u00a3191.5m (2022: \u00a3128.8m) include \u00a392.6m of internally capitalised costs (2022: \u00a358.0m). Customer relationships, trade-marks and brand names relate to the fair value of customer lists, trade-marks and brand names acquired as part of business combinations, primarily relating to the bwin, Ladbrokes Coral Group, Enlabs, Sport Interaction, SuperSport, BetCity, 365Scores, and Tab NZ businesses. 14 Impairment testing of goodwill and inde\ufb01 nite life intangible assets An impairment loss is recognised for any amount by which an asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows (cash-generating units). Within UK, European Retail, CEE, and Tab NZ Retail, the cash-generating units (\u201cCGUs\u201d) are generally an individual Licensed Betting Of\ufb01ce (\u201cLBO\u201d) and, therefore, impairment is \ufb01rst assessed at this level for licences (intangibles) and property, plant and equipment, with any impairment arising booked to licences and property, plant and equipment on a pro-rata basis. Since goodwill and brand names have not been historically allocated to individual LBOs, a secondary assessment is then made to compare the carrying value of the segment against the recoverable amount with any additional impairment then taken against goodwill \ufb01rst. For Online the CGU is the relevant geographical location or business unit, for example Australia, European digital (de\ufb01ned as websites hosted by proprietary platforms based in European constituent countries), Digital (de\ufb01ned as websites hosted by Entain proprietary platforms) etc. and any impairments are made \ufb01rstly to goodwill, next to any capitalised intangible asset and then \ufb01nally to property, plant and equipment. The expected cash \ufb02ows generated by the assets are discounted using appropriate discount rates that re\ufb02ect the time value of money and risks associated with the group of assets. For both tangible and intangible assets, the future cash \ufb02ows are based on the forecasts and budgets of the CGU or business discounted to re\ufb02ect time value of money. The key assumptions within the UK and European Retail budgets are OTC wagers (customer visits and spend per visit), the average number of machines per shop, gross win per shop per week, salary increases, the potential impact of the shop closures and the \ufb01xed costs of the LBOs. The key assumptions within the budgets for Online are the number of active customers, net revenue per head, win percentage, marketing spend, revenue shares and operating costs. All forecasts take into account the impact of the Group\u2019s commitment to be Net Zero by 2035 as well as the impact of climate change. The value in use calculations use cash \ufb02ows based on detailed, Board approved, \ufb01nancial budgets prepared by management covering a three-year period. These forecasts have been extrapolated over years 4 to 8 representing a declining growth curve from year 3 until the long-term forecast growth rate is reached. The growth rates used from years 4 to 8 range from 0% to 10%. From year 9 onwards long-term growth rates used are between 0% and 2% (2022: between 0% and 2%) and are based on the long-term GDP growth rate of the countries in which the relevant CGUs operate or the relevant outlook for the business. An eight-year horizon is considered appropriate based on the Group\u2019s history of underlying pro\ufb01t as well as ensuring there is an appropriate decline to long-term growth rates from those growth rates currently observed in our key markets. A 0% growth rate has been used for the UK Retail operating segment. All key assumptions used in the value in use calculations re\ufb02ect the Group\u2019s past experience unless a relevant external source of information is available. Whilst the same approach is adopted for Tab NZ impairment reviews, the value-in-use is assessed over the 25-year life of the licence rather than into perpetuity. The discount rate calculation is based on the speci\ufb01c circumstances with reference to the WACC and risk factors expected in the industry in which the Group operates. The pre-tax discount rates used, which have remained consistent year-on-year, and the associated carrying value of goodwill by CGU is as follows:
2023 2022 2023 2022
restated
Goodwill % % \u00a3m \u00a3m
Digital
11.1
12.6\u201312.9
2,263.4
2,230.7
UK Retail
12.6
12.6
76.4
76.4
Australia
13.5
13.5
145.0
347.5
European Retail
9.5\u201313.3
9.5\u201313.3
147.1
161.5
European Digital
9.5\u201313.3
9.5\u201313.3
343.3
350.4
Enlabs
11.8
11.8
205.3
209.6
BetCity
12.7
n/a
200.1
n/a
SuperSport
11.5
11.8
527.8
538.4
STS
11.7
n/a
389.1
n/a
365Scores
12.3
n/a
86.8
n/a
Tab NZ
11.1
n/a
255.5
n/a
All other segments
11.1\u201312.6
12.4
76.2
66.4
4,716.0
3,980.9
1 1. Restatement of prior year intangible valuations has been made in relation to the prior year SuperSport acquisition during the subsequent measurement period. See note 32 for further details. It is not practical or material to disclose the carrying value of individual licences by LBO. Impairment recognised during the year Impairments of intangible assets and property, plant and equipment are recognised as separately disclosed items within operating expenses. Australia impairment During the current year, the Group recorded a non-cash impairment charge of \u00a3190.0m against the Online division. The charge has arisen in the Group\u2019s Australian CGU and 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. Whilst our Australian business continues to be pro\ufb01table and strategically important, market conditions and tax headwinds have reduced the value in use of the business resulting in the impairment charge. Post the annualisation of the tax increases and stabilisation of local market conditions, we expect our Australian business to return to growth. Impairment testing across the business
Licences/ Customer
Franchisees
PPE & Software
relationships
Goodwill
Brand name
UK Digital Digital Impairment review Combined
Digital/UK Retail
Impairment
UK Retail
UK Retail site by site Impairment review
UK Retail Impairment review
review
ROI ROI Impairment review
Eurobet Eurobet Digital Impairment review
Digital Eurobet
Impairment
Eurobet Eurobet Retail Impairment review review
Retail
Belgium Belgium Digital Impairment review
Digital Belgium
Impairment
Belgium Belgium Retail Impairment review review
Retail
Australia Australia Impairment review
Enlabs Enlabs Impairment review
BetCity BetCity Impairment review
SuperSport SuperSport Digital Impairment review
Digital SuperSport
SuperSport SuperSport Retail Impairment review Impairment review
Retail
STS STS Impairment review
365Scores 365Scores Impairment review
Tab NZ Tab NZ Digital Impairment review
Digital Tab NZ
Impairment
Tab NZ Tab NZ Retail Impairment review review
Retail
Unikrn impairment During the year, the Group took the decision to close its B2C eSports business operating under the Unikrn brand, in favour of developing a leading eSports proposition on existing labels. As a result of the decision to turn off its B2C operations, the Group has recorded an \u00a343.2m impairment of goodwill and \u00a31.1m impairment of trade-marks and brands associated with the Unikrn operation during the current year within the New Opportunities segment. Impala impairment The Group has also taken the decision during 2023 to close its B2C operations in Zambia and Kenya, operations that were run out of the previously acquired African subsidiary. As a result of the decision to close these operations and focus resources to drive growth in other markets, the Group has recorded an impairment against the value of assets carried against this business. The resulting impairment has been booked against goodwill of \u00a329.9m, and against software of \u00a34.0m within the Online segment. In addition, an impairment charge of \u00a311.0m has been recognised during the current year against our Retail estate in ROI as a result of a reduced outlook for this market, and \u00a35.0m against Totolotek following its closure post the STS acquisition. Sensitivity analysis With the exception of Australia, no reasonable change in assumptions would cause an additional impairment, including A 5% decrease in all cash \ufb02ows or a 0.5pp increase in discount rates. For Australia, a 10% increase in revenue would reduce the impairment by \u00a3110.0m, whereas a 5% decrease in revenue would increase the impairment by \u00a348.0m. Each 0.5pp movement in the discount rate impacting the charge by \u00a320.0m.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-597": { "value": "13 Goodwill and intangible assets
Customer Trade-marks &
Goodwill Licences Software relationships brand names Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
3,492.5
49.7
622.0
1,005.0
2,017.5
7,186.7
Exchange adjustment
153.6
7.1
28.3
34.1
44.9
268.0
Additions
\u2013
\u2013
129.9
\u2013
\u2013
129.9
Additions from business combinations (Note 32)
1
624.0
149.1
7.4
201.9
207.0
1,189.4
Disposals
\u2013
(0.5)
(13.9)
\u2013
\u2013
(14.4)
Reclassi\ufb01cation
\u2013
\u2013
(1.0)
\u2013
\u2013
(1.0)
At 31 December 2022 (restated)
4,270.1
205.4
772.7
1,241.0
2,269.4
8,758.6
Exchange adjustment
(68.2)
11.8
(12.7)
(12.3)
(17.4)
(98.8)
Additions
\u2013
\u2013
191.5
\u2013
\u2013
191.5
Additions from business combinations (Note 32)
1,067.5
747.8
49.8
275.5
439.5
2,580.1
Disposals
\u2013
\u2013
(2.9)
\u2013
\u2013
(2.9)
At 31 December 2023
5,269.4
965.0
998.4
1,504.2
2,691.5
11,428.5
Accumulated amortisation and impairment
At 1 January 2022
275.5
13.3
405.8
942.0
180.6
1,817.2
Exchange adjustment
13.7
0.3
19.8
23.6
11.7
69.1
Amortisation charge
\u2013
12.7
109.1
52.4
54.9
229.1
Impairment charge
\u2013
0.5
\u2013
\u2013
\u2013
0.5
Disposals
\u2013
(0.5)
(13.9)
\u2013
\u2013
(14.4)
At 31 December 2022
289.2
26.3
520.8
1,018.0
247.2 2,101.5
Exchange adjustment
(13.3)
(0.1)
(9.1)
(13.8)
(7.3)
(43.6)
Amortisation charge
\u2013
45.3
138.0
141.4
90.4
415.1
Impairment charge
277.5
\u2013
2.2
0.5
2.1
282.3
Disposals
\u2013
\u2013
(2.9)
\u2013
\u2013
(2.9)
At 31 December 2023
553.4
71.5
649.0
1,146.1
332.4
2,752.4
Net book value
At 31 December 2022
3,980.9
179.1
251.9
223.0
2,022.2
6,657.1
At 31 December 2023
4,716.0
893.5
349.4
358.1
2,359.1
8,676.1
1 1. Restatement of prior year intangible valuations has been made in relation to the prior year SuperSport acquisition during the subsequent measurement period. See note 32 for further details. At 31 December 2023 the Group had not entered into contractual commitments for the acquisition of any intangible assets (2022: \u00a3nil). Included within trade-marks and brand names are \u00a31,398.4m (2022: \u00a31,398.4m) of intangible assets considered to have inde\ufb01nite lives. These assets relate to the UK Ladbrokes and Coral brands which are considered to have inde\ufb01nite durability that can be demonstrated, and their value can be readily measured. The brands operate in longstanding and pro\ufb01table market sectors. The Group has a strong position in the market and there are barriers to entry due to the requirement to demonstrate that the applicant is a \ufb01t and proper person with the \u2018know-how\u2019 required to run such operations. Goodwill re\ufb02ects the value by which consideration exceeds the fair value of net assets acquired as part of a business combination including the deferred tax liability arising on acquisitions. Licences comprise the cost of acquired betting shop and online licences, as well as licences acquired as part of the NZ Tab acquisition (see Note 32). Software relates to the cost of acquired software, through purchase or business combination, and the capitalisation of internally developed software. Additions of \u00a3191.5m (2022: \u00a3128.8m) include \u00a392.6m of internally capitalised costs (2022: \u00a358.0m). Customer relationships, trade-marks and brand names relate to the fair value of customer lists, trade-marks and brand names acquired as part of business combinations, primarily relating to the bwin, Ladbrokes Coral Group, Enlabs, Sport Interaction, SuperSport, BetCity, 365Scores, and Tab NZ businesses. 14 Impairment testing of goodwill and inde\ufb01 nite life intangible assets An impairment loss is recognised for any amount by which an asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows (cash-generating units). Within UK, European Retail, CEE, and Tab NZ Retail, the cash-generating units (\u201cCGUs\u201d) are generally an individual Licensed Betting Of\ufb01ce (\u201cLBO\u201d) and, therefore, impairment is \ufb01rst assessed at this level for licences (intangibles) and property, plant and equipment, with any impairment arising booked to licences and property, plant and equipment on a pro-rata basis. Since goodwill and brand names have not been historically allocated to individual LBOs, a secondary assessment is then made to compare the carrying value of the segment against the recoverable amount with any additional impairment then taken against goodwill \ufb01rst. For Online the CGU is the relevant geographical location or business unit, for example Australia, European digital (de\ufb01ned as websites hosted by proprietary platforms based in European constituent countries), Digital (de\ufb01ned as websites hosted by Entain proprietary platforms) etc. and any impairments are made \ufb01rstly to goodwill, next to any capitalised intangible asset and then \ufb01nally to property, plant and equipment. The expected cash \ufb02ows generated by the assets are discounted using appropriate discount rates that re\ufb02ect the time value of money and risks associated with the group of assets. For both tangible and intangible assets, the future cash \ufb02ows are based on the forecasts and budgets of the CGU or business discounted to re\ufb02ect time value of money. The key assumptions within the UK and European Retail budgets are OTC wagers (customer visits and spend per visit), the average number of machines per shop, gross win per shop per week, salary increases, the potential impact of the shop closures and the \ufb01xed costs of the LBOs. The key assumptions within the budgets for Online are the number of active customers, net revenue per head, win percentage, marketing spend, revenue shares and operating costs. All forecasts take into account the impact of the Group\u2019s commitment to be Net Zero by 2035 as well as the impact of climate change. The value in use calculations use cash \ufb02ows based on detailed, Board approved, \ufb01nancial budgets prepared by management covering a three-year period. These forecasts have been extrapolated over years 4 to 8 representing a declining growth curve from year 3 until the long-term forecast growth rate is reached. The growth rates used from years 4 to 8 range from 0% to 10%. From year 9 onwards long-term growth rates used are between 0% and 2% (2022: between 0% and 2%) and are based on the long-term GDP growth rate of the countries in which the relevant CGUs operate or the relevant outlook for the business. An eight-year horizon is considered appropriate based on the Group\u2019s history of underlying pro\ufb01t as well as ensuring there is an appropriate decline to long-term growth rates from those growth rates currently observed in our key markets. A 0% growth rate has been used for the UK Retail operating segment. All key assumptions used in the value in use calculations re\ufb02ect the Group\u2019s past experience unless a relevant external source of information is available. Whilst the same approach is adopted for Tab NZ impairment reviews, the value-in-use is assessed over the 25-year life of the licence rather than into perpetuity. The discount rate calculation is based on the speci\ufb01c circumstances with reference to the WACC and risk factors expected in the industry in which the Group operates. The pre-tax discount rates used, which have remained consistent year-on-year, and the associated carrying value of goodwill by CGU is as follows:
2023 2022 2023 2022
restated
Goodwill % % \u00a3m \u00a3m
Digital
11.1
12.6\u201312.9
2,263.4
2,230.7
UK Retail
12.6
12.6
76.4
76.4
Australia
13.5
13.5
145.0
347.5
European Retail
9.5\u201313.3
9.5\u201313.3
147.1
161.5
European Digital
9.5\u201313.3
9.5\u201313.3
343.3
350.4
Enlabs
11.8
11.8
205.3
209.6
BetCity
12.7
n/a
200.1
n/a
SuperSport
11.5
11.8
527.8
538.4
STS
11.7
n/a
389.1
n/a
365Scores
12.3
n/a
86.8
n/a
Tab NZ
11.1
n/a
255.5
n/a
All other segments
11.1\u201312.6
12.4
76.2
66.4
4,716.0
3,980.9
1 1. Restatement of prior year intangible valuations has been made in relation to the prior year SuperSport acquisition during the subsequent measurement period. See note 32 for further details. It is not practical or material to disclose the carrying value of individual licences by LBO. Impairment recognised during the year Impairments of intangible assets and property, plant and equipment are recognised as separately disclosed items within operating expenses. Australia impairment During the current year, the Group recorded a non-cash impairment charge of \u00a3190.0m against the Online division. The charge has arisen in the Group\u2019s Australian CGU and 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.
Whilst our Australian business continues to be pro\ufb01table and strategically important, market conditions and tax headwinds have reduced
the value in use of the business resulting in the impairment charge. Post the annualisation of the tax increases and stabilisation of local
market conditions, we expect our Australian business to return to growth.
Impairment testing across the business
Licences/ Customer
Franchisees
PPE & Software
relationships
Goodwill
Brand name
UK Digital Digital Impairment review Combined
Digital/UK Retail
Impairment
UK Retail
UK Retail site by site Impairment review
UK Retail Impairment review
review
ROI ROI Impairment review
Eurobet Eurobet Digital Impairment review
Digital Eurobet
Impairment
Eurobet Eurobet Retail Impairment review review
Retail
Belgium Belgium Digital Impairment review
Digital Belgium
Impairment
Belgium Belgium Retail Impairment review review
Retail
Australia Australia Impairment review
Enlabs Enlabs Impairment review
BetCity BetCity Impairment review
SuperSport SuperSport Digital Impairment review
Digital SuperSport
SuperSport SuperSport Retail Impairment review Impairment review
Retail
STS STS Impairment review
365Scores 365Scores Impairment review
Tab NZ Tab NZ Digital Impairment review
Digital Tab NZ
Impairment
Tab NZ Tab NZ Retail Impairment review review
Retail
Unikrn impairment
During the year, the Group took the decision to close its B2C eSports business operating under the Unikrn brand, in favour of developing a
leading eSports proposition on existing labels. As a result of the decision to turn off its B2C operations, the Group has recorded an \u00a343.2m
impairment of goodwill and \u00a31.1m impairment of trade-marks and brands associated with the Unikrn operation during the current year within
the New Opportunities segment.
Impala impairment
The Group has also taken the decision during 2023 to close its B2C operations in Zambia and Kenya, operations that were run out of the
previously acquired African subsidiary. As a result of the decision to close these operations and focus resources to drive growth in other
markets, the Group has recorded an impairment against the value of assets carried against this business. The resulting impairment has been
booked against goodwill of \u00a329.9m, and against software of \u00a34.0m within the Online segment.
In addition, an impairment charge of \u00a311.0m has been recognised during the current year against our Retail estate in ROI as a result of a
reduced outlook for this market, and \u00a35.0m against Totolotek following its closure post the STS acquisition.
Sensitivity analysis
With the exception of Australia, no reasonable change in assumptions would cause an additional impairment, including A 5% decrease in
all cash \ufb02ows or a 0.5pp increase in discount rates.
For Australia, a 10% increase in revenue would reduce the impairment by \u00a3110.0m, whereas a 5% decrease in revenue would increase
the impairment by \u00a348.0m. Each 0.5pp movement in the discount rate impacting the charge by \u00a320.0m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-633": { "value": "14 Impairment testing of goodwill and inde\ufb01 nite life intangible assets An impairment loss is recognised for any amount by which an asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows (cash-generating units). Within UK, European Retail, CEE, and Tab NZ Retail, the cash-generating units (\u201cCGUs\u201d) are generally an individual Licensed Betting Of\ufb01ce (\u201cLBO\u201d) and, therefore, impairment is \ufb01rst assessed at this level for licences (intangibles) and property, plant and equipment, with any impairment arising booked to licences and property, plant and equipment on a pro-rata basis. Since goodwill and brand names have not been historically allocated to individual LBOs, a secondary assessment is then made to compare the carrying value of the segment against the recoverable amount with any additional impairment then taken against goodwill \ufb01rst. For Online the CGU is the relevant geographical location or business unit, for example Australia, European digital (de\ufb01ned as websites hosted by proprietary platforms based in European constituent countries), Digital (de\ufb01ned as websites hosted by Entain proprietary platforms) etc. and any impairments are made \ufb01rstly to goodwill, next to any capitalised intangible asset and then \ufb01nally to property, plant and equipment. The expected cash \ufb02ows generated by the assets are discounted using appropriate discount rates that re\ufb02ect the time value of money and risks associated with the group of assets. For both tangible and intangible assets, the future cash \ufb02ows are based on the forecasts and budgets of the CGU or business discounted to re\ufb02ect time value of money. The key assumptions within the UK and European Retail budgets are OTC wagers (customer visits and spend per visit), the average number of machines per shop, gross win per shop per week, salary increases, the potential impact of the shop closures and the \ufb01xed costs of the LBOs. The key assumptions within the budgets for Online are the number of active customers, net revenue per head, win percentage, marketing spend, revenue shares and operating costs. All forecasts take into account the impact of the Group\u2019s commitment to be Net Zero by 2035 as well as the impact of climate change. The value in use calculations use cash \ufb02ows based on detailed, Board approved, \ufb01nancial budgets prepared by management covering a three-year period. These forecasts have been extrapolated over years 4 to 8 representing a declining growth curve from year 3 until the long-term forecast growth rate is reached. The growth rates used from years 4 to 8 range from 0% to 10%. From year 9 onwards long-term growth rates used are between 0% and 2% (2022: between 0% and 2%) and are based on the long-term GDP growth rate of the countries in which the relevant CGUs operate or the relevant outlook for the business. An eight-year horizon is considered appropriate based on the Group\u2019s history of underlying pro\ufb01t as well as ensuring there is an appropriate decline to long-term growth rates from those growth rates currently observed in our key markets. A 0% growth rate has been used for the UK Retail operating segment. All key assumptions used in the value in use calculations re\ufb02ect the Group\u2019s past experience unless a relevant external source of information is available. Whilst the same approach is adopted for Tab NZ impairment reviews, the value-in-use is assessed over the 25-year life of the licence rather than into perpetuity. The discount rate calculation is based on the speci\ufb01c circumstances with reference to the WACC and risk factors expected in the industry in which the Group operates. The pre-tax discount rates used, which have remained consistent year-on-year, and the associated carrying value of goodwill by CGU is as follows:
2023 2022 2023 2022
restated
Goodwill % % \u00a3m \u00a3m
Digital
11.1
12.6\u201312.9
2,263.4
2,230.7
UK Retail
12.6
12.6
76.4
76.4
Australia
13.5
13.5
145.0
347.5
European Retail
9.5\u201313.3
9.5\u201313.3
147.1
161.5
European Digital
9.5\u201313.3
9.5\u201313.3
343.3
350.4
Enlabs
11.8
11.8
205.3
209.6
BetCity
12.7
n/a
200.1
n/a
SuperSport
11.5
11.8
527.8
538.4
STS
11.7
n/a
389.1
n/a
365Scores
12.3
n/a
86.8
n/a
Tab NZ
11.1
n/a
255.5
n/a
All other segments
11.1\u201312.6
12.4
76.2
66.4
4,716.0
3,980.9
1 1. Restatement of prior year intangible valuations has been made in relation to the prior year SuperSport acquisition during the subsequent measurement period. See note 32 for further details. It is not practical or material to disclose the carrying value of individual licences by LBO. Impairment recognised during the year Impairments of intangible assets and property, plant and equipment are recognised as separately disclosed items within operating expenses. Australia impairment During the current year, the Group recorded a non-cash impairment charge of \u00a3190.0m against the Online division. The charge has arisen in the Group\u2019s Australian CGU and 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. Whilst our Australian business continues to be pro\ufb01table and strategically important, market conditions and tax headwinds have reduced the value in use of the business resulting in the impairment charge. Post the annualisation of the tax increases and stabilisation of local market conditions, we expect our Australian business to return to growth. Impairment testing across the business
Licences/ Customer
Franchisees
PPE & Software
relationships
Goodwill
Brand name
UK Digital Digital Impairment review Combined
Digital/UK Retail
Impairment
UK Retail
UK Retail site by site Impairment review
UK Retail Impairment review
review
ROI ROI Impairment review
Eurobet Eurobet Digital Impairment review
Digital Eurobet
Impairment
Eurobet Eurobet Retail Impairment review review
Retail
Belgium Belgium Digital Impairment review
Digital Belgium
Impairment
Belgium Belgium Retail Impairment review review
Retail
Australia Australia Impairment review
Enlabs Enlabs Impairment review
BetCity BetCity Impairment review
SuperSport SuperSport Digital Impairment review
Digital SuperSport
SuperSport SuperSport Retail Impairment review Impairment review
Retail
STS STS Impairment review
365Scores 365Scores Impairment review
Tab NZ Tab NZ Digital Impairment review
Digital Tab NZ
Impairment
Tab NZ Tab NZ Retail Impairment review review
Retail
Unikrn impairment During the year, the Group took the decision to close its B2C eSports business operating under the Unikrn brand, in favour of developing a leading eSports proposition on existing labels. As a result of the decision to turn off its B2C operations, the Group has recorded an \u00a343.2m impairment of goodwill and \u00a31.1m impairment of trade-marks and brands associated with the Unikrn operation during the current year within the New Opportunities segment. Impala impairment The Group has also taken the decision during 2023 to close its B2C operations in Zambia and Kenya, operations that were run out of the previously acquired African subsidiary. As a result of the decision to close these operations and focus resources to drive growth in other markets, the Group has recorded an impairment against the value of assets carried against this business. The resulting impairment has been booked against goodwill of \u00a329.9m, and against software of \u00a34.0m within the Online segment. In addition, an impairment charge of \u00a311.0m has been recognised during the current year against our Retail estate in ROI as a result of a reduced outlook for this market, and \u00a35.0m against Totolotek following its closure post the STS acquisition. Sensitivity analysis With the exception of Australia, no reasonable change in assumptions would cause an additional impairment, including A 5% decrease in all cash \ufb02ows or a 0.5pp increase in discount rates. For Australia, a 10% increase in revenue would reduce the impairment by \u00a3110.0m, whereas a 5% decrease in revenue would increase the impairment by \u00a348.0m. Each 0.5pp movement in the discount rate impacting the charge by \u00a320.0m.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-558": { "value": "
15 Property, plant and equipment
Land and Plant and Fixtures Leased
buildings equipment and \ufb01ttings assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
26.8
102.5
188.3
572.3
889.9
Exchange adjustment
0.7
3.2
7.0
5.2
16.1
Additions
24.9
50.6
11.1
61.8
148.4
Additions from business combinations
0.2
3.2
4.4
9.5
17.3
Disposals
(10.4)
(20.2)
(16.1)
(3.5)
(50.2)
Reclassi\ufb01cation
(1.6)
1.9
42.9
(42.2)
1.0
At 31 December 2022
40.6
141.2
237.6
603.1
1,022.5
Exchange adjustment
(0.3)
(2.1)
(3.5)
(1.4)
(7.3)
Additions
18.0
27.0
45.9
45.6
136.5
Additions from business combinations (Note 32)
4.9
8.1
2.2
26.9
42.1
Disposals
(4.5)
(6.7)
(5.7)
(49.8)
(66.7)
Reclassi\ufb01cation
\u2013
0.9
(0.9)
\u2013
\u2013
At 31 December 2023
58.7
168.4
275.6
624.4
1,127.1
Accumulated depreciation
At 1 January 2022
11.3
38.3
52.2
320.9
422.7
Exchange adjustment
0.5
2.7
2.0
4.2
9.4
Depreciation charge
11.4
23.5
26.0
65.0
125.9
Impairment
\u2013
0.1
1.9
4.5
6.5
Disposals
(10.3)
(20.0)
(16.1)
(2.8)
(49.2)
Reclassi\ufb01cation
\u2013
\u2013
21.7
(21.7)
\u2013
At 31 December 2022
12.9
44.6
87.7
370.1
515.3
Exchange adjustment
(0.2)
(1.5)
(2.0)
(0.6)
(4.3)
Depreciation charge
13.7
29.4
36.6
61.3
141.0
Impairment
0.9
0.7
0.4
4.7
6.7
Disposals
(4.5)
(6.0)
(5.1)
(49.4)
(65.0)
Reclassi\ufb01cation
\u2013
(0.2)
0.2
\u2013
\u2013
At 31 December 2023
22.8
67.0
117.8
386.1
593.7
Net book value
At 31 December 2022
27.7
96.6
149.9
233.0
507.2
At 31 December 2023
35.9
101.4
157.8
238.3
533.4
At 31 December 2023, the Group had not entered into contractual commitments for the acquisition of any property, plant and equipment
(2022: \u00a3nil).
Included within \ufb01xtures, \ufb01ttings and equipment are assets in the course of construction which are not being depreciated of \u00a317.1m
(2022: \u00a310.6m), relating predominantly to self-service betting terminals and the new point of sale system in UK Retail.
An impairment charge of \u00a36.5m (2022: \u00a36.5m) has been made against closed retail shops and of\ufb01ce buildings included within leased
assets in the year. See Notes 6 and 14 for further details.
Analysis of leased assets:
Land and Plant and
buildings equipment Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
520.7
51.6
572.3
Exchange adjustment
5.0
0.2
5.2
Additions
60.0
1.8
61.8
Additions from business combinations
9.5
\u2013
9.5
Disposals
(2.0)
(1.5)
(3.5)
Reclassi\ufb01cation
\u2013
(42.2)
(42.2)
At 31 December 2022
593.2
9.9
603.1
Exchange adjustment
(1.3)
(0.1)
(1.4)
Additions
32.8
12.8
45.6
Additions from business combinations
26.0
0.9
26.9
Disposals
(49.8)
\u2013
(49.8)
At 31 December 2023
600.9
23.5
624.4
Accumulated depreciation
At 1 January 2022
299.8
21.1
320.9
Exchange adjustment
4.1
0.1
4.2
Depreciation charge
55.1
9.9
65.0
Impairment
4.5
\u2013
4.5
Disposals
(2.0)
(0.8)
(2.8)
Reclassi\ufb01cation
\u2013
(21.7)
(21.7)
At 31 December 2022
361.5
8.6
370.1
Exchange adjustment
(0.6)
\u2013
(0.6)
Depreciation charge
59.0
2.3
61.3
Impairment
4.7
\u2013
4.7
Disposals
(49.4)
\u2013
(49.4)
At 31 December 2023
375.2
10.9
386.1
Net book value
At 31 December 2022
231.7
1.3
233.0
At 31 December 2023
225.7
12.6
238.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-559": { "value": "
16 Interest in joint venture
Share of joint
venture\u2019s net
assets
\u00a3m
Cost
At 1 January 2022
9.7
Additions
175.1
Exchange adjustment
3.7
Share of loss after tax
(193.9)
Share of other comprehensive loss
(0.4)
Contributions to be made
5.8
At 31 December 2022
\u2013
Additions 40.7
Exchange adjustment
0.5
Share of loss after tax
(42.0)
Share of other comprehensive loss (movement in translation reserve)
(0.6)
Contributions to be made
1.4
At 31 December 2023
\u2013
The joint venture represents the Group\u2019s investment in BetMGM set up in the US in which a 50% stake is held.
The Group has committed to provide its \ufb01nal committed equity injection to BetMGM over the course of 2024, with $25.0m additional
contributions expected ($50.0m split between both joint venture partners). This will take the Group\u2019s total investment to $705.0m
($1.41bn across both joint venture partners).
Given the net liabilities position of the joint venture, the Group has recorded \u00a37.2m of these future contributions as a liability at the year
end, an increase of \u00a31.4m on the prior year.
Summarised \ufb01nancial information in respect of the Group\u2019s joint venture\u2019s net assets is set out below:
2023 2022
\u00a3m \u00a3m
Non-current assets
118.1
148.6
Cash and cash equivalents
138.7
308.7
Other current assets
182.7
92.4
Current assets
321.4
401.1
Balances with customers
(208.6)
(234.4)
Other current liabilities
(224.0)
(310.0)
Current liabilities
(432.6)
(544.4)
Non-current liabilities
(21.2)
(17.0)
Net liabilities
(14.3)
(11.7)
Group\u2019s share of net liabilities
(7.2)
(5.8)
2023 2022
Summarised statement of comprehensive income \u00a3m \u00a3m
Revenue
1,582.4
1,174.8
Depreciation and amortisation
(8.2)
(28.5)
Other operating expenses
(1,658.1)
(1,534.1)
Loss for the year
(83.9)
(387.8)
Other comprehensive loss
(1.2)
(0.8)
Total comprehensive loss
(85.1)
(388.6)
Group\u2019s share of loss
(42.6)
(194.3)
There are no contingent liabilities relating to the Group\u2019s interest in the joint venture (2022: \u00a3nil).
The risks associated with the Group\u2019s interest in joint ventures are aligned to the same risks the Group is exposed to on the basis that they
operate wholly within the betting and gaming market.
17 Interest in associates and other investments
Share of
associates\u2019 Other
net assets investments Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
44.2
14.2
58.4
Revaluation loss
\u2013
(5.1)
(5.1)
Arising on business combinations
\u2013
4.9
4.9
Dividends received
(3.6)
\u2013
(3.6)
Share of loss after tax
(0.2)
\u2013
(0.2)
Foreign exchange
(0.9)
\u2013
(0.9)
At 31 December 2022
39.5
14.0
53.5
Revaluation gain
\u2013
2.6
2.6
Additions
\u2013
3.1
3.1
Dividends received
(9.8)
\u2013
(9.8)
Share of loss after tax
(0.9)
\u2013
(0.9)
Share of other comprehensive expense
(1.1)
\u2013
(1.1)
Foreign exchange
\u2013
(0.3)
(0.3)
At 31 December 2023
27.7
19.4
47.1
Revaluation loss includes \u00a31.1m (2022: \u00a32.6m) recognised through other comprehensive income with the remaining loss of \u00a32.5m
(2022: \u00a32.5m) recognised through pro\ufb01t or loss.
Associates
Summarised \ufb01nancial information in respect of the associates is set out below:
2023 2022
\u00a3m \u00a3m
Non-current assets
42.5
52.0
Current assets
78.0
132.4
Non-current liabilities
(5.7)
(2.5)
Current liabilities
(73.1)
(90.1)
Net assets
41.7
91.8
Group\u2019s share of net assets
27.7
39.4
Revenue for the year
370.1
337.1
Pro\ufb01t for the year
10.4
0.1
Other comprehensive expense
(4.7)
\u2013
Total comprehensive income
5.7
0.1
Group\u2019s share of total comprehensive expense
(2.0)
(0.2)
Further details of the Group\u2019s associates are listed in Note 34.
The \ufb01nancial year end of Sports Information Services (Holdings) Limited (SIS), an associate of the Group, is 31 March. The Group has
included the results for SIS for the 12 months ended 31 December 2023.
All associates are private companies and there are no quoted market prices available for their shares.
The risks associated with associate investments are considered to be aligned to the same risks the Group is exposed to on the basis that
they operate wholly within the betting and gaming market.
Other investments of \u00a319.4m (2022: \u00a314.0m) consist of investments which have no \ufb01xed maturity date or coupon rate.
34 Related party disclosures
Other than its associates and joint venture, the related parties of the Group are the Executive Directors, Non-Executive Directors and
members of the Executive Committee of the Group.
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not
disclosed in this note. Transactions between the Group and its associates and joint venture and other related parties are disclosed below.
During the year, Group companies entered into the following transactions with related parties who are not members of the Group:
2023 2022
\u00a3m \u00a3m
Equity investment
\u2013 Joint venture
40.7
175.1
Sundry income
\u2013 Associates
21.5
\u2013
Sundry expenditure
\u2013 Associates
(51.4)
(55.5)
1
2
2
1. Equity investment in BetMGM.
2. Payments in the normal course of business made to Sports Information Services (Holdings) Limited.
Details of related party outstanding balances
2023 2022
\u00a3m \u00a3m
Other amounts outstanding
\u2013 Joint venture receivable
54.7
87.8
\u2013 Associates receivables
3.2
4.4
\u2013 Associates payables
(0.1)
(0.3)
Terms and conditions of transactions with related parties
Sales to, and purchases from, related parties are made at market prices and in the ordinary course of business. Outstanding balances
at 31 December 2023 are unsecured and settlement occurs in cash. For the year ended 31 December 2023, the Group has not raised
any provision (2022: \u00a3nil) for doubtful debts relating to amounts owed by related parties as the payment history has been good.
This assessment is undertaken each \ufb01nancial year through examining the \ufb01nancial position of the related party and the market in which
the related party operates.
Transactions with Directors and key management personnel of the Group
For details of Directors\u2019 remuneration please refer to the Directors\u2019 remuneration table included on pages 118 to 121 of this report.
The remuneration of key management personnel is set out below in aggregate for each of the categories speci\ufb01ed in IAS 24 Related
Party Disclosures. Key management personnel comprise Executive Directors and members of the Executive Management Team.
Further information about the remuneration of individual Directors is provided in the Directors\u2019 remuneration report.
2023 2022
\u00a3m \u00a3m
Short-term employee bene\ufb01ts
7.3
7.9
Redundancy/loss of of\ufb01ce
1.6
\u2013
Pension-related costs
0.3
0.1
Share-based payments
10.7
7.6
Total compensation paid to key management personnel
19.9
15.6
The consolidated \ufb01nancial statements include the \ufb01nancial statements of Entain plc and its subsidiaries. The companies listed below are
those which were part of the Group at 31 December and therefore the results, cash \ufb02ows and balance sheets of all subsidiaries listed are
consolidated into the Group \ufb01nancial statements, furthermore the results of joint ventures and associates are accounted for in accordance
with the policy set out in Note 4.
Subsidiaries based in the United Kingdom
% equity interest
Registered address
Company
2023
2022
7th Floor, Arthur Prince (Turf Accountants) Limited
100.0
100.0
One Stratford Place, Bartletts Limited
100.0
100.0
West\ufb01eld Stratford City,
Mont\ufb01chet Road,
Birchgree Limited
100.0
100.0
London, Bloxhams Bookmakers Limited
100.0
100.0
United Kingdom,
E20 1EJ
Brickagent Limited
100.0
100.0
ASF Limited
100.0
100.0
Cashcade Limited
100.0
\u2013
CE Acquisition 1 Limited
100.0
100.0
Chas Kendall (Turf Accountant) Limited
100.0
100.0
Choicebet Limited
100.0
100.0
C L Jennings (1995) Limited
100.0
100.0
Competition Management Services Co. Limited
97.5
97.5
Coral (Holdings) Limited
100.0
100.0
Coral (Stoke) Limited
100.0
100.0
Coral Estates Limited
100.0
100.0
Coral Eurobet Limited
100.0
100.0
Coral Eurobet Holdings Limited
100.0
100.0
Coral Group Limited
100.0
100.0
Coral Group Trading Limited
100.0
100.0
Coral Limited
100.0
100.0
Coral Racing Limited
100.0
100.0
Coral Stadia Limited
100.0
100.0
E.F. Politt & Son Limited
100.0
100.0
Electraworks Maple Limited
100.0
100.0
Entain Holdings (UK) Limited
100.0
100.0
Entain Marketing (UK) Limited
100.0
100.0
Entain Services Limited
100.0
100.0
Entain Wave Limited
100.0
100.0
Gable House Estates Limited
100.0
100.0
Ganton House Investments Limited
100.0
100.0
Greatmark Limited
100.0
100.0
Hillford Estates Limited
75.0
75.0
Hindwain Limited
100.0
100.0
Impala Digital Limited
100.0
100.0
Interactive Sports Limited
100.0
100.0
J G Leisure Limited
100.0
100.0
J. Ward Hill & Company
100.0
100.0
Jack Brown (Bookmaker) Limited
100.0
100.0
Jerusalem Development (Mamilla) Co. Limited
100.0
100.0
Jerusalem Development Corporation (Holdings) Limited
100.0
100.0
Joe Jennings Limited
100.0
100.0
Krullind Limited
100.0
100.0
Ladbroke & Co., Limited
100.0
100.0
Ladbroke (Rentals) Limited
100.0
100.0
Ladbroke City & County Land Company Limited
100.0
100.0
Ladbroke Dormant Holding Company Limited
100.0
100.0
Ladbroke Entertainments Limited
100.0
100.0
Ladbroke Group
100.0
100.0
Ladbroke Group Homes Limited
100.0
100.0
5 5 4 5 4 5 5 5 5 4 5 4 4 4 4 4 5 1,2,4 4 5 5 5 5 5 3 5 5 5 5 4,5 5 5 5 5 5 4,5 4 5
% equity interest
Registered address
Company
2023
2022
Ladbroke Group Properties Limited
100.0
100.0
Ladbroke Land Limited
100.0
100.0
Ladbroke US Investments Limited
100.0
100.0
Ladbrokes Betting & Gaming Limited
100.0
100.0
Ladbrokes Contact Centre Limited
100.0
100.0
Ladbrokes Coral Corporate Director Limited
100.0
100.0
Ladbrokes Coral Corporate Secretaries Limited
100.0
100.0
Ladbrokes Coral Group Life Bene\ufb01ts Trustee Limited
100.0
100.0
Ladbrokes Coral Group Limited
100.0
100.0
Ladbrokes Coral Group Pension Trustee Limited
100.0
100.0
Ladbrokes E-Gaming Limited
100.0
100.0
Ladbrokes Group Finance plc
100.0
100.0
Ladbrokes Investments Holdings Limited
100.0
100.0
Ladbrokes IT & Shared Services Limited
100.0
100.0
Ladbrokes Trustee Company Limited
100.0
100.0
Lightworld Limited
100.0
100.0
London & Leeds Estates Limited
100.0
93.5
Margolis and Ridley Limited
100.0
100.0
New Angel Court Limited
100.0
100.0
Paddington Casino Limited
100.0
100.0
Reg. Boyle Limited
100.0
100.0
Reuben Page Limited
100.0
100.0
Romford Stadium Limited
100.0
100.0
Rousset Capital Limited
100.0
100.0
Sponsio Limited
100.0
100.0
Sporting Odds Limited
100.0
100.0
Sportingbet (IT Services) Limited
100.0
100.0
Sportingbet (Management Services) Limited
100.0
100.0
Sportingbet Holdings Limited
100.0
100.0
Sportingbet Limited
100.0
100.0
Sports (Bookmakers) Limited
100.0
100.0
Techno Land Improvements Limited
100.0
100.0
Town and County Factors Limited
100.0
100.0
Vegas Betting Limited
100.0
100.0
Ventmear Limited
100.0
100.0
1 Bartholomew Lane,
London, United Kingdom
Techno Limited
84.0
84.0
EC2N 2AX
77A Andersonstown Road, Ladbrokes (Northern Ireland) (Holdings) Limited
100.0
100.0
Belfast, United Kingdom 5
BT11 9AH Ladbrokes (Northern Ireland) Limited
100.0
100.0
North West Bookmakers Limited
100.0
100.0
4,5
5
4
2,3,4
5
5
5
2,4
5
2
4,5
5
5
4,5
5
5
5
5
4,5
5
5
2,3
5
5
4
4
5
5
5
5
4
2,3
Subsidiaries based overseas
% equity interest
Registered address
Company
2023
2022
c/o Corporate & Trust Services (Caribbean) Green Sand Limited
100.0
100.0
Limited, Thomas, John & Co, PO Box 990, FD, ICIC
Bldg, Lower Factory Road, St John\u2019s, Antigua and
Barbuda
5
% equity interest
Registered address
Company
2023
2022
East Tower, Level 2,
Ennovate Investments Pty Limited
100.0
100.0
25 Montpelier Road, Ennovate Labs Pty Limited
100.0
100.0
Bowen Hills,
QLD 4006
Entain Group Pty Limited
100.0
100.0
Australia
Esports Australia Pty Limited
100.0
100.0
Gaming Investments Pty Limited
100.0
100.0
Ladbrokes Racing Club Pty Limited
100.0
100.0
LB Australia Holdings Pty Limited
100.0
100.0
Neds International Pty Limited
100.0
100.0
Neds.com.au Pty Limited
100.0
100.0
17 Atlantic Dr, Keysborough,
VIC
3173
Australia
Full House Group Pty Limited
33.0
33.3
2 Kosmala Close, Newington,
NSW
2127
, Australia
Innquizitive Pty Limited
100.0
100.0
Suite 902, Level 9,
146
Arthur Street, North Sydney,
Angstrom Sports Australia Pty Ltd
100.0
\u2013
NSW
20
60, Australia
Marxergasse 1b,
Entain Services Australia GmbH
100.0
100.0
1030
Vienna,
100.0
Austria 100.0
Chauss\u00e9e de Wavre 1100 Box 3, Ladbroke Belgium SA
100.0
100.0
1160
Auderghem,
Pari Mutuel Management Services S.A.
100.0
100.0
Belgium
N.V. Derby S.A.
100.0
100.0
Redsports.be SRL/BV
100.0
100.0
Tierc\u00e9 Ladbroke S.A.
100.0
100.0
Tilt SRL/BV
100.0
100.0
Alameda Rio Negro 111 1030,
Andar 2 Conj 206 Torre Stadium Corpor, Alphaville
365
Scores Midia Ltda
100.0
\u2013
Industrial Barueri; Sao Paulo, 06454911, Brazil
Belmont Chambers, Creative Trend Limited 100.0 100.0
Road Town, CTL Holdings International Limited 100.0 100.0
Tortola, SRL Holdings International Limited 100.0 100.0
British Virgin Islands Sunrise Resources Limited 100.0 100.0
Jayla Place, Wickhams Cay 1, Road Town,
Tortola, British Virgin Islands
Westman Holdings Limited
100.0
100.0
Sea Meadow House, Blackbourne Highway,
PO Box 116, Road Town, Tortola,
British Virgin Islands
Wavecrest Providers Limited
100.0
100.0
55 Nikola Vaptsarov Blvd, Of\ufb01ce Park Expo 2000,
Building Phase 4, Floor 3, Lozenets Area, So\ufb01a
1407
,
Bulgaria
Entain Services (Bulgaria) EOOD
100.0
100.0
1565
Carling Avenue, Suite 400, Ottawa,
Entain Operations Canada Limited
100.0
100.0
Ontario K1Z 8R1, Canada 100.0
100-2006 Old Malone Road, Kahnawake, Quebec
Kahnawake Management Services Inc
100.0
100.0
J0L1B0, Canada
1500
Royal Centre, 1055 West Georgia Street,
Angstrom Sports Canada Inc.
100.0
\u2013
Vancouver
BC V6E 4N7, Canada
5B, First Floor, St Anne\u2019s House, Victoria Interactive Sports (C.I.) Limited
100.0
100.0
Street, Alderney, GY9 3UF, Channel Islands
Quay House, South Esplanade
Longfrie Limited
100.0
100.0
St, Peter Port, Guernsey, GY1 4EJ,
PO Box 132, Channel Islands
1st Floor, Liberation House, Ladbroke (Channel Islands) Limited
100.0
100.0
Castle Street, St. Helier, JE1 1GL, Jersey,Channel Maple Court Investments (Jersey) Limited
Islands
2,3
4
4
4
4
4
3
5
5
5
5
4,5
5
4
3
5
% equity interest
Registered address
Company
2023
2022
Block 3, The Forum, Grenville Street,
St. Helier JE2 4UF, Jersey
Avid International Limited
100.0
100.0
13/F, Gloucester Tower, The Landmark, 15 Queen\u2019s GVC Technology Consulting (Asia) Co Limited
100.0
100.0
Road, Central Hong Kong, China
CR 15 # 106 32 Of P H 3,
BOGOTA D.C., Colombia
Bwin Latam S.A.S.
100.0
100.0
Krcka Ulica 18d 10000
Emma Gamma Adriatic d.o.o.
67.5
75.0
Zagreb, Croatia
Puni Broj d.o.o.
67.5
75.0
SuperSport d.o.o.
67.5
75.0
SuperSport marketing d.o.o.
67.5
75.0
Ulica Josipa Marohni\u0107a 1/1, Zagreb, Croatia
minus5 d.o.o
75.0
75.0
Emancipatie Boulevard Dominico F. \u201cDon\u201d Martina
GVC Services BV
100.0
100.0
29, Cura\u00e7ao
Heelsumstraat 51 E-Commerce Park Best Global N.V.
100.0
100.0
Cura\u00e7ao PO Box 422
Kaya Richard J. Beajon Z/N Landhuls Joonchi II,
Cura\u00e7ao P.O Box 6248
Elec Games N.V.
100.0
100.0
15 Agion Omologiton, Nicosia, 1080 Cyprus
Bellingrath Enterprises Limited
100.0
100.0
Na Zatorka, 672/24, Bubene\u00ff
Sporticon Development s.r.o.
67.5
\u2013
Prague, 18600,
Karolinsk\u00e1 650/1, Kral\u00edn,
Czech Republic
Betsys, s.r.o.
50.0
\u2013
Prague, 18600,
Fruebjergvej 3, Copenhagen, 2100, Denmark
Czech Republic
Interactive Sports (Denmark) ApS
100.0
100.0
Lootsa tn 1a, Lasnamae Linnaosa, Ninja Global OU
100.0
100.0
11415
Estonia
3
Optiwin OU
100.0
100.0
Unioninkatu 24, Helsinki, 00130 Finland
Finnplay Technologies Oy
100.0
100.0
19 Boulevard Malesherbes, 75008, Paris, France
B.E.S. S.A.S.
100.0
100.0
Linden Palais, Unter den Linden 40, 10117 Berlin,
Germany
Entain (Germany) GmbH
100.0
100.0
Apt. 48, N19, Vake District, Kavtaradze Str., Tbilisi,
Entain Georgia LLC
4
100.0
100.0
Georgia
Vake District, Kavtaradze Str., No 5,
Entrance 2, Floor 2, Of\ufb01ce Space No 2,
Tbilisi, Georgia
MARS LLC
100.0
100.0
Suite 6 Atlantic Suites, Balltree (International) Limited
100.0
100.0
Europort Avenue, 5
Gibraltar Bingo Marketing Limited
100.0
100.0
bwin.party holdings Limited
100.0
100.0
bwin.party services (Gibraltar) Limited
100.0
100.0
Coral Interactive (Gibraltar) Limited
100.0
100.0
ElectraGames Limited
4
100.0
100.0
ElectraWorks Limited
100.0
100.0
Gala Coral Interactive (Gibraltar) Limited
4,5
100.0
100.0
Gala Interactive (Gibraltar) Limited
100.0
100.0
Greyjoy Limited
100.0
100.0
Entain Corporate Services Limited
100.0
100.0
Entain Holdings (Gibraltar) Limited
100.0
100.0
Entain Operations Limited
100.0
100.0
Entain Trustees Limited
100.0
100.0
Fusionex Limited
100.0
100.0
IGM Domain Name Services Limited
100.0
100.0
ISG (Gibraltar) Limited
100.0
100.0
LC International Limited
100.0
100.0
4 5 2,3 5 4 5 5 2,3 4,5 1,2,4 2,3,4 2,3,4
% equity interest
Registered address
Company
2023
2022
PartyGaming IA Limited
100.0
100.0
7th Floor, Madison building, Midtown,
Queensway, GX11 1AA, Gibraltar
The Entain Foundation
100.0
100.0
1st Floor Otter House, Avid Ecom Solutions Limited
100.0
100.0
Naas Road,
Dublin 22 Ireland
Avid Studios Limited
100.0
100.0
Ladbroke (Ireland) Limited
100.0
100.0
3 Dublin Landings, North Wall Quay,
D01 C4EO Ireland
Fort Anne Limited
100.0
100.0
M.L.B. Limited
100.0
100.0
5th Floor, Divyasree Omega Block \u2013 B, IVY Comptech Private Limited 100.0 100.0
Hitec City Road, Kondapur, Hyderabad IVY Software Development Services Private Limited 100.0 100.0
Andhra Pradesh, 500081 India IVY Foundation Limited 100.0 100.0
Ivy Mobitech Services Private Limited 100.0 100.0
IVY Global Shared Services Private Limited 100.0 100.0
32 Athol Street, Douglas, IM1 1JB Isle of Man
Entain (IOM) Limited
100.0
100.0
Menahem Begin Road 121 & 125,
Tel Aviv, Jaffa, Israel
Gala Interactive (Services) Limited
100.0
100.0
GVC Impala R&D Limited
100.0
100.0
Ladbrokes Israel Limited
100.0
100.0
2 Nahalat Yitchak, Tel-Aviv Yaffo,
674
48
01, Israel
365
Scores Limited
100.0
\u2013
Via Lungotevere Arnaldo da Brescia 12,
Agenzia M3 S.R.L.
100.0
100.0
00196
Rome, Italy
Eurobet Holding S.R.L.
100.0
100.0
Eurobet Italia S.R.L.
100.0
100.0
Via Gaetano Previati 9,
20149
Milan, Italy
bwin European Markets Holding SpA
3
100.0
100.0
bwin Italia S.R.L.
100.0
100.0
ALN House Eldama Ravine Close,
Wave Operations (Kenya) Limited
100.0
100.0
Off Eldama Ravine Road, Westlands,
Nairobi, PO Box 200, Kenya
Wave Online (Kenya) Limited
100.0
100.0
Setekles iela,
SIA Klondaika
100.0
100.0
Riga LV-1050
SIA Klondaika Caf\u00e9
100.0
100.0
Latvia SIA Laimz
100.0
100.0
SIA Optibet
100.0
100.0
Orsos g. 4-101, Vilnius, Lithuania
UAB Baltic Bet
100.0
100.0
UAB Party Casino
100.0
100.0
Penthouse, Palazzo Spinola Business Centre, bwin.party holding Malta Limited 100.0 100.0
Number 46, St Christopher Street, Valletta, VLT bwin.party International Malta Limited 100.0 100.0
14
64, Malta
Unit 6 ST Business Centre,
bwin (Deutschland) Limited
100.0
100.0
120
The Strand,
2
Gzira GZR 1027 bwin.gr Limited
100.0
100.0
Malta bwin Holdings (Malta) Limited
100.0
100.0
bwin.party services (Malta) Limited
100.0
100.0
Online-Wetten (Austria) Limited
100.0
100.0
Deis Limited
100.0
100.0
ElectraWorks (France) Limited
100.0
100.0
ElectraWorks (Kiel) Limited
100.0
100.0
ElectraWorks (Svenska) Limited
100.0
100.0
ElectraWorks Europe Ltd
100.0
100.0
Entain Holdings (Malta) Limited
100.0
100.0
Entertainments Technologies Group Limited
100.0
100.0
Gaming VC Corporation Limited
100.0
100.0
Ladbrokes (Deutschland) Limited
100.0
100.0
Martingale Europe Limited
100.0
100.0
5
2,3,4
1
1,4
4
2,3
3
3
3
3
1,4
4
4
% equity interest
Registered address
Company
2023
2022
Martingale Malta 2 Limited
100.0
100.0
Sportingbet (Deutschland) Limited
100.0
100.0
Scandic Bookmakers Limited
100.0
100.0
Spread Your Wings Bravo Limited
100.0
100.0
STS Gaming Group Limited
67.5
\u2013
STS.Bet Limited
67.5
\u2013
Entain (Romania) Limited
100.0
100.0
VistaBet Limited
100.0
100.0
120
The Strand, Unit 6,
BestBet Limited
3
100.0
100.0
Trig Ix-Xat t, 3
Gzira GZR 1027 Elec Games C1 Limited
100.0
100.0
Malta Elec Games Holdings Limited
100.0
100.0
Elec Games Limited
100.0
100.0
Evora International Limited
100.0
100.0
Future Domain Lead Generation Limited
100.0
100.0
Future Lead Generation Limited
4
100.0
100.0
Li\ufb02and Holdings Limited
4
100.0
100.0
Ninja Global Limited
3
100.0
100.0
Entain Holdings (CEE) Limited
67.5
100.0
West African Gaming Limited
100.0
100.0
San Francisco 1005, Dolonia Del Valle,
Bwin Operations Mexico, S.A. de C.V.
100.0
100.0
Alcald\u00eda Benito Ju\u00e1rez, Mexico City,
C.P. 03100
Mexico
Entain Mexico, S.A. de C.V.
100.0
100.0
Johan Cruijff Boulevard 61, Amsterdam
Entain Holdings (Netherlands) B.V.
100.0
100.0
110
1Dl
Netherlands
Keurenplein 4, Unit D1442, 1069CD, Amsterdam,
Netherlands
Betent B.V.
100.0
\u2013
106-110 Jackson Street, Petone, Lower Hutt, 5012,
Entain New Zealand Limited
100.0
\u2013
New Zealand
Floor 6 Exchange Place, 5 Willeston Street,
Wellington Central, Wellington, 6011, New
TIIDAL GAMING NZ LIMITED
100.0
\u2013
Zealand
6F Tower 3 Double Dragon Plaza EDSA InteractiveSports Asia Limited Inc.
100.0
100.0
Ext. cor. Macapagal Avenue, Pasay City NCH Customer Support Services, Inc
100.0
100.0
Philippines
Porcelanowa 8, 40-246 Katowice, Poland
BetSys Poland Sp. Z.o.o.
50.0
\u2013
STS Holdings S.A.
67.5
\u2013
STS S.A.
67.5
\u2013
UI. Taneczna 18A, 02-829 Warsaw Poland
bwin Poland S.A.
100.0
100.0
Praceta Ant\u00f3nio Gede\u00e3o, 1 B, Pai\u00f5es, In\ufb01eld \u2013 Servicos de Consultoria Marketing Unipessoal
100.0
100.0
2635 \u2013 002 Sintra, Portugal LDA.
Avenida D Jo\u00e3o II, Lote 1.07.2.1, 5\u00baA, Gobet Entretenimento SA
100.0
100.0
Parque das Na\u00e7\u00f5es Entain Operations Portugal SA
100.0
100.0
1990-096 Lisbon, Portugal
1 Harbourfront Avenue, Keppel Bay Tower
Cozy Games Pte Limited
100.0
100.0
14-03/07, 098632 Singapore
Florent Pte Limited
100.0
100.0
Calle Amador de los R\u00edos n\u00b01, 6 planta bwin Interactive Marketing Espana S.L.
100.0
100.0
28010
Madrid, Spain
Calle Josep Pl\u00e1, n\u00famero 2, planta 5\u00aaD Entain Services Iberia S.I.
100.0
100.0
Edi\ufb01cio Torre Diagonal Litoral, 08019
Barcelona, Spain
Castello 82 4 IZQ, 28006 Madrid, Spain
Ladbrokes Betting and Gaming Spain, S.A.
100.0
100.0
2
4
3
4
5
3
% equity interest
Registered address
Company
2023
2022
Calle Real Numero 74, 51001 Ceuta, Spain
Electraworks (Ceuta) S.A.
100.0
100.0
Avenida de Fuencarral 44, Edi\ufb01cio Tribeca 1
Winners Apuestas SA
100.0
100.0
Modulo B, CP 28108 Alcobendas Madrid, Spain
Cl Conde de Aranda 20, 28001
Sportinbet Spain S.A.
100.0
100.0
Madrid, Spain
San Justo Desvern, calle de la Constituci\u00f3n 1, 5\u00ba Atlantic Version 2014 SLU
100.0
100.0
planta, local 3, 08960, Barcelona, Spain
Suite 4 Constantia House, Steenbert Of\ufb01ce Park,
Constantia, 7800 South Africa
SBT Software Operations (SA) (Pty)
100.0
100.0
24A 18th Street, Menlo Park, Pretoria,
0081
South Africa
Ladbrokes (SA) (Pty) Limited
100.0
60.0
Of\ufb01ce 519, Spaces, Dock Road Junction, Corner
Wave SA (Pty) Limited
85.0
100.0
of Stanley & Dock Road, Waterfront, Cape Town,
8
001, South Africa
Stora Gatan 46, Sigtuna Enlabs AB
100.0
100.0
Kommun, 19330,
Sweden
Entraction AB
100.0
100.0
Score24 AB
100.0
100.0
Royal Park Serviced Of\ufb01ce,
Frosundaviks alle 15, 15903 Solna, Sweden
Scout Gaming AB
100.0
100.0
c/o The Corporation Trust Company, GVC Finance LLC
100.0
100.0
1209
Orange Street, Country of New Castle,
GVC Holdings (USA) Inc
100.0
100.0
Wilmington DE 19891, United States Ladbrokes Holdco. Inc.
100.0
100.0
7251
Amigo Strees, Suite 100, Las Vegas
Stadium Technology Group, LLC
100.0
100.0
NV
89119,
United States
1013
Centre Road, Suite 403-B, Wilmington DE
Angstrom Sports Inc
100.0
\u2013
19805
, United Estates
4445
Corporation Ln Ste 264, Viriginia
Angstrom Sports Virginia LLC
100.0
\u2013
Beach VA 23462-3262, United States
Five Greentree Centre, 525 Route 72 North, STE
Angstrom Sports NJ LLC
100.0
\u2013
104
Marlton, New Jersey 08053, United States
701
S.Carson Street, Suite 200,
bwin.party (USA) Inc
100.0
100.0
Carson City, NV 90801,
United States
bwin.party entertainment (NJ) LLC
100.0
90.0
bwin.party services (NJ) Inc
100.0
100.0
Ladbrokes Subco LLC
100.0
100.0
c/o Saiber LLC, 18 Columbia Turnpike,
Suite 200, Florham Park, New Jersey,
United States
The Entain Foundation US, Inc
100.0
100.0
2 Mykoly Solovtsova St, Of\ufb01ce 38/1
Entain (Ukraine) LLC
100.0
100.0
01014
Kyiv, Ukraine
Of\ufb01ce 13, 39 Dzhona Makkeina,
Steer
Kyiv, Ukraine
01042
LLC Bwin
100.0
100.0
Dr Luis Bonavita, 1294, Torre 2 WTC
Gomifer S.A.
100.0
100.0
Free Zone, O\ufb01cina 631, Montevideo,
Uruguay
34972
Longacres, Lusaka
Wave Digital Zambia Limited
100.0
100.0
Lusaka Province, Zambia
4 3 3 1 4 3 1. Company that is directly owned by Entain plc. 2. Company that forms part of the Group as at 31 December 2023 and which, principally affected the Group\u2019s reported results for the year. 3. Trading entity engaged in activity associated with betting and gaming. 4. Holding company. 5. Dormant company
Joint ventures
% equity interest
Registered address
Company
2023
2022
Corporation Service Company,
251
Little Falls Drive,
BetMGM, LLC
50.0
50.0
Wilmington,
Delaware 19808, United States
Associates
% equity interest
Country of incorporation
Company
2023
2022
China
Asia Gaming Technologies (Beijing) Co., Ltd
49.0
49.0
Asia Gaming Technologies Limited
49.0
49.0
Germany
bwin E.K. Neugersdorf
50.0
50.0
Belgium
Gran Casino de Dinant SA
20.0
20.0
In\ufb01niti Casino Oostende NV
20.0
20.0
Leaderbet NV
20.0
20.0
Professional Gaming Services SRL/BV
19.0
19.0
United Kingdom
Draw & Code Limited
40.0
40.0
Games For Good Causes PLC
36.3
36.3
Sports Information Services (Holdings) Limited
23.4
23.4
1
1. Subsidiary of Asia Gaming Technologies Limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-620": { "value": "16 Interest in joint venture
Share of joint
venture\u2019s net
assets
\u00a3m
Cost
At 1 January 2022
9.7
Additions
175.1
Exchange adjustment
3.7
Share of loss after tax
(193.9)
Share of other comprehensive loss
(0.4)
Contributions to be made
5.8
At 31 December 2022
\u2013
Additions 40.7
Exchange adjustment
0.5
Share of loss after tax
(42.0)
Share of other comprehensive loss (movement in translation reserve)
(0.6)
Contributions to be made
1.4
At 31 December 2023
\u2013
The joint venture represents the Group\u2019s investment in BetMGM set up in the US in which a 50% stake is held. The Group has committed to provide its \ufb01nal committed equity injection to BetMGM over the course of 2024, with $25.0m additional contributions expected ($50.0m split between both joint venture partners). This will take the Group\u2019s total investment to $705.0m ($1.41bn across both joint venture partners). Given the net liabilities position of the joint venture, the Group has recorded \u00a37.2m of these future contributions as a liability at the year end, an increase of \u00a31.4m on the prior year. Summarised \ufb01nancial information in respect of the Group\u2019s joint venture\u2019s net assets is set out below:
2023 2022
\u00a3m \u00a3m
Non-current assets
118.1
148.6
Cash and cash equivalents
138.7
308.7
Other current assets
182.7
92.4
Current assets
321.4
401.1
Balances with customers
(208.6)
(234.4)
Other current liabilities
(224.0)
(310.0)
Current liabilities
(432.6)
(544.4)
Non-current liabilities
(21.2)
(17.0)
Net liabilities
(14.3)
(11.7)
Group\u2019s share of net liabilities
(7.2)
(5.8)
2023 2022
Summarised statement of comprehensive income \u00a3m \u00a3m
Revenue
1,582.4
1,174.8
Depreciation and amortisation
(8.2)
(28.5)
Other operating expenses
(1,658.1)
(1,534.1)
Loss for the year
(83.9)
(387.8)
Other comprehensive loss
(1.2)
(0.8)
Total comprehensive loss
(85.1)
(388.6)
Group\u2019s share of loss
(42.6)
(194.3)
There are no contingent liabilities relating to the Group\u2019s interest in the joint venture (2022: \u00a3nil). The risks associated with the Group\u2019s interest in joint ventures are aligned to the same risks the Group is exposed to on the basis that they operate wholly within the betting and gaming market. 17 Interest in associates and other investments
Share of
associates\u2019 Other
net assets investments Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
44.2
14.2
58.4
Revaluation loss
\u2013
(5.1)
(5.1)
Arising on business combinations
\u2013
4.9
4.9
Dividends received
(3.6)
\u2013
(3.6)
Share of loss after tax
(0.2)
\u2013
(0.2)
Foreign exchange
(0.9)
\u2013
(0.9)
At 31 December 2022
39.5
14.0
53.5
Revaluation gain
\u2013
2.6
2.6
Additions
\u2013
3.1
3.1
Dividends received
(9.8)
\u2013
(9.8)
Share of loss after tax
(0.9)
\u2013
(0.9)
Share of other comprehensive expense
(1.1)
\u2013
(1.1)
Foreign exchange
\u2013
(0.3)
(0.3)
At 31 December 2023
27.7
19.4
47.1
Revaluation loss includes \u00a31.1m (2022: \u00a32.6m) recognised through other comprehensive income with the remaining loss of \u00a32.5m (2022: \u00a32.5m) recognised through pro\ufb01t or loss. Associates Summarised \ufb01nancial information in respect of the associates is set out below:
2023 2022
\u00a3m \u00a3m
Non-current assets
42.5
52.0
Current assets
78.0
132.4
Non-current liabilities
(5.7)
(2.5)
Current liabilities
(73.1)
(90.1)
Net assets
41.7
91.8
Group\u2019s share of net assets
27.7
39.4
Revenue for the year
370.1
337.1
Pro\ufb01t for the year
10.4
0.1
Other comprehensive expense
(4.7)
\u2013
Total comprehensive income
5.7
0.1
Group\u2019s share of total comprehensive expense
(2.0)
(0.2)
Further details of the Group\u2019s associates are listed in Note 34. The \ufb01nancial year end of Sports Information Services (Holdings) Limited (SIS), an associate of the Group, is 31 March. The Group has included the results for SIS for the 12 months ended 31 December 2023. All associates are private companies and there are no quoted market prices available for their shares. The risks associated with associate investments are considered to be aligned to the same risks the Group is exposed to on the basis that they operate wholly within the betting and gaming market. Other investments of \u00a319.4m (2022: \u00a314.0m) consist of investments which have no \ufb01xed maturity date or coupon rate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-598": { "value": "16 Interest in joint venture
Share of joint
venture\u2019s net
assets
\u00a3m
Cost
At 1 January 2022
9.7
Additions
175.1
Exchange adjustment
3.7
Share of loss after tax
(193.9)
Share of other comprehensive loss
(0.4)
Contributions to be made
5.8
At 31 December 2022
\u2013
Additions 40.7
Exchange adjustment
0.5
Share of loss after tax
(42.0)
Share of other comprehensive loss (movement in translation reserve)
(0.6)
Contributions to be made
1.4
At 31 December 2023
\u2013
The joint venture represents the Group\u2019s investment in BetMGM set up in the US in which a 50% stake is held. The Group has committed to provide its \ufb01nal committed equity injection to BetMGM over the course of 2024, with $25.0m additional contributions expected ($50.0m split between both joint venture partners). This will take the Group\u2019s total investment to $705.0m ($1.41bn across both joint venture partners). Given the net liabilities position of the joint venture, the Group has recorded \u00a37.2m of these future contributions as a liability at the year end, an increase of \u00a31.4m on the prior year. Summarised \ufb01nancial information in respect of the Group\u2019s joint venture\u2019s net assets is set out below:
2023 2022
\u00a3m \u00a3m
Non-current assets
118.1
148.6
Cash and cash equivalents
138.7
308.7
Other current assets
182.7
92.4
Current assets
321.4
401.1
Balances with customers
(208.6)
(234.4)
Other current liabilities
(224.0)
(310.0)
Current liabilities
(432.6)
(544.4)
Non-current liabilities
(21.2)
(17.0)
Net liabilities
(14.3)
(11.7)
Group\u2019s share of net liabilities
(7.2)
(5.8)
2023 2022
Summarised statement of comprehensive income \u00a3m \u00a3m
Revenue
1,582.4
1,174.8
Depreciation and amortisation
(8.2)
(28.5)
Other operating expenses
(1,658.1)
(1,534.1)
Loss for the year
(83.9)
(387.8)
Other comprehensive loss
(1.2)
(0.8)
Total comprehensive loss
(85.1)
(388.6)
Group\u2019s share of loss
(42.6)
(194.3)
There are no contingent liabilities relating to the Group\u2019s interest in the joint venture (2022: \u00a3nil). The risks associated with the Group\u2019s interest in joint ventures are aligned to the same risks the Group is exposed to on the basis that they operate wholly within the betting and gaming market. Joint ventures
% equity interest
Registered address
Company
2023
2022
Corporation Service Company,
251
Little Falls Drive,
BetMGM, LLC
50.0
50.0
Wilmington,
Delaware 19808, United States
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-599": { "value": "17 Interest in associates and other investments
Share of
associates\u2019 Other
net assets investments Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
44.2
14.2
58.4
Revaluation loss
\u2013
(5.1)
(5.1)
Arising on business combinations
\u2013
4.9
4.9
Dividends received
(3.6)
\u2013
(3.6)
Share of loss after tax
(0.2)
\u2013
(0.2)
Foreign exchange
(0.9)
\u2013
(0.9)
At 31 December 2022
39.5
14.0
53.5
Revaluation gain
\u2013
2.6
2.6
Additions
\u2013
3.1
3.1
Dividends received
(9.8)
\u2013
(9.8)
Share of loss after tax
(0.9)
\u2013
(0.9)
Share of other comprehensive expense
(1.1)
\u2013
(1.1)
Foreign exchange
\u2013
(0.3)
(0.3)
At 31 December 2023
27.7
19.4
47.1
Revaluation loss includes \u00a31.1m (2022: \u00a32.6m) recognised through other comprehensive income with the remaining loss of \u00a32.5m (2022: \u00a32.5m) recognised through pro\ufb01t or loss. Associates Summarised \ufb01nancial information in respect of the associates is set out below:
2023 2022
\u00a3m \u00a3m
Non-current assets
42.5
52.0
Current assets
78.0
132.4
Non-current liabilities
(5.7)
(2.5)
Current liabilities
(73.1)
(90.1)
Net assets
41.7
91.8
Group\u2019s share of net assets
27.7
39.4
Revenue for the year
370.1
337.1
Pro\ufb01t for the year
10.4
0.1
Other comprehensive expense
(4.7)
\u2013
Total comprehensive income
5.7
0.1
Group\u2019s share of total comprehensive expense
(2.0)
(0.2)
Further details of the Group\u2019s associates are listed in Note 34. The \ufb01nancial year end of Sports Information Services (Holdings) Limited (SIS), an associate of the Group, is 31 March. The Group has included the results for SIS for the 12 months ended 31 December 2023. All associates are private companies and there are no quoted market prices available for their shares. The risks associated with associate investments are considered to be aligned to the same risks the Group is exposed to on the basis that they operate wholly within the betting and gaming market. Other investments of \u00a319.4m (2022: \u00a314.0m) consist of investments which have no \ufb01xed maturity date or coupon rate. Associates
% equity interest
Country of incorporation
Company
2023
2022
China
Asia Gaming Technologies (Beijing) Co., Ltd
49.0
49.0
Asia Gaming Technologies Limited
49.0
49.0
Germany
bwin E.K. Neugersdorf
50.0
50.0
Belgium
Gran Casino de Dinant SA
20.0
20.0
In\ufb01niti Casino Oostende NV
20.0
20.0
Leaderbet NV
20.0
20.0
Professional Gaming Services SRL/BV
19.0
19.0
United Kingdom
Draw & Code Limited
40.0
40.0
Games For Good Causes PLC
36.3
36.3
Sports Information Services (Holdings) Limited
23.4
23.4
1 1. Subsidiary of Asia Gaming Technologies Limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-560": { "value": "
18 Trade and other receivables
2023 2022
\u00a3m \u00a3m
Trade receivables
40.6
34.1
Other receivables
399.0
430.8
Finance lease receivable
4.3
3.5
Prepayments
91.1
70.5
535.0
538.9
Trade and other receivables are presented on the Balance Sheet as follows:
2023 2022
\u00a3m \u00a3m
Current
503.2
500.3
Non-current
31.8
38.6
Total
535.0
538.9
Trade and other receivables are non-interest bearing and are generally on 30\u201390 day terms. Trade and other receivables are reviewed
for impairment on an ongoing basis, taking account of the ageing of outstanding amounts and the credit pro\ufb01le of customers.
Impaired receivables, including all trade receivables that are a year old, are provided for in an allowance account. Impaired receivables
are derecognised when they are assessed as irrecoverable. The expected credit losses arising from receivables are not considered to
be signi\ufb01cant.
The balance of other receivables consists of the receivable for Greek tax of \u20ac34.9m (2022: \u20ac34.9m), amounts receivable from payment
service providers of \u00a3176.0m (2022: \u00a3149.8m), and other smaller items such as regulatory deposits, security deposits, rent deposits and
balances due from af\ufb01liates and partners. The Group does not perceive there to be a material credit risk against these items.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-634": { "value": "18 Trade and other receivables
2023 2022
\u00a3m \u00a3m
Trade receivables
40.6
34.1
Other receivables
399.0
430.8
Finance lease receivable
4.3
3.5
Prepayments
91.1
70.5
535.0
538.9
Trade and other receivables are presented on the Balance Sheet as follows:
2023 2022
\u00a3m \u00a3m
Current
503.2
500.3
Non-current
31.8
38.6
Total
535.0
538.9
Trade and other receivables are non-interest bearing and are generally on 30\u201390 day terms. Trade and other receivables are reviewed for impairment on an ongoing basis, taking account of the ageing of outstanding amounts and the credit pro\ufb01le of customers. Impaired receivables, including all trade receivables that are a year old, are provided for in an allowance account. Impaired receivables are derecognised when they are assessed as irrecoverable. The expected credit losses arising from receivables are not considered to be signi\ufb01cant. The balance of other receivables consists of the receivable for Greek tax of \u20ac34.9m (2022: \u20ac34.9m), amounts receivable from payment service providers of \u00a3176.0m (2022: \u00a3149.8m), and other smaller items such as regulatory deposits, security deposits, rent deposits and balances due from af\ufb01liates and partners. The Group does not perceive there to be a material credit risk against these items. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-621": { "value": "18 Trade and other receivables
2023 2022
\u00a3m \u00a3m
Trade receivables
40.6
34.1
Other receivables
399.0
430.8
Finance lease receivable
4.3
3.5
Prepayments
91.1
70.5
535.0
538.9
Trade and other receivables are presented on the Balance Sheet as follows:
2023 2022
\u00a3m \u00a3m
Current
503.2
500.3
Non-current
31.8
38.6
Total
535.0
538.9
Trade and other receivables are non-interest bearing and are generally on 30\u201390 day terms. Trade and other receivables are reviewed for impairment on an ongoing basis, taking account of the ageing of outstanding amounts and the credit pro\ufb01le of customers. Impaired receivables, including all trade receivables that are a year old, are provided for in an allowance account. Impaired receivables are derecognised when they are assessed as irrecoverable. The expected credit losses arising from receivables are not considered to be signi\ufb01cant. The balance of other receivables consists of the receivable for Greek tax of \u20ac34.9m (2022: \u20ac34.9m), amounts receivable from payment service providers of \u00a3176.0m (2022: \u00a3149.8m), and other smaller items such as regulatory deposits, security deposits, rent deposits and balances due from af\ufb01liates and partners. The Group does not perceive there to be a material credit risk against these items.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-600": { "value": "18 Trade and other receivables
2023 2022
\u00a3m \u00a3m
Trade receivables
40.6
34.1
Other receivables
399.0
430.8
Finance lease receivable
4.3
3.5
Prepayments
91.1
70.5
535.0
538.9
Trade and other receivables are presented on the Balance Sheet as follows:
2023 2022
\u00a3m \u00a3m
Current
503.2
500.3
Non-current
31.8
38.6
Total
535.0
538.9
Trade and other receivables are non-interest bearing and are generally on 30\u201390 day terms. Trade and other receivables are reviewed for impairment on an ongoing basis, taking account of the ageing of outstanding amounts and the credit pro\ufb01le of customers. Impaired receivables, including all trade receivables that are a year old, are provided for in an allowance account. Impaired receivables are derecognised when they are assessed as irrecoverable. The expected credit losses arising from receivables are not considered to be signi\ufb01cant. The balance of other receivables consists of the receivable for Greek tax of \u20ac34.9m (2022: \u20ac34.9m), amounts receivable from payment service providers of \u00a3176.0m (2022: \u00a3149.8m), and other smaller items such as regulatory deposits, security deposits, rent deposits and balances due from af\ufb01liates and partners. The Group does not perceive there to be a material credit risk against these items.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-561": { "value": "
19 Cash and cash equivalents
2023 2022
\u00a3m \u00a3m
Cash and short-term deposits
400.6
658.5
Cash and cash equivalents in the consolidated statement of cash \ufb02ows comprises cash at bank, overdrafts net of short-term investments
and includes \u00a3154.6m (2022: \u00a352.1m) restricted in respect of customers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-562": { "value": "
20 Trade and other payables
2023 2022
Restated
\u00a3m \u00a3m
Trade payables
56.9
64.4
Other payables
719.9
135.4
Social security and other taxes
197.6
181.0
Accruals
338.0
339.2
1,312.4
720.0
1
1
1. Restatement of prior year intangible valuations increasing prior year other payables by \u00a30.2m has been made in relation to the prior year SuperSport acquisition during the
subsequent measurement period. See Note 32 for further details.
Trade and other payables are presented on the Balance Sheet as follows:
2023 2022
Restated
\u00a3m \u00a3m
Current
878.6
720.0
Non-current
433.8
\u2013
Total
1,312.4
720.0
1
HMRC settlement liability within other payables
On 5 December 2023, Entain plc entered into a Deferred Prosecution Agreement (\u201cDPA\u201d) with the Crown Prosecution Service (\u201cCPS\u201d) in
relation to historical conduct of the Group, thereby resolving the HM Revenue & Customs (\u201cHMRC\u201d) investigation into the Group.
The DPA relates to alleged offences under Section 7 of the Bribery Act 2010 and, in particular, a failure by the Company to have adequate
procedures in place to prevent bribery in relation to its legacy Turkish-facing business. The Turkish-facing business was sold by a former
management team in 2017.
Under the terms of the DPA, the Group has agreed to pay a \ufb01nancial penalty plus disgorgement of pro\ufb01ts totalling \u00a3585 million, to
make a charitable donation of \u00a320 million and to pay a contribution of \u00a310 million to HMRC\u2019s and the CPS\u2019s costs. The \ufb01nancial penalty,
disgorgement of pro\ufb01ts and the charitable donation will be paid in instalments over the term of the DPA, which will be four years from
the date of the DPA. During the current \ufb01nancial year, the Group has provided for \u00a3585m representing the discounted value of all future
payments over the four-year term.
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 signi\ufb01cantly strengthen its wider compliance programme and related controls. Recognition of the
signi\ufb01cant improvements made by the Company is an integral feature of achieving a DPA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-622": { "value": "20 Trade and other payables
2023 2022
Restated
\u00a3m \u00a3m
Trade payables
56.9
64.4
Other payables
719.9
135.4
Social security and other taxes
197.6
181.0
Accruals
338.0
339.2
1,312.4
720.0
1 1 1. Restatement of prior year intangible valuations increasing prior year other payables by \u00a30.2m has been made in relation to the prior year SuperSport acquisition during the subsequent measurement period. See Note 32 for further details. Trade and other payables are presented on the Balance Sheet as follows:
2023 2022
Restated
\u00a3m \u00a3m
Current
878.6
720.0
Non-current
433.8
\u2013
Total
1,312.4
720.0
1 HMRC settlement liability within other payables On 5 December 2023, Entain plc entered into a Deferred Prosecution Agreement (\u201cDPA\u201d) with the Crown Prosecution Service (\u201cCPS\u201d) in relation to historical conduct of the Group, thereby resolving the HM Revenue & Customs (\u201cHMRC\u201d) investigation into the Group. The DPA relates to alleged offences under Section 7 of the Bribery Act 2010 and, in particular, a failure by the Company to have adequate procedures in place to prevent bribery in relation to its legacy Turkish-facing business. The Turkish-facing business was sold by a former management team in 2017. Under the terms of the DPA, the Group has agreed to pay a \ufb01nancial penalty plus disgorgement of pro\ufb01ts totalling \u00a3585 million, to make a charitable donation of \u00a320 million and to pay a contribution of \u00a310 million to HMRC\u2019s and the CPS\u2019s costs. The \ufb01nancial penalty, disgorgement of pro\ufb01ts and the charitable donation will be paid in instalments over the term of the DPA, which will be four years from the date of the DPA. During the current \ufb01nancial year, the Group has provided for \u00a3585m representing the discounted value of all future payments over the four-year term. 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 signi\ufb01cantly strengthen its wider compliance programme and related controls. Recognition of the signi\ufb01cant improvements made by the Company is an integral feature of achieving a DPA.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-601": { "value": "20 Trade and other payables
2023 2022
Restated
\u00a3m \u00a3m
Trade payables
56.9
64.4
Other payables
719.9
135.4
Social security and other taxes
197.6
181.0
Accruals
338.0
339.2
1,312.4
720.0
1 1 1. Restatement of prior year intangible valuations increasing prior year other payables by \u00a30.2m has been made in relation to the prior year SuperSport acquisition during the subsequent measurement period. See Note 32 for further details. Trade and other payables are presented on the Balance Sheet as follows:
2023 2022
Restated
\u00a3m \u00a3m
Current
878.6
720.0
Non-current
433.8
\u2013
Total
1,312.4
720.0
1 HMRC settlement liability within other payables On 5 December 2023, Entain plc entered into a Deferred Prosecution Agreement (\u201cDPA\u201d) with the Crown Prosecution Service (\u201cCPS\u201d) in relation to historical conduct of the Group, thereby resolving the HM Revenue & Customs (\u201cHMRC\u201d) investigation into the Group. The DPA relates to alleged offences under Section 7 of the Bribery Act 2010 and, in particular, a failure by the Company to have adequate procedures in place to prevent bribery in relation to its legacy Turkish-facing business. The Turkish-facing business was sold by a former management team in 2017. Under the terms of the DPA, the Group has agreed to pay a \ufb01nancial penalty plus disgorgement of pro\ufb01ts totalling \u00a3585 million, to make a charitable donation of \u00a320 million and to pay a contribution of \u00a310 million to HMRC\u2019s and the CPS\u2019s costs. The \ufb01nancial penalty, disgorgement of pro\ufb01ts and the charitable donation will be paid in instalments over the term of the DPA, which will be four years from the date of the DPA. During the current \ufb01nancial year, the Group has provided for \u00a3585m representing the discounted value of all future payments over the four-year term. 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 signi\ufb01cantly strengthen its wider compliance programme and related controls. Recognition of the signi\ufb01cant improvements made by the Company is an integral feature of achieving a DPA.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-602": { "value": "
21 Discontinued operations
During the current year, the Group recorded a \u00a357.8m loss in discontinued operations relating to its former business Intertrader which
was disposed of in November 2021. The loss recorded primarily re\ufb02ects legal costs associated with historic matters as well as a provision
liability for a potential settlement with the former owners of the business following a long-running legal dispute. The charge has been
recognised in within separately disclosed items in the year (Note 6).
In 2022, loss on disposal was \u00a313.4m relating to ongoing costs of disposal of the Intertrader business and the settlement of various
associated legal matters.
29.2 Cash \ufb02ows arising from discontinued operations:
2023 2022
\u00a3m \u00a3m
Cash used in operating activities
(57.8)
(13.4)
Cash used in investing activities
\u2013
\u2013
Net cash out\ufb02ow arising from discontinued operations
(57.8)
(13.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-563": { "value": "
22 Lease liabilities
2023 2022
\u00a3m \u00a3m
Current
Lease liabilities
65.7
65.1
Non-current
Lease liabilities
210.2
215.8
Total lease liabilities
275.9
280.9
The Group\u2019s leasing activity consists of leases on property, cars, self-service betting terminals and of\ufb01ce equipment. The majority of those
relate to the leasing of LBOs within the Retail estates and of\ufb01ce buildings.
Each lease is re\ufb02ected on the balance sheet as a right-of-use asset and a lease liability. Variable lease payments which do not depend on
an index or a rate (such as lease payments on gaming machines based on a percentage of revenue) are excluded from the measurement
of the lease liability and asset. The Group classi\ufb01es its right-of-use assets in a consistent manner to its property, plant and equipment
(see Note 15).
Leases of vehicles and IT equipment are generally limited to a new lease term of 3 to 5 years. Leases of property generally have a
lease term ranging from 5 to 10 years, with some legacy leases extending out to 20 years and beyond. Most new leases of property
are now generally expected to be limited to no more than 10 years, with a break option after no more than 5 years, except in
special circumstances.
The maturity analysis of lease liabilities at 31 December 2023 is as follows:
Minimum lease payments due
Within
1 year 1\u20132 years 2\u20135 years > 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2023
Net present value
65.7
57.8
106.7
45.7
275.9
2022
Net present value
65.1
56.2
106.5
53.1
280.9
The Group secures the use of its retail premises primarily through taking out leases for these premises. Typically, the leases are for a
duration between 5 and 10 years. In respect of the UK property portfolio there is commonly a right to negotiate replacement leases on
expiry, by virtue of the Landlord and Tenant Act 1954. Details of undiscounted amounts payable under leases are set out in Note 25.
Certain lease payments are not recognised as a liability. This arises when the Group continues to pay rents and occupy properties
after the lease has expired. Payments made under such leases are expensed on a straight-line basis. In addition, certain variable lease
payments and irrecoverable VAT are not permitted to be recognised as lease liabilities and are expensed as incurred.
The use of extension and termination options gives the Group added \ufb02exibility in the event it has identi\ufb01 ed more suitable premises in
terms of cost and/or location or determined that it is advantageous to remain in a location beyond the original lease term. An option is
only exercised when consistent with the Group\u2019s regional markets strategy and the economic bene\ufb01ts of exercising the option exceeds
the expected overall cost.
Amounts paid for short-term and low-value leases not included within the lease liability are immaterial.
The Group incurred rent and associated costs of \u00a320.8m (2022: \u00a315.3m). These are predominantly driven by VAT on rental charges not
being recoverable and held over leases.
Details of total cash out\ufb02ow relating to leases, are disclosed in the consolidated statement of cash \ufb02ows.
Group as lessor:
Finance lease receivables are included in the statement of \ufb01nancial position within trade and other receivables and is as follows:
2023 2022
\u00a3m \u00a3m
Current
1.1
1.0
Non-current
3.2
2.5
The maturity analysis of lease receivables, including the undiscounted lease payments to be received, are as follows:
Minimum lease payments due
Within
1 year 1\u20132 years 2\u20135 years > 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2023
Lease payments receivable
1.4
1.3
2.0
0.8
5.5
Interest
(0.3)
(0.3)
(0.5)
(0.1)
(1.2)
Present value of lease payments receivable
1.1
1.0
1.5
0.7
4.3
2022
Lease payments receivable
1.1
0.9
1.1
0.9
4.0
Interest
(0.1)
(0.1)
(0.2)
(0.1)
(0.5)
Present value of lease payments receivable
1.0
0.8
0.9
0.8
3.5
Operating lease commitments \u2013 Group as lessor
A number of the sublease agreements for unutilised space in the UK shop estate are not classi\ufb01ed as \ufb01nance leases within IFRS 16.
These non-cancellable leases have remaining lease terms of between one and six years. The future minimum rentals receivable under
these non-cancellable operating leases at 31 December are as follows:
2023 2022
\u00a3m \u00a3m
Within one year
0.4
0.6
After one year but not more than \ufb01 ve years
0.6
1.0
After \ufb01ve years
0.1
0.1
1.1
1.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-564": { "value": "
23 Interest-bearing loans and borrowings
2023 2022
\u00a3m \u00a3m
Current
Euro-denominated loans
0.4
0.9
USD-denominated loans
23.4
17.7
Sterling-denominated loans
295.4
406.3
319.2
424.9
Non-current
Euro-denominated loans
869.4
994.7
USD-denominated loans
2,172.1
1,694.4
Sterling-denominated loans
(2.7)
\u2013
3,038.8
2,689.1
As at 31 December 2023 there were \u00a3515.0m (2022: \u00a3515.0m) of committed bank facilities of which \u00a3295.0m (2022: \u00a3nil) were drawn
down and \u00a35.2m (2022: \u00a352.1m) of facilities which have been utilised for letters of credit.
On 6 December 2022, the Group agreed pricing and allocation of two new tranches of First Lien Term Loans, namely a EUR tranche of \u20ac800m
with a maturity in June 2028 and a USD tranche of $375m which was added to the $1,000m term loan which had an October 2029 maturity.
These new loans were issued on 11 January 2023 and used to repay the existing \u20ac1,125m loan in January 2023, ahead its March
2024 maturity.
On 26 June 2023, the Group agreed pricing and allocation of add ons to existing First Lien Term Loans. \u20ac230m was added onto the
\u20ac800m term loan, with maturity remaining in June 2028 and $385m was added onto the $1,375m term loan, with maturity remaining in
October 2029. A total of c\u00a3500m GBP equivalent was issued and these funds were part used to fund the repayment of the Ladbrokes
Group Finance plc \u00a3400m bond in July 2023, a bond which was due for repayment in September 2023.
The Group\u2019s senior facilities agreement contains a single \ufb01nancial covenant: a springing leverage covenant (subject to customary cure
rights) and solely for the bene\ufb01t of the lenders under the revolving credit facility (\u201cRCF\u201d). The \ufb01nancial covenant is tested only in respect
of a quarter-end date where the aggregate outstanding principal amount of all loans under the RCF (excluding utilisations of the RCF by
way of letters of credit or bank guarantees) exceeds 40% of the total RCF commitments as at that date.
25 Financial risk management objectives and policies
The Group\u2019s treasury function provides a centralised service for the provision of \ufb01nance and the management and control of liquidity,
foreign exchange rates and interest rates. The function operates as a cost centre and manages the Group\u2019s treasury exposures to reduce
risk in accordance with policies approved by the Board.
The Group\u2019s principal \ufb01nancial instruments comprise term loans, bank facilities, overdrafts, loan notes, bonds, \ufb01nancial guarantee
contracts, and cash and short-term deposits, together with certain derivative \ufb01nancial instruments. The main purpose of these \ufb01nancial
instruments is to raise \ufb01nance for the Group\u2019s operations. The Group has various other \ufb01nancial instruments such as trade receivables,
trade payables and accruals that arise directly from its operations. Details of derivatives are set out in Note 26.
It is, and has been throughout the year under review, the Group\u2019s policy that no trading in \ufb01 nancial instruments shall be undertaken other
than betting. Activity of this nature is only undertaken by the customer and is not speculative activity of the Group. The Group\u2019s exposure
to ante-post betting and gaming transactions is not signi\ufb01cant.
The main \ufb01nancial risks for the Group are exchange rate risk, interest rate risk, credit risk and liquidity risk. The Board reviews and agrees
policies for managing each of these risks and they are summarised below. The Group also monitors the market price risk arising from all
\ufb01nancial instruments.
Interest rate risk
The Group is exposed to interest rate risk on certain of its interest-bearing loans and borrowings and on cash and cash equivalents.
The Group uses derivative \ufb01nancial instruments such as interest rate swaps to hedge its interest rate risk. At 31 December 2023, 65%
(2022: 50%) of the Group\u2019s post-swap gross debt (excluding leases) was at \ufb01xed interest rates.
Interest on \ufb01nancial instruments at \ufb02oating rates is repriced at intervals of less than six months. Interest on \ufb01nancial instruments at \ufb01xed
rates is \ufb01xed until the maturity of the instrument.
The table below demonstrates the sensitivity to reasonably possible changes in interest rates on income for the year when this movement
is applied to the carrying value of \ufb01nancial liabilities:
Pro\ufb01t before tax
Effect on:
2023
2022
25 basis points decrease
1.1
4.1
100 basis points increase
(4.6)
(16.3)
Foreign currency risk
Given the multi-national nature of the business, the Group is exposed to foreign exchange gains and losses on its trading activities,
the net assets of its overseas subsidiaries and its non-GBP-denominated \ufb01nancing facilities. The primary currencies that the Group is
exposed to \ufb02uctuations in are the Euro, Australian Dollar and US Dollar.
Whilst the Group does not actively hedge the foreign exposure on its trading cash \ufb02ows, it continuously monitors exposures to
individual currencies, taking remediating actions as necessary to manage any signi\ufb01cant risks as they arise. In the event that the Group
anticipates large transactions in currencies other than GBP, forward exchange contracts are taken out to manage the potential foreign
exchange exposure.
The Group\u2019s exposure to the translation of net assets on foreign currency subsidiaries into its reporting currency is partially offset by the
opposite exposure on the Group\u2019s \ufb01nancing facilities providing a natural economic hedge, even though the Group does not apply hedge
accounting. The Group\u2019s policy on borrowings is broadly aligned to the underlying cash \ufb02ows of the business.
The Group has \ufb01nancing facilities in GBP, Euros and US Dollars. As the Group\u2019s overseas subsidiaries largely report in Euros, the Group
has taken out swap contracts to hedge the US Dollar debt into Euros in order to align the foreign currency exposure on the Group\u2019s
\ufb01nancing facilities with that on the net assets of its subsidiaries. The Group has also taken out swap contracts to hedge US Dollar debt
into GBP and Australian Dollars.
A 5% weakening in the Euro would reduce Group operating pro\ufb01t by \u00a321.6m (2022: \u00a327.7m) and net assets by \u00a322.0m (2022: \u00a30.8m)
when applied to the results of the year in question.
A 5% weakening in the Australian Dollar would reduce Group operating pro\ufb01t by \u00a33.4m (2022: \u00a34.6m) and net assets by \u00a37.1m
(2022: \u00a319.0m) when applied to the results of the year in question.
A 5% weakening in the US Dollar would increase Group operating pro\ufb01t by \u00a32.0m (2022: \u00a39.2m) arising from the share of loss of joint
venture. There are no material net assets held in US Dollar as at 31 December 2023 and 31 December 2022.
Credit risk
The Group is not subject to signi\ufb01cant concentration of credit risk, with exposure spread across a large number of counterparties
and customers.
Receivable balances are monitored on an ongoing basis. Any changes to credit terms are assessed and authorised by senior
management on an individual basis.
With respect to credit risk arising from the other \ufb01nancial assets of the Group, which comprise cash and cash equivalents, the Group\u2019s
exposure to credit risk arises from default of the counterparty, with a primary exposure equal to the carrying amount of these instruments.
Credit risk in respect of cash and cash equivalents is managed by restricting those transactions to banks that have a de\ufb01ned minimum
credit rating and by setting an exposure ceiling per bank.
Liquidity risk
The Group\u2019s objective is to maintain a balance between continuity of funding and \ufb02exibility through the use of borrowings with a range of
maturities. The Group\u2019s policy on liquidity is to ensure that there are suf\ufb01cient medium-term and long-term committed borrowing facilities
to meet the medium-term funding requirements. At 31 December 2023, there were undrawn committed borrowing facilities of \u00a3220.0m
(2022: \u00a3515.0m). Total committed facilities had an average maturity of 4.5 years (2022: 3.7 years).
The total gross contractual undiscounted cash \ufb02ows of \ufb01nancial liabilities, including interest payments, fall due as follows. Cash \ufb02ows in
respect of \ufb01nancial guarantee contracts re\ufb02ect the probability weighted cash \ufb02ows.
On demand
or within
1 year 1\u20132 years 2\u20135 years > 5 years Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest-bearing loans and borrowings
573.7
558.1
1,223.1
1,401.9
3,756.8
Other \ufb01nancial liabilities
252.7
692.4
378.5
2,855.8
4,179.4
Trade and other payables
681.0
151.3
302.5
\u2013
1,134.8
Lease liabilities
77.5
66.8
122.9
54.0
321.2
Total
1,584.9
1,468.6
2,027.0
4,311.7
9,392.2
On demand
or within
1 year 1\u20132 years 2\u20135 years > 5 years Total
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest bearing loans and borrowings
548.4
1,310.6
1,131.2
914.5
3,904.7
Other \ufb01nancial liabilities
210.7
56.5
205.5
1.7
474.4
Trade and other payables
538.8
\u2013
\u2013
\u2013
538.8
Lease liabilities
72.4
61.6
116.6
59.8
310.4
Total
1,370.3
1,428.7
1,453.3
976.0
5,228.3
Details of discounted contractual cash \ufb02ows of leasing liabilities are set out in Note 22.
Capital risk management
The primary objective of the Group\u2019s capital management is to ensure that it maintains a credit quality that enables the Group to raise
funds at an economic interest rate and to maintain healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the
capital structure, the Group may adjust the dividend payment to shareholders, adjust borrowings, return capital to shareholders or issue
new shares.
The Group monitors capital using an adjusted net debt to underlying EBITDA ratio. The ratio at 31 December 2023 was 3.3 times
(2022: 2.8 times). See Note 27 for further details.
The Group\u2019s funding policy is to raise funds centrally to meet the Group\u2019s anticipated requirements. These are planned so as to mature at
different stages in order to reduce re\ufb01nancing risk. The Board reviews the Group\u2019s capital structure and liquidity periodically.
26 Financial instruments and fair value disclosures
The table below analyses the Group\u2019s \ufb01nancial instruments into their relevant categories:
Assets/
Assets at
(liabilities)
fair value
at fair value
through other
Amortised
through
comprehensive
cost
pro\ufb01t and loss
income Total
31 December 2023 \u00a3m
\u00a3m
\u00a3m \u00a3m
Assets
Non-current:
Other investments (Note 17)
1.3
10.9
7.2
19.4
Current:
Trade and other receivables
443.9
\u2013
\u2013
443.9
Derivative \ufb01nancial instruments
\u2013
31.9
\u2013
31.9
Cash and short-term investments (including customer funds)
400.6
\u2013
\u2013
400.6
Total
845.8
42.8
7.2
895.8
Liabilities
Current:
Customer balances
(196.8)
\u2013
\u2013
(196.8)
Interest-bearing loans and borrowings
(319.2)
\u2013
\u2013
(319.2)
Trade and other payables
(681.0)
\u2013
\u2013
(681.0)
Derivative \ufb01nancial instruments
\u2013
(117.5)
\u2013
(117.5)
Other \ufb01nancial liabilities
\u2013
(157.0)
\u2013
(157.0)
Lease liabilities (Note 22)
(65.7)
\u2013
\u2013
(65.7)
Non-current:
Interest-bearing loans and borrowings
(3,038.8)
\u2013
\u2013
(3,038.8)
Trade and other payables
(433.8)
\u2013
\u2013
(433.8)
Other \ufb01nancial liabilities
(905.7)
(835.8)
\u2013
(1,741.5)
Lease liabilities (Note 22)
(210.2)
\u2013
\u2013
(210.2)
Total
(5,851.2)
(1,110.3)
\u2013
(6,961.5)
Net \ufb01nancial (liabilities)/assets
(5,005.4)
(1,067.5)
7.2
(6,065.7)
1
2
2
1. The fair value of interest-bearing loans and borrowings at 31 December 2023 and 31 December 2022 is not materially different to their original cost.
2. Other \ufb01nancial liabilities include \u00a31,335.5m deferred and contingent consideration (2022: \u00a3261.7m), a put liability of \u00a3536.3m (2022: \u00a3180.4m), \u00a39.6m of \ufb01nancial guarantees
(2022: \u00a32.9m) and \u00a317.1m of ante-post liabilities (2022: \u00a317.2m).
Assets/
Assets at
(liabilities)
fair value
at fair value
through other
Amortised
through
comprehensive
cost
pro\ufb01t and loss
income Total
31 December 2022 \u00a3m
\u00a3m
\u00a3m \u00a3m
Assets
Non-current:
Other investments (Note 17)
1.3
6.6
6.1
14.0
Other \ufb01nancial assets
0.2
\u2013
\u2013
0.2
Current:
Trade and other receivables
464.9
\u2013
\u2013
464.9
Derivative \ufb01nancial instruments
\u2013
72.9
\u2013
72.9
Cash and short-term investments (including customer funds)
658.5
\u2013
\u2013
658.5
Total
1,124.9
79.5
6.1
1,210.5
Liabilities
Current:
Customer balances
(200.5)
\u2013
\u2013
(200.5)
Interest-bearing loans and borrowings
(424.9)
\u2013
\u2013
(424.9)
Trade and other payables
(538.8)
\u2013
\u2013
(538.8)
Derivative \ufb01nancial instruments
\u2013
(79.2)
\u2013
(79.2)
Other \ufb01nancial liabilities
\u2013
(208.8)
\u2013
(208.8)
Lease liabilities (Note 22)
(65.1)
\u2013
\u2013
(65.1)
Non-current:
Interest-bearing loans and borrowings
(2,689.1)
\u2013
\u2013
(2,689.1)
Other \ufb01nancial liabilities
(183.3)
(70.1)
\u2013
(253.4)
Lease liabilities (Note 22)
(215.8)
\u2013
\u2013
(215.8)
Total
(4,317.5)
(358.1)
\u2013
(4,675.6)
Net \ufb01nancial (liabilities)/assets
(3,192.6)
(278.6)
6.1
(3,465.1)
1
2
2
Fair value hierarchy
IFRS 13 requires \ufb01nancial assets and liabilities recorded at fair value to be categorised in three levels according to the inputs used in the
calculation of their fair value:
\u2013 Level 1 \u2013 uses quoted prices as the input to fair value calculations
\u2013 Level 2 \u2013 uses inputs other than quoted prices, that are observable either directly or indirectly
\u2013 Level 3 \u2013 uses inputs that are not observable
The following tables illustrate the Group\u2019s \ufb01nancial assets and liabilities measured at fair value after initial recognition at 31 December 2023
and 31 December 2022:
2023
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value
Derivative \ufb01nancial instruments
\u2013
31.9
\u2013
31.9
Other investments
7.1
2.5
8.5
18.1
7.1
34.4
8.5
50.0
Liabilities measured at fair value
Derivative \ufb01nancial instruments
\u2013
(117.5)
\u2013
(117.5)
Other \ufb01nancial liabilities
\u2013
\u2013
(992.8)
(992.8)
\u2013
(117.5)
(992.8)
(1,110.3)
Net assets/(liabilities) measured at fair value
7.1
(83.1)
(984.3)
(1,060.3)
2022
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value
Derivative \ufb01nancial instruments
\u2013
72.9
\u2013
72.9
Other investments
5.5
1.8
5.4
12.7
5.5
74.7
5.4
85.6
Liabilities measured at fair value
Derivative \ufb01nancial instruments
\u2013
(79.2)
\u2013
(79.2)
\u2013
\u2013
(278.9)
(278.9)
Other \ufb01nancial liabilities
\u2013
(79.2)
(278.9)
(358.1)
Net assets/(liabilities) measured at fair value
5.5
(4.5)
(273.5)
(272.5)
There have been no transfers of assets or liabilities recorded at fair value between the levels of the fair value hierarchy.
Included within other \ufb01nancial assets and derivative \ufb01nancial instruments measured at fair value are: the Group\u2019s currency swaps
held against debt instruments as an asset of \u00a331.9m (2022: asset of \u00a372.9m) and a liability of \u00a3117.5m (2022: \u00a379.2m), investment
in RAS Technology, designated as fair value through other comprehensive income, \u00a32.1m (2022: \u00a31.0m), an investment in Scout
Gaming of \u00a30.3m (2022: \u00a30.3m), a convertible equity instruments with Visa Inc. for \u00a32.5m (2022: \u00a31.8m) and Greenrun Inc. for \u00a33.1m
(2022: \u00a3nil),and an investment fund of \u00a35.0m (2022:\u00a34.9m), all designated as fair value through pro\ufb01t and loss. During the year, the Group
disposed of its investment in Hui10 (2022: \u00a35.1m) as a share-for-share exchange with Intuitive Investment Group plc (\u201cIIG) at a \u00a3nil pro\ufb01t
or loss. The investment in IIG of \u00a35.1m is designated as fair value through other comprehensive income. The fair value of the investments
at 31 December 2023 and 31 December 2022 is not materially different to their original cost.
Contingent and deferred consideration
Contingent and deferred consideration arises through business combinations, the fair value for which is reassessed at each reporting
date using updated inputs and assumptions based on the latest \ufb01nancial forecasts of each respective business. As at 31 December 2023
contingent and deferred consideration included within other \ufb01nancial liabilities was \u00a31,335.5m (2022: \u00a3261.7m), including \u00a31,155.1m
on Tab NZ as well as from the Group\u2019s acquisitions of SuperSport in the prior year, and in year acquisitions of ASF Limited, BetCity,
and 365Scores.
The valuation of the contingent element of consideration is subject to estimation uncertainty as the amount payable is based on
various factors, including future pro\ufb01tability. With the exception of Tab NZ, based on the current pro\ufb01t forecast and reasonable upside
and downside sensitivities, the range of potential valuations is not expected to be materially different from that provided for in the
\ufb01nancial statements. For Tab NZ where the range of potential outcomes could be materially different from the amounts provided as it
is subject to the future performance of the business over a 25-year time period. The fair value of contingent consideration for Tab NZ at
31 December 2023 was \u00a3788.3m. The valuation technique used for calculating the contingent consideration was a discounted cash \ufb02ow
model. The key unobservable inputs for the calculation are revenue growth rates, adjusted gross pro\ufb01t margin and discount rate. A 5%
movement in forecast cash \ufb02ows, both positive and negative, would impact the contingent consideration liability by approximately \u00a350m,
whereas the 0.5pp movement in the discount rate would affect the liability by approximately \u00a340m.
During the year, the Group paid \u00a3266.7m (2022: \u00a332.9m) of deferred and contingent consideration in relation to the
aforementioned acquisitions.
Put option liability
The amortised costs of the put option liability recognised is not materially different to fair value.
Ante-post
Ante-post liabilities are valued using methods and inputs that are not based upon observable market data. The principal assumptions
relate to anticipated gross win margins on unsettled bets. There are no reasonably probable changes to assumptions or inputs that would
lead to material changes in the fair value determined, although the \ufb01nal value will be determined by future sporting results.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-603": { "value": "23 Interest-bearing loans and borrowings
2023 2022
\u00a3m \u00a3m
Current
Euro-denominated loans
0.4
0.9
USD-denominated loans
23.4
17.7
Sterling-denominated loans
295.4
406.3
319.2
424.9
Non-current
Euro-denominated loans
869.4
994.7
USD-denominated loans
2,172.1
1,694.4
Sterling-denominated loans
(2.7)
\u2013
3,038.8
2,689.1
As at 31 December 2023 there were \u00a3515.0m (2022: \u00a3515.0m) of committed bank facilities of which \u00a3295.0m (2022: \u00a3nil) were drawn down and \u00a35.2m (2022: \u00a352.1m) of facilities which have been utilised for letters of credit. On 6 December 2022, the Group agreed pricing and allocation of two new tranches of First Lien Term Loans, namely a EUR tranche of \u20ac800m with a maturity in June 2028 and a USD tranche of $375m which was added to the $1,000m term loan which had an October 2029 maturity. These new loans were issued on 11 January 2023 and used to repay the existing \u20ac1,125m loan in January 2023, ahead its March 2024 maturity. On 26 June 2023, the Group agreed pricing and allocation of add ons to existing First Lien Term Loans. \u20ac230m was added onto the \u20ac800m term loan, with maturity remaining in June 2028 and $385m was added onto the $1,375m term loan, with maturity remaining in October 2029. A total of c\u00a3500m GBP equivalent was issued and these funds were part used to fund the repayment of the Ladbrokes Group Finance plc \u00a3400m bond in July 2023, a bond which was due for repayment in September 2023. The Group\u2019s senior facilities agreement contains a single \ufb01nancial covenant: a springing leverage covenant (subject to customary cure rights) and solely for the bene\ufb01t of the lenders under the revolving credit facility (\u201cRCF\u201d). The \ufb01nancial covenant is tested only in respect of a quarter-end date where the aggregate outstanding principal amount of all loans under the RCF (excluding utilisations of the RCF by way of letters of credit or bank guarantees) exceeds 40% of the total RCF commitments as at that date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-565": { "value": "
24 Provisions
1
2
Litigation and
Property Restructuring regulation
provisions provisions provisions Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
9.1
0.8
40.0
49.9
Provided
10.1
1.8
33.6
45.5
Utilised
(7.5)
(2.0)
(35.9)
(45.4)
Released
(4.5)
(0.6)
(1.9)
(7.0)
Reclassi\ufb01cation
\u2013
\u2013
(17.0)
(17.0)
At 31 December 2022
7.2
\u2013
18.8
26.0
Provided
4.4
28.8
28.2
61.4
Utilised
(5.3)
(25.5)
(30.4)
(61.2)
Released
(1.0)
\u2013
(0.1)
(1.1)
At 31 December 2023
5.3
3.3
16.5
25.1
3
1. The Group is party to a number of leasehold property contracts. Provision has been made against the unavoidable non-rent costs on those leases where the property is now
vacant. Provisions have been based on management\u2019s best estimate of the minimum future cash \ufb02ows to settle the Group\u2019s obligations, considering the risks associated with
each obligation, discounted at a risk-free interest rate of 3.5%. The periods of vacant property commitments range from 1 to 12 years (2022: 1 to 13 years). In accordance with
IFRS 16, the rental elements of certain property provisions are included within lease liabilities.
2. Restructuring provisions relate to redundancy costs.
3. Litigation and regulation provisions relate to estimates for potential liabilities which may arise in the Group as a result of customer claims and past practices. Whilst the nature of
legal claims means that the timing of settlement can be uncertain, we expect all claims to be settled in the next 1 to 2 years. Whilst the provisions are based on management\u2019s
best estimate of the likely liability for obligations that exist at the year end date, the maximum potential exposure is not expected to be materially different to the provision made.
Of the total provisions at 31 December 2023, \u00a320.9m (2022: \u00a320.6m) is current and \u00a34.2m (2022: \u00a35.4m) is non-current.
Provisions expected to be settled in greater than one year are discounted at the risk-free rate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-604": { "value": "25 Financial risk management objectives and policies The Group\u2019s treasury function provides a centralised service for the provision of \ufb01nance and the management and control of liquidity, foreign exchange rates and interest rates. The function operates as a cost centre and manages the Group\u2019s treasury exposures to reduce risk in accordance with policies approved by the Board. The Group\u2019s principal \ufb01nancial instruments comprise term loans, bank facilities, overdrafts, loan notes, bonds, \ufb01nancial guarantee contracts, and cash and short-term deposits, together with certain derivative \ufb01nancial instruments. The main purpose of these \ufb01nancial instruments is to raise \ufb01nance for the Group\u2019s operations. The Group has various other \ufb01nancial instruments such as trade receivables, trade payables and accruals that arise directly from its operations. Details of derivatives are set out in Note 26. It is, and has been throughout the year under review, the Group\u2019s policy that no trading in \ufb01 nancial instruments shall be undertaken other than betting. Activity of this nature is only undertaken by the customer and is not speculative activity of the Group. The Group\u2019s exposure to ante-post betting and gaming transactions is not signi\ufb01cant. The main \ufb01nancial risks for the Group are exchange rate risk, interest rate risk, credit risk and liquidity risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. The Group also monitors the market price risk arising from all \ufb01nancial instruments. Interest rate risk The Group is exposed to interest rate risk on certain of its interest-bearing loans and borrowings and on cash and cash equivalents. The Group uses derivative \ufb01nancial instruments such as interest rate swaps to hedge its interest rate risk. At 31 December 2023, 65% (2022: 50%) of the Group\u2019s post-swap gross debt (excluding leases) was at \ufb01xed interest rates. Interest on \ufb01nancial instruments at \ufb02oating rates is repriced at intervals of less than six months. Interest on \ufb01nancial instruments at \ufb01xed rates is \ufb01xed until the maturity of the instrument. The table below demonstrates the sensitivity to reasonably possible changes in interest rates on income for the year when this movement is applied to the carrying value of \ufb01nancial liabilities:
Pro\ufb01t before tax
Effect on:
2023
2022
25 basis points decrease
1.1
4.1
100 basis points increase
(4.6)
(16.3)
Foreign currency risk Given the multi-national nature of the business, the Group is exposed to foreign exchange gains and losses on its trading activities, the net assets of its overseas subsidiaries and its non-GBP-denominated \ufb01nancing facilities. The primary currencies that the Group is exposed to \ufb02uctuations in are the Euro, Australian Dollar and US Dollar. Whilst the Group does not actively hedge the foreign exposure on its trading cash \ufb02ows, it continuously monitors exposures to individual currencies, taking remediating actions as necessary to manage any signi\ufb01cant risks as they arise. In the event that the Group anticipates large transactions in currencies other than GBP, forward exchange contracts are taken out to manage the potential foreign exchange exposure. The Group\u2019s exposure to the translation of net assets on foreign currency subsidiaries into its reporting currency is partially offset by the opposite exposure on the Group\u2019s \ufb01nancing facilities providing a natural economic hedge, even though the Group does not apply hedge accounting. The Group\u2019s policy on borrowings is broadly aligned to the underlying cash \ufb02ows of the business. The Group has \ufb01nancing facilities in GBP, Euros and US Dollars. As the Group\u2019s overseas subsidiaries largely report in Euros, the Group has taken out swap contracts to hedge the US Dollar debt into Euros in order to align the foreign currency exposure on the Group\u2019s \ufb01nancing facilities with that on the net assets of its subsidiaries. The Group has also taken out swap contracts to hedge US Dollar debt into GBP and Australian Dollars. A 5% weakening in the Euro would reduce Group operating pro\ufb01t by \u00a321.6m (2022: \u00a327.7m) and net assets by \u00a322.0m (2022: \u00a30.8m) when applied to the results of the year in question. A 5% weakening in the Australian Dollar would reduce Group operating pro\ufb01t by \u00a33.4m (2022: \u00a34.6m) and net assets by \u00a37.1m (2022: \u00a319.0m) when applied to the results of the year in question. A 5% weakening in the US Dollar would increase Group operating pro\ufb01t by \u00a32.0m (2022: \u00a39.2m) arising from the share of loss of joint venture. There are no material net assets held in US Dollar as at 31 December 2023 and 31 December 2022. Credit risk The Group is not subject to signi\ufb01cant concentration of credit risk, with exposure spread across a large number of counterparties and customers. Receivable balances are monitored on an ongoing basis. Any changes to credit terms are assessed and authorised by senior management on an individual basis. With respect to credit risk arising from the other \ufb01nancial assets of the Group, which comprise cash and cash equivalents, the Group\u2019s exposure to credit risk arises from default of the counterparty, with a primary exposure equal to the carrying amount of these instruments. Credit risk in respect of cash and cash equivalents is managed by restricting those transactions to banks that have a de\ufb01ned minimum credit rating and by setting an exposure ceiling per bank. Liquidity risk The Group\u2019s objective is to maintain a balance between continuity of funding and \ufb02exibility through the use of borrowings with a range of maturities. The Group\u2019s policy on liquidity is to ensure that there are suf\ufb01cient medium-term and long-term committed borrowing facilities to meet the medium-term funding requirements. At 31 December 2023, there were undrawn committed borrowing facilities of \u00a3220.0m (2022: \u00a3515.0m). Total committed facilities had an average maturity of 4.5 years (2022: 3.7 years). The total gross contractual undiscounted cash \ufb02ows of \ufb01nancial liabilities, including interest payments, fall due as follows. Cash \ufb02ows in respect of \ufb01nancial guarantee contracts re\ufb02ect the probability weighted cash \ufb02ows.
On demand
or within
1 year 1\u20132 years 2\u20135 years > 5 years Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest-bearing loans and borrowings
573.7
558.1
1,223.1
1,401.9
3,756.8
Other \ufb01nancial liabilities
252.7
692.4
378.5
2,855.8
4,179.4
Trade and other payables
681.0
151.3
302.5
\u2013
1,134.8
Lease liabilities
77.5
66.8
122.9
54.0
321.2
Total
1,584.9
1,468.6
2,027.0
4,311.7
9,392.2
On demand
or within
1 year 1\u20132 years 2\u20135 years > 5 years Total
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest bearing loans and borrowings
548.4
1,310.6
1,131.2
914.5
3,904.7
Other \ufb01nancial liabilities
210.7
56.5
205.5
1.7
474.4
Trade and other payables
538.8
\u2013
\u2013
\u2013
538.8
Lease liabilities
72.4
61.6
116.6
59.8
310.4
Total
1,370.3
1,428.7
1,453.3
976.0
5,228.3
Details of discounted contractual cash \ufb02ows of leasing liabilities are set out in Note 22. Capital risk management The primary objective of the Group\u2019s capital management is to ensure that it maintains a credit quality that enables the Group to raise funds at an economic interest rate and to maintain healthy capital ratios in order to support its business and maximise shareholder value. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, adjust borrowings, return capital to shareholders or issue new shares. The Group monitors capital using an adjusted net debt to underlying EBITDA ratio. The ratio at 31 December 2023 was 3.3 times (2022: 2.8 times). See Note 27 for further details. The Group\u2019s funding policy is to raise funds centrally to meet the Group\u2019s anticipated requirements. These are planned so as to mature at different stages in order to reduce re\ufb01nancing risk. The Board reviews the Group\u2019s capital structure and liquidity periodically. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-623": { "value": "Interest rate risk The Group is exposed to interest rate risk on certain of its interest-bearing loans and borrowings and on cash and cash equivalents. The Group uses derivative \ufb01nancial instruments such as interest rate swaps to hedge its interest rate risk. At 31 December 2023, 65% (2022: 50%) of the Group\u2019s post-swap gross debt (excluding leases) was at \ufb01xed interest rates. Interest on \ufb01nancial instruments at \ufb02oating rates is repriced at intervals of less than six months. Interest on \ufb01nancial instruments at \ufb01xed rates is \ufb01xed until the maturity of the instrument. The table below demonstrates the sensitivity to reasonably possible changes in interest rates on income for the year when this movement is applied to the carrying value of \ufb01nancial liabilities:
Pro\ufb01t before tax
Effect on:
2023
2022
25 basis points decrease
1.1
4.1
100 basis points increase
(4.6)
(16.3)
Foreign currency risk Given the multi-national nature of the business, the Group is exposed to foreign exchange gains and losses on its trading activities, the net assets of its overseas subsidiaries and its non-GBP-denominated \ufb01nancing facilities. The primary currencies that the Group is exposed to \ufb02uctuations in are the Euro, Australian Dollar and US Dollar. Whilst the Group does not actively hedge the foreign exposure on its trading cash \ufb02ows, it continuously monitors exposures to individual currencies, taking remediating actions as necessary to manage any signi\ufb01cant risks as they arise. In the event that the Group anticipates large transactions in currencies other than GBP, forward exchange contracts are taken out to manage the potential foreign exchange exposure. The Group\u2019s exposure to the translation of net assets on foreign currency subsidiaries into its reporting currency is partially offset by the opposite exposure on the Group\u2019s \ufb01nancing facilities providing a natural economic hedge, even though the Group does not apply hedge accounting. The Group\u2019s policy on borrowings is broadly aligned to the underlying cash \ufb02ows of the business. The Group has \ufb01nancing facilities in GBP, Euros and US Dollars. As the Group\u2019s overseas subsidiaries largely report in Euros, the Group has taken out swap contracts to hedge the US Dollar debt into Euros in order to align the foreign currency exposure on the Group\u2019s \ufb01nancing facilities with that on the net assets of its subsidiaries. The Group has also taken out swap contracts to hedge US Dollar debt into GBP and Australian Dollars. A 5% weakening in the Euro would reduce Group operating pro\ufb01t by \u00a321.6m (2022: \u00a327.7m) and net assets by \u00a322.0m (2022: \u00a30.8m) when applied to the results of the year in question. A 5% weakening in the Australian Dollar would reduce Group operating pro\ufb01t by \u00a33.4m (2022: \u00a34.6m) and net assets by \u00a37.1m (2022: \u00a319.0m) when applied to the results of the year in question. A 5% weakening in the US Dollar would increase Group operating pro\ufb01t by \u00a32.0m (2022: \u00a39.2m) arising from the share of loss of joint venture. There are no material net assets held in US Dollar as at 31 December 2023 and 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-624": { "value": "Credit risk The Group is not subject to signi\ufb01cant concentration of credit risk, with exposure spread across a large number of counterparties and customers. Receivable balances are monitored on an ongoing basis. Any changes to credit terms are assessed and authorised by senior management on an individual basis. With respect to credit risk arising from the other \ufb01nancial assets of the Group, which comprise cash and cash equivalents, the Group\u2019s exposure to credit risk arises from default of the counterparty, with a primary exposure equal to the carrying amount of these instruments. Credit risk in respect of cash and cash equivalents is managed by restricting those transactions to banks that have a de\ufb01ned minimum credit rating and by setting an exposure ceiling per bank. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-625": { "value": "Liquidity risk The Group\u2019s objective is to maintain a balance between continuity of funding and \ufb02exibility through the use of borrowings with a range of maturities. The Group\u2019s policy on liquidity is to ensure that there are suf\ufb01cient medium-term and long-term committed borrowing facilities to meet the medium-term funding requirements. At 31 December 2023, there were undrawn committed borrowing facilities of \u00a3220.0m (2022: \u00a3515.0m). Total committed facilities had an average maturity of 4.5 years (2022: 3.7 years). The total gross contractual undiscounted cash \ufb02ows of \ufb01nancial liabilities, including interest payments, fall due as follows. Cash \ufb02ows in respect of \ufb01nancial guarantee contracts re\ufb02ect the probability weighted cash \ufb02ows.
On demand
or within
1 year 1\u20132 years 2\u20135 years > 5 years Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest-bearing loans and borrowings
573.7
558.1
1,223.1
1,401.9
3,756.8
Other \ufb01nancial liabilities
252.7
692.4
378.5
2,855.8
4,179.4
Trade and other payables
681.0
151.3
302.5
\u2013
1,134.8
Lease liabilities
77.5
66.8
122.9
54.0
321.2
Total
1,584.9
1,468.6
2,027.0
4,311.7
9,392.2
On demand
or within
1 year 1\u20132 years 2\u20135 years > 5 years Total
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest bearing loans and borrowings
548.4
1,310.6
1,131.2
914.5
3,904.7
Other \ufb01nancial liabilities
210.7
56.5
205.5
1.7
474.4
Trade and other payables
538.8
\u2013
\u2013
\u2013
538.8
Lease liabilities
72.4
61.6
116.6
59.8
310.4
Total
1,370.3
1,428.7
1,453.3
976.0
5,228.3
Details of discounted contractual cash \ufb02ows of leasing liabilities are set out in Note 22. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-626": { "value": "Capital risk management The primary objective of the Group\u2019s capital management is to ensure that it maintains a credit quality that enables the Group to raise funds at an economic interest rate and to maintain healthy capital ratios in order to support its business and maximise shareholder value. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, adjust borrowings, return capital to shareholders or issue new shares. The Group monitors capital using an adjusted net debt to underlying EBITDA ratio. The ratio at 31 December 2023 was 3.3 times (2022: 2.8 times). See Note 27 for further details. The Group\u2019s funding policy is to raise funds centrally to meet the Group\u2019s anticipated requirements. These are planned so as to mature at different stages in order to reduce re\ufb01nancing risk. The Board reviews the Group\u2019s capital structure and liquidity periodically. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-627": { "value": "26 Financial instruments and fair value disclosures The table below analyses the Group\u2019s \ufb01nancial instruments into their relevant categories:
Assets/
Assets at
(liabilities)
fair value
at fair value
through other
Amortised
through
comprehensive
cost
pro\ufb01t and loss
income Total
31 December 2023 \u00a3m
\u00a3m
\u00a3m \u00a3m
Assets
Non-current:
Other investments (Note 17)
1.3
10.9
7.2
19.4
Current:
Trade and other receivables
443.9
\u2013
\u2013
443.9
Derivative \ufb01nancial instruments
\u2013
31.9
\u2013
31.9
Cash and short-term investments (including customer funds)
400.6
\u2013
\u2013
400.6
Total
845.8
42.8
7.2
895.8
Liabilities
Current:
Customer balances
(196.8)
\u2013
\u2013
(196.8)
Interest-bearing loans and borrowings
(319.2)
\u2013
\u2013
(319.2)
Trade and other payables
(681.0)
\u2013
\u2013
(681.0)
Derivative \ufb01nancial instruments
\u2013
(117.5)
\u2013
(117.5)
Other \ufb01nancial liabilities
\u2013
(157.0)
\u2013
(157.0)
Lease liabilities (Note 22)
(65.7)
\u2013
\u2013
(65.7)
Non-current:
Interest-bearing loans and borrowings
(3,038.8)
\u2013
\u2013
(3,038.8)
Trade and other payables
(433.8)
\u2013
\u2013
(433.8)
Other \ufb01nancial liabilities
(905.7)
(835.8)
\u2013
(1,741.5)
Lease liabilities (Note 22)
(210.2)
\u2013
\u2013
(210.2)
Total
(5,851.2)
(1,110.3)
\u2013
(6,961.5)
Net \ufb01nancial (liabilities)/assets
(5,005.4)
(1,067.5)
7.2
(6,065.7)
1 2 2 1. The fair value of interest-bearing loans and borrowings at 31 December 2023 and 31 December 2022 is not materially different to their original cost. 2. Other \ufb01nancial liabilities include \u00a31,335.5m deferred and contingent consideration (2022: \u00a3261.7m), a put liability of \u00a3536.3m (2022: \u00a3180.4m), \u00a39.6m of \ufb01nancial guarantees (2022: \u00a32.9m) and \u00a317.1m of ante-post liabilities (2022: \u00a317.2m).
Assets/
Assets at
(liabilities)
fair value
at fair value
through other
Amortised
through
comprehensive
cost
pro\ufb01t and loss
income Total
31 December 2022 \u00a3m
\u00a3m
\u00a3m \u00a3m
Assets
Non-current:
Other investments (Note 17)
1.3
6.6
6.1
14.0
Other \ufb01nancial assets
0.2
\u2013
\u2013
0.2
Current:
Trade and other receivables
464.9
\u2013
\u2013
464.9
Derivative \ufb01nancial instruments
\u2013
72.9
\u2013
72.9
Cash and short-term investments (including customer funds)
658.5
\u2013
\u2013
658.5
Total
1,124.9
79.5
6.1
1,210.5
Liabilities
Current:
Customer balances
(200.5)
\u2013
\u2013
(200.5)
Interest-bearing loans and borrowings
(424.9)
\u2013
\u2013
(424.9)
Trade and other payables
(538.8)
\u2013
\u2013
(538.8)
Derivative \ufb01nancial instruments
\u2013
(79.2)
\u2013
(79.2)
Other \ufb01nancial liabilities
\u2013
(208.8)
\u2013
(208.8)
Lease liabilities (Note 22)
(65.1)
\u2013
\u2013
(65.1)
Non-current:
Interest-bearing loans and borrowings
(2,689.1)
\u2013
\u2013
(2,689.1)
Other \ufb01nancial liabilities
(183.3)
(70.1)
\u2013
(253.4)
Lease liabilities (Note 22)
(215.8)
\u2013
\u2013
(215.8)
Total
(4,317.5)
(358.1)
\u2013
(4,675.6)
Net \ufb01nancial (liabilities)/assets
(3,192.6)
(278.6)
6.1
(3,465.1)
1 2 2 Fair value hierarchy IFRS 13 requires \ufb01nancial assets and liabilities recorded at fair value to be categorised in three levels according to the inputs used in the calculation of their fair value: \u2013 Level 1 \u2013 uses quoted prices as the input to fair value calculations \u2013 Level 2 \u2013 uses inputs other than quoted prices, that are observable either directly or indirectly \u2013 Level 3 \u2013 uses inputs that are not observable The following tables illustrate the Group\u2019s \ufb01nancial assets and liabilities measured at fair value after initial recognition at 31 December 2023 and 31 December 2022:
2023
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value
Derivative \ufb01nancial instruments
\u2013
31.9
\u2013
31.9
Other investments
7.1
2.5
8.5
18.1
7.1
34.4
8.5
50.0
Liabilities measured at fair value
Derivative \ufb01nancial instruments
\u2013
(117.5)
\u2013
(117.5)
Other \ufb01nancial liabilities
\u2013
\u2013
(992.8)
(992.8)
\u2013
(117.5)
(992.8)
(1,110.3)
Net assets/(liabilities) measured at fair value
7.1
(83.1)
(984.3)
(1,060.3)
2022
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value
Derivative \ufb01nancial instruments
\u2013
72.9
\u2013
72.9
Other investments
5.5
1.8
5.4
12.7
5.5
74.7
5.4
85.6
Liabilities measured at fair value
Derivative \ufb01nancial instruments
\u2013
(79.2)
\u2013
(79.2)
\u2013
\u2013
(278.9)
(278.9)
Other \ufb01nancial liabilities
\u2013
(79.2)
(278.9)
(358.1)
Net assets/(liabilities) measured at fair value
5.5
(4.5)
(273.5)
(272.5)
There have been no transfers of assets or liabilities recorded at fair value between the levels of the fair value hierarchy. Included within other \ufb01nancial assets and derivative \ufb01nancial instruments measured at fair value are: the Group\u2019s currency swaps held against debt instruments as an asset of \u00a331.9m (2022: asset of \u00a372.9m) and a liability of \u00a3117.5m (2022: \u00a379.2m), investment in RAS Technology, designated as fair value through other comprehensive income, \u00a32.1m (2022: \u00a31.0m), an investment in Scout Gaming of \u00a30.3m (2022: \u00a30.3m), a convertible equity instruments with Visa Inc. for \u00a32.5m (2022: \u00a31.8m) and Greenrun Inc. for \u00a33.1m (2022: \u00a3nil),and an investment fund of \u00a35.0m (2022:\u00a34.9m), all designated as fair value through pro\ufb01t and loss. During the year, the Group disposed of its investment in Hui10 (2022: \u00a35.1m) as a share-for-share exchange with Intuitive Investment Group plc (\u201cIIG) at a \u00a3nil pro\ufb01t or loss. The investment in IIG of \u00a35.1m is designated as fair value through other comprehensive income. The fair value of the investments at 31 December 2023 and 31 December 2022 is not materially different to their original cost. Contingent and deferred consideration Contingent and deferred consideration arises through business combinations, the fair value for which is reassessed at each reporting date using updated inputs and assumptions based on the latest \ufb01nancial forecasts of each respective business. As at 31 December 2023 contingent and deferred consideration included within other \ufb01nancial liabilities was \u00a31,335.5m (2022: \u00a3261.7m), including \u00a31,155.1m on Tab NZ as well as from the Group\u2019s acquisitions of SuperSport in the prior year, and in year acquisitions of ASF Limited, BetCity, and 365Scores. The valuation of the contingent element of consideration is subject to estimation uncertainty as the amount payable is based on various factors, including future pro\ufb01tability. With the exception of Tab NZ, based on the current pro\ufb01t forecast and reasonable upside and downside sensitivities, the range of potential valuations is not expected to be materially different from that provided for in the \ufb01nancial statements. For Tab NZ where the range of potential outcomes could be materially different from the amounts provided as it is subject to the future performance of the business over a 25-year time period. The fair value of contingent consideration for Tab NZ at 31 December 2023 was \u00a3788.3m. The valuation technique used for calculating the contingent consideration was a discounted cash \ufb02ow model. The key unobservable inputs for the calculation are revenue growth rates, adjusted gross pro\ufb01t margin and discount rate. A 5% movement in forecast cash \ufb02ows, both positive and negative, would impact the contingent consideration liability by approximately \u00a350m, whereas the 0.5pp movement in the discount rate would affect the liability by approximately \u00a340m. During the year, the Group paid \u00a3266.7m (2022: \u00a332.9m) of deferred and contingent consideration in relation to the aforementioned acquisitions. Put option liability The amortised costs of the put option liability recognised is not materially different to fair value. Ante-post Ante-post liabilities are valued using methods and inputs that are not based upon observable market data. The principal assumptions relate to anticipated gross win margins on unsettled bets. There are no reasonably probable changes to assumptions or inputs that would lead to material changes in the fair value determined, although the \ufb01nal value will be determined by future sporting results.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-605": { "value": "26 Financial instruments and fair value disclosures The table below analyses the Group\u2019s \ufb01nancial instruments into their relevant categories:
Assets/
Assets at
(liabilities)
fair value
at fair value
through other
Amortised
through
comprehensive
cost
pro\ufb01t and loss
income Total
31 December 2023 \u00a3m
\u00a3m
\u00a3m \u00a3m
Assets
Non-current:
Other investments (Note 17)
1.3
10.9
7.2
19.4
Current:
Trade and other receivables
443.9
\u2013
\u2013
443.9
Derivative \ufb01nancial instruments
\u2013
31.9
\u2013
31.9
Cash and short-term investments (including customer funds)
400.6
\u2013
\u2013
400.6
Total
845.8
42.8
7.2
895.8
Liabilities
Current:
Customer balances
(196.8)
\u2013
\u2013
(196.8)
Interest-bearing loans and borrowings
(319.2)
\u2013
\u2013
(319.2)
Trade and other payables
(681.0)
\u2013
\u2013
(681.0)
Derivative \ufb01nancial instruments
\u2013
(117.5)
\u2013
(117.5)
Other \ufb01nancial liabilities
\u2013
(157.0)
\u2013
(157.0)
Lease liabilities (Note 22)
(65.7)
\u2013
\u2013
(65.7)
Non-current:
Interest-bearing loans and borrowings
(3,038.8)
\u2013
\u2013
(3,038.8)
Trade and other payables
(433.8)
\u2013
\u2013
(433.8)
Other \ufb01nancial liabilities
(905.7)
(835.8)
\u2013
(1,741.5)
Lease liabilities (Note 22)
(210.2)
\u2013
\u2013
(210.2)
Total
(5,851.2)
(1,110.3)
\u2013
(6,961.5)
Net \ufb01nancial (liabilities)/assets
(5,005.4)
(1,067.5)
7.2
(6,065.7)
1 2 2 1. The fair value of interest-bearing loans and borrowings at 31 December 2023 and 31 December 2022 is not materially different to their original cost. 2. Other \ufb01nancial liabilities include \u00a31,335.5m deferred and contingent consideration (2022: \u00a3261.7m), a put liability of \u00a3536.3m (2022: \u00a3180.4m), \u00a39.6m of \ufb01nancial guarantees (2022: \u00a32.9m) and \u00a317.1m of ante-post liabilities (2022: \u00a317.2m).
Assets/
Assets at
(liabilities)
fair value
at fair value
through other
Amortised
through
comprehensive
cost
pro\ufb01t and loss
income Total
31 December 2022 \u00a3m
\u00a3m
\u00a3m \u00a3m
Assets
Non-current:
Other investments (Note 17)
1.3
6.6
6.1
14.0
Other \ufb01nancial assets
0.2
\u2013
\u2013
0.2
Current:
Trade and other receivables
464.9
\u2013
\u2013
464.9
Derivative \ufb01nancial instruments
\u2013
72.9
\u2013
72.9
Cash and short-term investments (including customer funds)
658.5
\u2013
\u2013
658.5
Total
1,124.9
79.5
6.1
1,210.5
Liabilities
Current:
Customer balances
(200.5)
\u2013
\u2013
(200.5)
Interest-bearing loans and borrowings
(424.9)
\u2013
\u2013
(424.9)
Trade and other payables
(538.8)
\u2013
\u2013
(538.8)
Derivative \ufb01nancial instruments
\u2013
(79.2)
\u2013
(79.2)
Other \ufb01nancial liabilities
\u2013
(208.8)
\u2013
(208.8)
Lease liabilities (Note 22)
(65.1)
\u2013
\u2013
(65.1)
Non-current:
Interest-bearing loans and borrowings
(2,689.1)
\u2013
\u2013
(2,689.1)
Other \ufb01nancial liabilities
(183.3)
(70.1)
\u2013
(253.4)
Lease liabilities (Note 22)
(215.8)
\u2013
\u2013
(215.8)
Total
(4,317.5)
(358.1)
\u2013
(4,675.6)
Net \ufb01nancial (liabilities)/assets
(3,192.6)
(278.6)
6.1
(3,465.1)
1 2 2 Fair value hierarchy IFRS 13 requires \ufb01nancial assets and liabilities recorded at fair value to be categorised in three levels according to the inputs used in the calculation of their fair value: \u2013 Level 1 \u2013 uses quoted prices as the input to fair value calculations \u2013 Level 2 \u2013 uses inputs other than quoted prices, that are observable either directly or indirectly \u2013 Level 3 \u2013 uses inputs that are not observable The following tables illustrate the Group\u2019s \ufb01nancial assets and liabilities measured at fair value after initial recognition at 31 December 2023 and 31 December 2022:
2023
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value
Derivative \ufb01nancial instruments
\u2013
31.9
\u2013
31.9
Other investments
7.1
2.5
8.5
18.1
7.1
34.4
8.5
50.0
Liabilities measured at fair value
Derivative \ufb01nancial instruments
\u2013
(117.5)
\u2013
(117.5)
Other \ufb01nancial liabilities
\u2013
\u2013
(992.8)
(992.8)
\u2013
(117.5)
(992.8)
(1,110.3)
Net assets/(liabilities) measured at fair value
7.1
(83.1)
(984.3)
(1,060.3)
2022
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value
Derivative \ufb01nancial instruments
\u2013
72.9
\u2013
72.9
Other investments
5.5
1.8
5.4
12.7
5.5
74.7
5.4
85.6
Liabilities measured at fair value
Derivative \ufb01nancial instruments
\u2013
(79.2)
\u2013
(79.2)
\u2013
\u2013
(278.9)
(278.9)
Other \ufb01nancial liabilities
\u2013
(79.2)
(278.9)
(358.1)
Net assets/(liabilities) measured at fair value
5.5
(4.5)
(273.5)
(272.5)
There have been no transfers of assets or liabilities recorded at fair value between the levels of the fair value hierarchy. Included within other \ufb01nancial assets and derivative \ufb01nancial instruments measured at fair value are: the Group\u2019s currency swaps held against debt instruments as an asset of \u00a331.9m (2022: asset of \u00a372.9m) and a liability of \u00a3117.5m (2022: \u00a379.2m), investment in RAS Technology, designated as fair value through other comprehensive income, \u00a32.1m (2022: \u00a31.0m), an investment in Scout Gaming of \u00a30.3m (2022: \u00a30.3m), a convertible equity instruments with Visa Inc. for \u00a32.5m (2022: \u00a31.8m) and Greenrun Inc. for \u00a33.1m (2022: \u00a3nil),and an investment fund of \u00a35.0m (2022:\u00a34.9m), all designated as fair value through pro\ufb01t and loss. During the year, the Group disposed of its investment in Hui10 (2022: \u00a35.1m) as a share-for-share exchange with Intuitive Investment Group plc (\u201cIIG) at a \u00a3nil pro\ufb01t or loss. The investment in IIG of \u00a35.1m is designated as fair value through other comprehensive income. The fair value of the investments at 31 December 2023 and 31 December 2022 is not materially different to their original cost. Contingent and deferred consideration Contingent and deferred consideration arises through business combinations, the fair value for which is reassessed at each reporting date using updated inputs and assumptions based on the latest \ufb01nancial forecasts of each respective business. As at 31 December 2023 contingent and deferred consideration included within other \ufb01nancial liabilities was \u00a31,335.5m (2022: \u00a3261.7m), including \u00a31,155.1m on Tab NZ as well as from the Group\u2019s acquisitions of SuperSport in the prior year, and in year acquisitions of ASF Limited, BetCity, and 365Scores. The valuation of the contingent element of consideration is subject to estimation uncertainty as the amount payable is based on various factors, including future pro\ufb01tability. With the exception of Tab NZ, based on the current pro\ufb01t forecast and reasonable upside and downside sensitivities, the range of potential valuations is not expected to be materially different from that provided for in the \ufb01nancial statements. For Tab NZ where the range of potential outcomes could be materially different from the amounts provided as it is subject to the future performance of the business over a 25-year time period. The fair value of contingent consideration for Tab NZ at 31 December 2023 was \u00a3788.3m. The valuation technique used for calculating the contingent consideration was a discounted cash \ufb02ow model. The key unobservable inputs for the calculation are revenue growth rates, adjusted gross pro\ufb01t margin and discount rate. A 5% movement in forecast cash \ufb02ows, both positive and negative, would impact the contingent consideration liability by approximately \u00a350m, whereas the 0.5pp movement in the discount rate would affect the liability by approximately \u00a340m. During the year, the Group paid \u00a3266.7m (2022: \u00a332.9m) of deferred and contingent consideration in relation to the aforementioned acquisitions. Put option liability The amortised costs of the put option liability recognised is not materially different to fair value. Ante-post Ante-post liabilities are valued using methods and inputs that are not based upon observable market data. The principal assumptions relate to anticipated gross win margins on unsettled bets. There are no reasonably probable changes to assumptions or inputs that would lead to material changes in the fair value determined, although the \ufb01nal value will be determined by future sporting results.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-566": { "value": "
27 Net debt
The components of the Group\u2019s adjusted net debt are as follows:
2023 2022
\u00a3m \u00a3m
Current assets
Cash and short-term deposits
400.6
658.5
Current liabilities
Interest-bearing loans and borrowings
(319.2)
(424.9)
Non-current liabilities
Interest-bearing loans and borrowings
(3,038.8)
(2,689.1)
Net debt
(2,957.4)
(2,455.5)
Cash held on behalf of customers
(196.8)
(200.5)
Fair value swaps held against debt instruments (derivative \ufb01nancial (liability)/asset)
(85.6)
(6.5)
Deposits
48.8
43.8
Balances held with payment service providers
176.0
149.8
Sub-total
(3,015.0)
(2,468.9)
Lease liabilities
(275.9)
(280.9)
Adjusted net debt including lease liabilities
(3,290.9)
(2,749.8)
Cash held on behalf of customers represents the outstanding balance due to customers in respect of their online gaming wallets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-567": { "value": "
28 Share capital
Number of
\u20ac0.01
ordinary Total Total
shares \u20acm \u00a3m
Authorised:
At 31 December 2022 and 31 December 2023
773,000,000
7.7
6.4
Issued and fully paid:
At 1 January 2022
586,550,219
5.9
4.8
Exercise of share options
2,296,623
\u2013
\u2013
At 31 December 2022
588,846,842
5.9
4.8
Allotment of shares
48,827,271
0.5
0.4
Exercise of share options
1,125,778
\u2013
\u2013
At 31 December 2023
638,799,891
6.4
5.2
1
1. Share options exercised in the year included 56,527 (2022: 239,116) deferred bonus shares not disclosed as part share options exercised in Note 31.
The Company\u2019s share capital consists entirely of ordinary shares, accordingly all shares rank pari passu in all respects.
On 16 June 2023, the Company issued an additional 48,827,271 of ordinary shares for net proceeds of \u00a3589.8m.
See Note 31 for further information on terms and amounts of shares reserved for issue under options.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-606": { "value": "28 Share capital
Number of
\u20ac0.01
ordinary Total Total
shares \u20acm \u00a3m
Authorised:
At 31 December 2022 and 31 December 2023
773,000,000
7.7
6.4
Issued and fully paid:
At 1 January 2022
586,550,219
5.9
4.8
Exercise of share options
2,296,623
\u2013
\u2013
At 31 December 2022
588,846,842
5.9
4.8
Allotment of shares
48,827,271
0.5
0.4
Exercise of share options
1,125,778
\u2013
\u2013
At 31 December 2023
638,799,891
6.4
5.2
1 1. Share options exercised in the year included 56,527 (2022: 239,116) deferred bonus shares not disclosed as part share options exercised in Note 31. The Company\u2019s share capital consists entirely of ordinary shares, accordingly all shares rank pari passu in all respects. On 16 June 2023, the Company issued an additional 48,827,271 of ordinary shares for net proceeds of \u00a3589.8m. See Note 31 for further information on terms and amounts of shares reserved for issue under options.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-568": { "value": "
29 Notes to the statement of cash \ufb02ows
29.1 Reconciliation of (loss)/pro\ufb01t to net cash in\ufb02ow from operating activities:
2023 2022
\u00a3m \u00a3m
(Loss)/pro\ufb01t before tax from continuing operations
(842.6)
102.9
Net \ufb01nance expense
197.9
225.7
(Loss)/pro\ufb01t before tax and net \ufb01nance expense from continuing operations
(644.7)
328.6
Loss before tax and net \ufb01nance expense from discontinued operations
(57.8)
(13.4)
Loss/(pro\ufb01t) before tax and net \ufb01 nance expense including discontinued operations
(702.5)
315.2
Adjustments for:
Impairment
289.0
7.0
Loss on disposal
1.0
1.0
Depreciation of property, plant and equipment
141.0
125.9
Amortisation of intangible assets
415.1
229.1
Share-based payments charge
23.6
19.2
Decrease/(increase) in trade and other receivables
42.2
44.7
Increase in other \ufb01nancial liabilities
62.7
2.2
(Decrease)/increase in trade and other payables
506.0
(85.9)
Decrease in provisions
(1.9)
(6.9)
Share of results from joint venture and associate
42.9
194.1
Pension settlement
\u2013
7.0
Other
(9.1)
(5.7)
Cash generated by operations
810.0
846.9
29.2 Cash \ufb02ows arising from discontinued operations:
2023 2022
\u00a3m \u00a3m
Cash used in operating activities
(57.8)
(13.4)
Cash used in investing activities
\u2013
\u2013
Net cash out\ufb02ow arising from discontinued operations
(57.8)
(13.4)
29.3 Reconciliation of movements of liabilities to cash \ufb02ows arising from \ufb01nancing activities:
2023
2022
Other Other Other Other
loans and Lease \ufb01nancial loans and Lease \ufb01nancial
borrowings liabilities liabilities Total borrowings liabilities liabilities Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January
3,114.0
280.9
462.2
3,857.1
2,282.4
293.7
88.7
2,664.8
Changes from \ufb01nancing cash \ufb02ows
Proceeds from borrowings, net of issue costs
1,780.3
\u2013
\u2013
1,780.3
838.4
\u2013
\u2013
838.4
Repayments
(1,419.2)
\u2013
(266.7)
(1,685.9)
(109.0)
\u2013
(32.9)
(141.9)
Repayment of borrowings on acquisition
(9.4)
\u2013
\u2013
(9.4)
(162.8)
\u2013
\u2013
(162.8)
Repayment of lease liabilities
\u2013
(68.5)
\u2013
(68.5)
\u2013
(83.0)
\u2013
(83.0)
Total changes from \ufb01nancing cash \ufb02ows
351.7
(68.5)
(266.7)
16.5
566.6
(83.0)
(32.9)
450.7
Other changes
Business combination consideration (Note 32)
\u2013
\u2013
1,254.4
1,254.4
\u2013
\u2013
216.7
216.7
Recognition of put option liability (Note 32)
\u2013
\u2013
350.5
350.5
\u2013
\u2013
181.2
181.2
Interest expense/discount unwind
229.2
12.8
70.4
312.4
76.2
13.0
2.9
92.1
Interest paid
(224.2)
(12.8)
\u2013
(237.0)
(91.9)
(13.0)
\u2013
(104.9)
New lease liabilities
\u2013
45.6
\u2013
45.6
\u2013
61.8
\u2013
61.8
Finance fees
1.0
\u2013
\u2013
1.0
5.7
\u2013
\u2013
5.7
Re-measurement adjustments
\u2013
(7.4)
1.4
(6.0)
\u2013
(5.0)
(6.1)
(11.1)
Total other changes
6.0
38.2
1,676.7
1,720.9
(10.0)
56.8
394.7
441.5
Arising through business combinations
9.4
26.9
7.0
43.3
162.8
9.5
\u2013
172.3
The effect of changes in foreign exchange
(123.1)
(1.6)
19.3
(105.4)
112.2
3.9
11.7
127.8
Balance at 31 December
3,358.0
275.9
1,898.5
5,532.4
3,114.0
280.9
462.2
3,857.1
1
2
1. In addition to the above, the Group received \u00a30.2m (2022: \u00a30.2m) in respect of lease receivables resulting in a net repayment of \ufb01nance leases of \u00a368.3m (2022: \u00a382.8m).
2. In addition to the above, the Group received \u00a312.4m (2022: \u00a34.3m) of interest income resulting in a net \ufb01nance expense paid of \u00a3224.6m (2022: \u00a3100.6m).
Non-cash movements include amounts acquired as a result of business combinations and the amortisation of issue costs incurred in
respect of debt instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-569": { "value": "
30 Retirement bene\ufb01t schemes
De\ufb01ned contribution schemes
During the year the Group charged \u00a323.1m of contributions (2022: \u00a318.9m) to the consolidated income statement in relation to the
de\ufb01ned contribution pension schemes.
De\ufb01ned bene\ufb01t plans
Judgement is applied, based on legal, actuarial, and accounting guidance in IFRIC 14, regarding the amounts of net pension asset that are
recognised in the consolidated balance sheet.
Following the buy-out of the Ladbrokes Pension Plan, the Group now only has one pension scheme, the Gala Coral Pension Plan, which is
a \ufb01nal salary pension plan for UK employees and closed to new employees and future accrual.
At retirement each member\u2019s pension is related to their \u2018career average earnings\u2019 for the Gala Coral Pension Plan. The weighted average
duration of the expected bene\ufb01t payments from the plan is around 15 years (2022: 15 years).
The plan\u2019s assets are held separately from those of the Group. The plan is approved by HMRC for tax purposes, and is managed by
independent Trustees. The plan is subject to UK regulations, which require the Group and Trustees to agree a funding strategy and
contribution schedule at least every three years. Under the current contribution schedule in place, the Group does not pay contributions to
Gala Coral Pension Plan but is paying the administrative costs.
There is a risk to the Group that adverse circumstances, such as a disconnect between changes in asset investment values and required
funding obligations, could lead to a requirement for the Group to make additional contributions to fund any de\ufb01cit that arises. As at the
date of signing the \ufb01nancial statements no such event has arisen.
The results of the latest formal actuarial valuation 30 June 2022 for the Gala Coral Pension Plan was updated to 31 December 2023 by
an independent quali\ufb01ed actuary in accordance with IAS 19 (Revised) Employee Bene\ufb01ts. The value of the de\ufb01ned bene\ufb01t obligation and
current service cost have been measured using the projected unit credit method, as required by IAS 19 (Revised). Actuarial gains and
losses are recognised immediately through other comprehensive income.
The amounts recognised in the balance sheet are as follows:
2023 2023 2023 2022 2022 2022
(Coral) (Ladbrokes) Total (Coral) (Ladbrokes) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of funded obligations
(262.6)
\u2013
(262.6)
(259.4)
\u2013
(259.4)
Fair value of plan assets
324.4
\u2013
324.4
323.2
\u2013
323.2
Net asset
61.8
\u2013
61.8
63.8
\u2013
63.8
Disclosed in the balance sheet as: Retirement
bene\ufb01t\u0359asset
61.8
\u2013
61.8
63.8
\u2013
63.8
The Group has considered the appropriate accounting treatment in respect of the pension plan surplus, considering the current agreement with the Trustees, and concluded the recognition of the surplus is appropriate. Whilst the Trustees have discretionary rights over the use of any surplus, the nature of the plan means that any surplus that exists once all liabilities have been settled is for the bene\ufb01t of the Group. The amounts recognised in the income statement are as follows:
2023 2023 2023 2022 2022 2022
(Coral) (Ladbrokes) Total (Coral) (Ladbrokes) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Analysis of amounts charged to the income statement
Other administrative expenses
1.3
\u2013
1.3
1.3
\u2013
1.3
Net interest on net asset
(3.0)
\u2013
(3.0)
(1.6)
\u2013
(1.6)
Total charge/(credit) recognised
in the income statement
(1.7)
\u2013
(1.7)
(0.3)
\u2013
(0.3)
The actual return on plan assets including interest over the year was a \u00a314.5m gain (2022: loss of \u00a3183.4m). The amounts recognised in the statement of comprehensive income are as follows:
2023 2023 2023 2022 2022 2022
(Coral) (Ladbrokes) Total (Coral) (Ladbrokes) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Actual return on assets less interest on plan assets
(0.7)
\u2013
(0.7)
(192.6)
(0.1)
(192.7)
Actuarial gains on de\ufb01ned bene\ufb01t obligation due to
changes in demographic assumptions
3.8
\u2013
3.8
6.0
\u2013
6.0
Actuarial gains on de\ufb01ned bene\ufb01t obligation due to
changes in \ufb01nancial assumptions
(3.2)
\u2013
(3.2)
175.0
\u2013
175.0
Experience adjustments on bene\ufb01t obligation
(3.6)
\u2013
(3.6)
(13.0)
\u2013
(13.0)
Actuarial gains/(losses) recognised in the statement
of comprehensive income
(3.7)
\u2013
(3.7)
(24.6)
(0.1)
(24.7)
Changes in the present value of the de\ufb01ned bene\ufb01t obligation are as follows:
2023 2023 2023 2022 2022 2022
(Coral) (Ladbrokes) Total (Coral) (Ladbrokes) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(259.4)
\u2013
(259.4)
(430.5)
\u2013
(430.5)
Interest on obligation
(12.2)
\u2013
(12.2)
(7.7)
\u2013
(7.7)
Actuarial gains due to changes in demographic
assumptions
3.8
\u2013
3.8
6.0
\u2013
6.0
Actuarial gains/(losses) due to changes in \ufb01nancial
assumptions
(3.2)
\u2013
(3.2)
175.0
\u2013
175.0
Experience adjustments on obligations
(3.6)
\u2013
(3.6)
(13.0)
\u2013
(13.0)
Bene\ufb01ts paid
12.0
\u2013
12.0
10.8
\u2013
10.8
At 31 December
(262.6)
\u2013
(262.6)
(259.4)
\u2013
(259.4)
Changes in the fair value of plan assets are as follows:
2023 2023 2023 2022 2022 2022
(Coral) (Ladbrokes) Total (Coral) (Ladbrokes) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
323.2
\u2013
323.2
518.6
7.0
525.6
Interest on plan assets
15.2
\u2013
15.2
9.3
\u2013
9.3
Administrative expenses
(1.3)
\u2013
(1.3)
(1.3)
\u2013
(1.3)
Actual return less interest on plan assets
(0.7)
\u2013
(0.7)
(192.6)
(0.1)
(192.7)
Scheme buy-out
\u2013
\u2013
\u2013
\u2013
(6.9)
(6.9)
Bene\ufb01ts paid
(12.0)
\u2013
(12.0)
(10.8)
\u2013
(10.8)
At 31 December
324.4
\u2013
324.4
323.2
\u2013
323.2
The Group does not expect to contribute to the plan in 2024. The Group will however continue to meet the administrative expenses of the
Gala Coral Pension Plan scheme.
The major categories of plan assets as a percentage of total plan assets are as follows:
2023 2023 2022 2022
(Coral) (Ladbrokes) (Coral) (Ladbrokes)
% % % %
Equities
2.0
\u2013
6.0
\u2013
Diversi\ufb01ed growth funds
5.0
\u2013
16.0
\u2013
Liability-driven investment
48.0
\u2013
36.0
\u2013
Multi-asset credit
3.0
\u2013
12.0
\u2013
Corporate bonds
34.0
\u2013
22.0
\u2013
Private credit
8.0
\u2013
8.0
\u2013
Cash and cash equivalents
\u2013
\u2013
\u2013
\u2013
100.0
\u2013
100.0
\u2013
At 31 December 2023, the plan assets were categorised as Level 2 of \u00a3297.5m (2022: \u00a3296.1m) and as Level 3 of \u00a326.9m (2022: \u00a327.1m).
De\ufb01nition of fair value level categories are set out in Note 25.
The plan does not invest directly in property occupied by the Group or in \ufb01nancial securities issued by the Group. Although, as the plan
holds pooled investment vehicles, there may at times be indirect employer-related investment. At 31 December 2023 these represented
less than 0.1% (2022: 0.1%) of the plan\u2019s total assets.
The investment strategy is set by the Trustees of the plans in consultation with the Group. For the Gala Coral Plan the current long-term
strategy is to invest in a low-risk matching bond portfolio with a relatively small investment in return seeking funds.
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages where appropriate):
2023 2023 2022 2022
(Coral) (Ladbrokes) (Coral) (Ladbrokes)
% p.a. % p.a. % p.a. % p.a.
Discount rate
4.6
n/a
4.8
n/a
Price in\ufb02ation (CPI)
2.0
n/a
2.2
n/a
Price in\ufb02ation (RPI)
3.0
n/a
3.2
n/a
Future pension increases
\u2013 LPI 5% (CPI)
2.9
n/a
3.1
n/a
\u2013 LPI 2.5% (CPI)
2.0
n/a
2.1
n/a
Post-retirement mortality assumed for most members is based on the standard SAPS mortality table with the CMI 2022 projections
which considers future improvements, adjusted to re\ufb02ect plan speci\ufb01c experience.
The assumption used implies that the expected lifetime of members for the two schemes is:
2023 2023 2022 2022
(Coral) (Ladbrokes) (Coral) (Ladbrokes)
Male aged 45 for year ended
87.0
\u2013
87.4
n/a
Female aged 45 for year ended
89.5
\u2013
89.9
n/a
Male aged 65 for year ended
85.8
\u2013
86.2
n/a
Female aged 65 for year ended 88.1
\u2013
88.5
n/a
Changes to the assumptions will impact the amounts recognised in the consolidated balance sheet and the consolidated statement of
comprehensive income in respect of the plan. For the signi\ufb01cant assumptions, the following sensitivity analysis provides an indication of
the impact on the de\ufb01ned bene\ufb01t obligation for the year ended 31 December 2023:
2023 2023 2022 2022
(Coral) (Ladbrokes) (Coral) (Ladbrokes)
% % % %
\u2013 0.5% p.a. decrease in the discount rate
7.1
\u2013
7.4
\u2013
\u2013 0.5% p.a. increase in price in\ufb02ation
5.0
\u2013
5.0
\u2013
\u2013 One-year increase in life expectancy
3.4
\u2013
3.3
\u2013
These sensitivities have been calculated to show the movement in the de\ufb01ned bene\ufb01t obligation in isolation, and assuming no other
changes in market conditions at the accounting date. This is unlikely in practice, for example, a change in discount rate is unlikely to occur
without any movement in the value of the assets held by the plan.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-607": { "value": "De\ufb01ned contribution schemes During the year the Group charged \u00a323.1m of contributions (2022: \u00a318.9m) to the consolidated income statement in relation to the de\ufb01ned contribution pension schemes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-608": { "value": "De\ufb01ned bene\ufb01t plans Judgement is applied, based on legal, actuarial, and accounting guidance in IFRIC 14, regarding the amounts of net pension asset that are recognised in the consolidated balance sheet. Following the buy-out of the Ladbrokes Pension Plan, the Group now only has one pension scheme, the Gala Coral Pension Plan, which is a \ufb01nal salary pension plan for UK employees and closed to new employees and future accrual. At retirement each member\u2019s pension is related to their \u2018career average earnings\u2019 for the Gala Coral Pension Plan. The weighted average duration of the expected bene\ufb01t payments from the plan is around 15 years (2022: 15 years). The plan\u2019s assets are held separately from those of the Group. The plan is approved by HMRC for tax purposes, and is managed by independent Trustees. The plan is subject to UK regulations, which require the Group and Trustees to agree a funding strategy and contribution schedule at least every three years. Under the current contribution schedule in place, the Group does not pay contributions to Gala Coral Pension Plan but is paying the administrative costs. There is a risk to the Group that adverse circumstances, such as a disconnect between changes in asset investment values and required funding obligations, could lead to a requirement for the Group to make additional contributions to fund any de\ufb01cit that arises. As at the date of signing the \ufb01nancial statements no such event has arisen. The results of the latest formal actuarial valuation 30 June 2022 for the Gala Coral Pension Plan was updated to 31 December 2023 by an independent quali\ufb01ed actuary in accordance with IAS 19 (Revised) Employee Bene\ufb01ts. The value of the de\ufb01ned bene\ufb01t obligation and current service cost have been measured using the projected unit credit method, as required by IAS 19 (Revised). Actuarial gains and losses are recognised immediately through other comprehensive income.
The amounts recognised in the balance sheet are as follows:
2023 2023 2023 2022 2022 2022
(Coral) (Ladbrokes) Total (Coral) (Ladbrokes) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of funded obligations
(262.6)
\u2013
(262.6)
(259.4)
\u2013
(259.4)
Fair value of plan assets
324.4
\u2013
324.4
323.2
\u2013
323.2
Net asset
61.8
\u2013
61.8
63.8
\u2013
63.8
Disclosed in the balance sheet as: Retirement
bene\ufb01t\u0359asset
61.8
\u2013
61.8
63.8
\u2013
63.8
The Group has considered the appropriate accounting treatment in respect of the pension plan surplus, considering the current
agreement with the Trustees, and concluded the recognition of the surplus is appropriate. Whilst the Trustees have discretionary rights
over the use of any surplus, the nature of the plan means that any surplus that exists once all liabilities have been settled is for the bene\ufb01t
of the Group.
The amounts recognised in the income statement are as follows:
2023 2023 2023 2022 2022 2022
(Coral) (Ladbrokes) Total (Coral) (Ladbrokes) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Analysis of amounts charged to the income statement
Other administrative expenses
1.3
\u2013
1.3
1.3
\u2013
1.3
Net interest on net asset
(3.0)
\u2013
(3.0)
(1.6)
\u2013
(1.6)
Total charge/(credit) recognised
in the income statement
(1.7)
\u2013
(1.7)
(0.3)
\u2013
(0.3)
The actual return on plan assets including interest over the year was a \u00a314.5m gain (2022: loss of \u00a3183.4m).
The amounts recognised in the statement of comprehensive income are as follows:
2023 2023 2023 2022 2022 2022
(Coral) (Ladbrokes) Total (Coral) (Ladbrokes) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Actual return on assets less interest on plan assets
(0.7)
\u2013
(0.7)
(192.6)
(0.1)
(192.7)
Actuarial gains on de\ufb01ned bene\ufb01t obligation due to
changes in demographic assumptions
3.8
\u2013
3.8
6.0
\u2013
6.0
Actuarial gains on de\ufb01ned bene\ufb01t obligation due to
changes in \ufb01nancial assumptions
(3.2)
\u2013
(3.2)
175.0
\u2013
175.0
Experience adjustments on bene\ufb01t obligation
(3.6)
\u2013
(3.6)
(13.0)
\u2013
(13.0)
Actuarial gains/(losses) recognised in the statement
of comprehensive income
(3.7)
\u2013
(3.7)
(24.6)
(0.1)
(24.7)
Changes in the present value of the de\ufb01ned bene\ufb01t obligation are as follows:
2023 2023 2023 2022 2022 2022
(Coral) (Ladbrokes) Total (Coral) (Ladbrokes) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(259.4)
\u2013
(259.4)
(430.5)
\u2013
(430.5)
Interest on obligation
(12.2)
\u2013
(12.2)
(7.7)
\u2013
(7.7)
Actuarial gains due to changes in demographic
assumptions
3.8
\u2013
3.8
6.0
\u2013
6.0
Actuarial gains/(losses) due to changes in \ufb01nancial
assumptions
(3.2)
\u2013
(3.2)
175.0
\u2013
175.0
Experience adjustments on obligations
(3.6)
\u2013
(3.6)
(13.0)
\u2013
(13.0)
Bene\ufb01ts paid
12.0
\u2013
12.0
10.8
\u2013
10.8
At 31 December
(262.6)
\u2013
(262.6)
(259.4)
\u2013
(259.4)
Changes in the fair value of plan assets are as follows:
2023 2023 2023 2022 2022 2022
(Coral) (Ladbrokes) Total (Coral) (Ladbrokes) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
323.2
\u2013
323.2
518.6
7.0
525.6
Interest on plan assets
15.2
\u2013
15.2
9.3
\u2013
9.3
Administrative expenses
(1.3)
\u2013
(1.3)
(1.3)
\u2013
(1.3)
Actual return less interest on plan assets
(0.7)
\u2013
(0.7)
(192.6)
(0.1)
(192.7)
Scheme buy-out
\u2013
\u2013
\u2013
\u2013
(6.9)
(6.9)
Bene\ufb01ts paid
(12.0)
\u2013
(12.0)
(10.8)
\u2013
(10.8)
At 31 December
324.4
\u2013
324.4
323.2
\u2013
323.2
The Group does not expect to contribute to the plan in 2024. The Group will however continue to meet the administrative expenses of the Gala Coral Pension Plan scheme. The major categories of plan assets as a percentage of total plan assets are as follows:
2023 2023 2022 2022
(Coral) (Ladbrokes) (Coral) (Ladbrokes)
% % % %
Equities
2.0
\u2013
6.0
\u2013
Diversi\ufb01ed growth funds
5.0
\u2013
16.0
\u2013
Liability-driven investment
48.0
\u2013
36.0
\u2013
Multi-asset credit
3.0
\u2013
12.0
\u2013
Corporate bonds
34.0
\u2013
22.0
\u2013
Private credit
8.0
\u2013
8.0
\u2013
Cash and cash equivalents
\u2013
\u2013
\u2013
\u2013
100.0
\u2013
100.0
\u2013
At 31 December 2023, the plan assets were categorised as Level 2 of \u00a3297.5m (2022: \u00a3296.1m) and as Level 3 of \u00a326.9m (2022: \u00a327.1m). De\ufb01nition of fair value level categories are set out in Note 25. The plan does not invest directly in property occupied by the Group or in \ufb01nancial securities issued by the Group. Although, as the plan holds pooled investment vehicles, there may at times be indirect employer-related investment. At 31 December 2023 these represented less than 0.1% (2022: 0.1%) of the plan\u2019s total assets. The investment strategy is set by the Trustees of the plans in consultation with the Group. For the Gala Coral Plan the current long-term strategy is to invest in a low-risk matching bond portfolio with a relatively small investment in return seeking funds. Principal actuarial assumptions at the balance sheet date (expressed as weighted averages where appropriate):
2023 2023 2022 2022
(Coral) (Ladbrokes) (Coral) (Ladbrokes)
% p.a. % p.a. % p.a. % p.a.
Discount rate
4.6
n/a
4.8
n/a
Price in\ufb02ation (CPI)
2.0
n/a
2.2
n/a
Price in\ufb02ation (RPI)
3.0
n/a
3.2
n/a
Future pension increases
\u2013 LPI 5% (CPI)
2.9
n/a
3.1
n/a
\u2013 LPI 2.5% (CPI)
2.0
n/a
2.1
n/a
Post-retirement mortality assumed for most members is based on the standard SAPS mortality table with the CMI 2022 projections which considers future improvements, adjusted to re\ufb02ect plan speci\ufb01c experience. The assumption used implies that the expected lifetime of members for the two schemes is:
2023 2023 2022 2022
(Coral) (Ladbrokes) (Coral) (Ladbrokes)
Male aged 45 for year ended
87.0
\u2013
87.4
n/a
Female aged 45 for year ended
89.5
\u2013
89.9
n/a
Male aged 65 for year ended
85.8
\u2013
86.2
n/a
Female aged 65 for year ended 88.1
\u2013
88.5
n/a
Changes to the assumptions will impact the amounts recognised in the consolidated balance sheet and the consolidated statement of comprehensive income in respect of the plan. For the signi\ufb01cant assumptions, the following sensitivity analysis provides an indication of the impact on the de\ufb01ned bene\ufb01t obligation for the year ended 31 December 2023:
2023 2023 2022 2022
(Coral) (Ladbrokes) (Coral) (Ladbrokes)
% % % %
\u2013 0.5% p.a. decrease in the discount rate
7.1
\u2013
7.4
\u2013
\u2013 0.5% p.a. increase in price in\ufb02ation
5.0
\u2013
5.0
\u2013
\u2013 One-year increase in life expectancy
3.4
\u2013
3.3
\u2013
These sensitivities have been calculated to show the movement in the de\ufb01ned bene\ufb01t obligation in isolation, and assuming no other changes in market conditions at the accounting date. This is unlikely in practice, for example, a change in discount rate is unlikely to occur without any movement in the value of the assets held by the plan.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-570": { "value": "
31 Share-based payments
The following options to purchase \u20ac0.01 ordinary shares in the Group were granted, exercised, forfeited or existing at the year end:
Existing at Cancelled
Existing at
Exercisable at
1 January Granted or forfeited Exercised
31 December
31 December Vesting
Date of grant
Exercise price
2023 in the year in the year
in the year
2023
2023 criteria
16-Dec-2016
422p
351,338
\u2013
\u2013
(12,000)
339,338
339,338
Note a
28-Dec-2017
0p
3,392
\u2013
\u2013
\u2013
3,392
3,392
Note b
26-Mar-2019
0p
67,188
\u2013
\u2013
(46,783)
20,405
20,405
Note c
10-Jun-2020
0p
1,243,557
\u2013
(199,624)
(1,005,447)
38,486
38,486
Note d
24-Mar-2021
0p
908,930
\u2013
(73,955)
\u2013
834,975
\u2013
Note e
04-May-2021
1264p
667,231
\u2013
(142,070)
(3,746)
521,415
\u2013
Note f
18-Mar-2022
0p
1,208,514
\u2013
(170,300)
\u2013
1,038,214
\u2013
Note g
26-Apr-2022
1333p
628,363
\u2013
(87,477)
(701)
540,185
\u2013
Note h
28-Jun-2022
0p
483,032
\u2013
(97,566)
\u2013
385,466
\u2013
Note i
25-Apr-2023
1008p
\u2013
1,008,148
(122,029)
(574)
885,545
\u2013
Note j
04-May-2023
0p
\u2013
902,200
(172,794)
\u2013
729,406
\u2013
Note k
16-Jun-2023
0p
\u2013
1,275,465
\u2013
\u2013
1,275,465
\u2013
Note k
Total Schemes
5,561,545
3,185,813
(1,065,815)
(1,069,251)
6,612,292
401,621
Note a: 2016 MIP Plan \u2013 These equity settled awards were issued on completion of the acquisition of bwin.party. The options vest and became exercisable, subject to the
satisfaction of a performance condition, over 30 months, with one-ninth vesting six months after the date of grant and a further ninth vesting at each subsequent quarter.
The options lapse, if not exercised, on 2 February 2026. The performance condition is comparator total shareholder return (\u201cTSR\u201d) of the Group against the FTSE 250. Each
ninth of the shares will have its TSR condition reviewed from the date of grant until the relevant testing date. To the extent the TSR is not met at that time, it is tested again
the following quarter and, if necessary, at the end of the 30-month vesting period. In order to vest, the TSR of the Group must rank at median or above against the FTSE 250.
Note b: 2017 LTIP Plan \u2013 These equity settled awards were awarded to certain Directors and employees and vest over a three-year period from the date of grant. The number of
awards to vest are conditional on both cumulative Earnings Per Share (\u201cEPS\u201d) exceeding 180 euro cents, with a pro-rata increase in the amount vesting between 180 cents
and 214 cents, and TSR performance conditions being met which are split with equal weighting.
Note c: 2019 LTIP Plan \u2013 These equity settled awards were awarded to certain Directors and employees and vest over a three-year period from the date of grant. The number of
awards that vested was conditional on both cumulative three-year Earnings Per Share (\u201cEPS\u201d) exceeding 184p, with a pro-rata increase in the amount vesting between
184p and 214p, and TSR performance conditions being met which are split with equal weighting.
Note d: 2020 LTIP Plan \u2013 These equity settled awards were awarded to certain Directors and employees and vest over a three-year period from the date of grant. The number of
awards to vest are conditional on both cumulative three-year Earnings Per Share (\u201cEPS\u201d) exceeding 267p, with a pro-rata increase in the amount vesting between 267p and
295p, and certain TSR performance conditions being met which are split with the weighting of one third based on EPS and two thirds relating to TSR conditions. There were
also a number of restricted share plan shares issued during 2020 against which service conditions apply.
Note e: 2021 LTIP Plan \u2013 These equity settled awards were awarded to certain Directors and employees and vest over a three-year period from the date of grant. The number of
awards to vest are conditional on both cumulative three-year Earnings Per Share (\u201cEPS\u201d) exceeding 255p, with a pro-rata increase in the amount vesting between 255p and
296p, and certain TSR performance conditions being met which are split with the weighting of one-third based on EPS and two-thirds relating to TSR conditions.
Note f: 2021 Employee Sharesave Plan \u2013 During 2021 the Group set up an Employee Sharesave plan. Under this plan employees of the Group are able to subscribe up to a maximum
of \u00a3100 a month to invest in share purchases at a price representing a discount of 20% from the share price at the commencement of the plan. The vesting period is three
years. The right to purchase shares will vest conditional upon continued employment at the end of the three years.
Note g: 2022 LTIP Plan \u2013 These equity settled awards were awarded to certain Directors and employees and vest over a three-year period from the date of grant. The number of
awards to vest are conditional on certain TSR performance conditions being met.
Note h: 2022 Employee Sharesave Plan \u2013 During 2022 the Group set up an Employee Sharesave plan. Under this plan employees of the Group are able to subscribe up to a maximum
of \u00a3100 a month to invest in share purchases at a price representing a discount of 20% from the share price at the commencement of the plan. The vesting period is three
years. The right to purchase shares will vest conditional upon continued employment at the end of the three years.
Note i: 2022 Employee Free Share Plan \u2013 During 2022 the Group set up an Employee Free Share plan. Under this plan each employee of the Group has been granted 22 free shares
for a vesting period of two years. The shares will vest conditional upon continued employment at the end of the two years.
Note j: 2023 Employee Sharesave Plan \u2013 During 2023 the Group set up an Employee Sharesave plan. Under this plan employees of the Group are able to subscribe up to a
maximum of \u00a3100 a month to invest in share purchases at a price representing a discount of 20% from the share price at the commencement of the plan. The vesting period
is three years. The right to purchase shares will vest conditional upon continued employment at the end of the three years.
Note k: 2023 LTIP Plan \u2013 These equity settled awards were awarded to certain Directors and employees and vest over a three-year period from the date of grant. The number of
awards to vest are conditional on certain TSR performance conditions being met.
The charge to share-based payments within the consolidated income statement in respect of these options in 2023 was \u00a321.7m
(2022: \u00a319.2m) which related entirely to equity settled options.
Weighted average exercise price of options
The number and weighted average exercise prices of share options are as follows:
Weighted Weighted
average Number average Number
exercise price of options exercise price of options
31 December 31 December 31 December 31 December
2023 2023 2022 2022
Outstanding at the beginning of the year
329p
5,561,545
31p
6,167,742
Granted during the year
319p
3,185,813
366p
2,468,119
Exercised during the year
11p
(1,069,251)
21p
(2,057,507)
Cancelled or forfeited in the year
393p
(1,065,815)
426p
(1,016,809)
Outstanding at the end of the year
365p
6,612,292
329p
5,561,545
Exercisable at the end of the year
357p
401,621
351p
421,918
The options outstanding at 31 December 2023 have a weighted average contractual life of 1.5 years (31 December 2022: 1.4 years).
Valuation of options
The fair value of services received in return for share options granted are measured by reference to the fair value of share options granted.
The Group engaged third-party valuation specialists to provide a fair value for the options.
All LTIP plans are valued using both a Black Scholes valuation model and Monte Carlo valuation for the cumulative EPS and TSR
conditions respectively.
Fair value of share options and assumptions:
Fair value at
Share price at Expected measurement
date of grant Exercise price volatility Exercise Expected Risk-free rate date
Date of grant (\u00a3) (\u00a3) % multiple dividend yield % (\u00a3)
Dec-16
6.48
4.22
28%\u201330%
n/a
n/a
\u2013
1.43\u20131.94
Dec-17
9.34
\u2013
26.6%
n/a
n/a
0.40%
7.39\u20139.34
Mar-19
4.96
\u2013
31.5%
n/a
n/a
0.70%
1.90\u20134.96
Jun-20
7.86
\u2013
33.2%
n/a
n/a
0.30%
3.54\u20137.86
Mar-21
15.25
\u2013
52.8%
n/a
2.0%
0.01%
10.03\u201311.27
May-21
16.46
12.64
51.3%
n/a
2.0%
0.02%
6.75
Mar-22
16.66
\u2013
51.5%
n/a
1.2%
1.4%
10.77\u201312.35
Apr-22
14.74
13.33
50.1%
n/a
1.3%
1.60%
5.66
Jun-22
13.04
\u2013
n/a
n/a
n/a
n/a
13.04
Apr-23
14.39
10.08
41.3%
n/a
1.4%
3.59%
6.39
May-23
14.70
\u2013
41.0%
n/a
1.7%
4.68%
5.48
Jun-23
12.21
\u2013
41.0%
n/a
1.7%
4.68%
5.48
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-571": { "value": "
32 Business combinations
Business combinations are accounted for using the acquisition method. Identi\ufb01able assets and liabilities acquired, and contingent
liabilities assumed in a business combination are measured at their fair values at the acquisition date. The identi\ufb01cation and valuation of
intangible assets arising on business combinations is subject to a degree of estimation. We engaged independent third parties, including
Kroll, to assist with the identi\ufb01cation and valuation process. This was performed in accordance with the Group\u2019s policies. The excess of
the cost of acquisition over the fair value of the Group\u2019s share of the identi\ufb01able assets acquired is recorded as goodwill. Costs related to
the acquisition are expensed as incurred; see Note 6 for details.
SuperSport
Measurement period adjustment
The initial value of goodwill recognised was \u00a3518.8m on acquisition. Subsequent to this a measurement period adjustment has been
applied to increase the goodwill by \u00a31.7m, increase licences by \u00a31.5m, increase trade-marks & brand names by \u00a31.0m, decrease
customer relationships by \u00a34.0m, and increase other liabilities by \u00a30.2m.
Due to these measurement period adjustments, in line with IFRS 3 \u2018Business Combinations\u2019 it has been necessary to present a restated
2022 balance sheet and related notes to the accounts for those balances affected.
Transactions with minority shareholders
During the period, the Group received by way of an equity injection into Entain Holdings (CEE) Limited \u00a342.6m from EMMA Capital in
relation to their 25% share of the 2022 earn-out under the SuperSport acquisition. As EMMA Capital holds a put option over its equity,
which is enforceable on the Group from November 2025, a \ufb01nancial liability equivalent to the equity injection has been recognised to
re\ufb02ect the future liability within equity.
Summary of acquisitions in the period:
Acquisitions during the year relate primarily to online gaming activities. Tab NZ, an STS also have retail estates. Fair values were
determined on the basis of an initial assessment performed by an independent professional expert.
NZ Ent Limited (trading as Tab NZ)
On 1 June, the Group completed the acquisition of a business (NZ Ent Limited) which entitles them to the exclusive license to operate and
run the brand of Tab NZ in New Zealand for 25 years for an initial payment of \u00a385.3m with a further \u00a310.6m paid following acquisition.
As part of the acquisition, the Group has also committed to make minimum guaranteed funding payments to Tab NZ (the seller) in the
\ufb01rst \ufb01ve years post completion, with further contingent payments due up to and including year 25. As there are no ongoing obligations
or service requirements on the selling party, these payments have been deemed to form part of consideration under IFRS 3 rather
than ongoing deductions on pro\ufb01ts. As such, based on forecast performance for the Group\u2019s New Zealand business and the estimated
returns on the potential introduction of geo-blocking, which could be signi\ufb01cant, the discounted estimate of consideration for the Tab NZ
acquisition is \u00a31,208.7m, which is considered to be equal to the fair value.
In accordance with IFRS 3, as control has been obtained, the business has been consolidated from the point of acquisition.
Details of the purchase consideration, and the values of net , the net assets acquired and goodwill are as follows:
Fair value
\u00a3m
Intangible assets (excluding goodwill)
894.6
Property, plant and equipment
17.4
Trade and other receivables
24.6
Cash and cash equivalents
10.2
Deferred tax asset
309.8
Deferred tax liability
(242.6)
Trade and other payables
(45.3)
Lease liabilities
(10.5)
Total
958.2
Net assets acquired
958.2
Goodwill
250.5
Total net assets acquired
1,208.7
Consideration:
Cash
96.6
Deferred consideration
386.5
Contingent consideration
725.6
Total consideration 1,208.7
STS Holdings SA
On 23 August, a Group subsidiary, Entain CEE, acquired 99.28% of STS Holdings S.A. (\u201cSTS\u201d) at a purchase price of PLN 24.80 per
share. As part of the acquisition and the funding of Entain CEE\u2019s purchase of STS, the majority shareholder in STS acquired a 10%
economic stake in the enlarged Entain CEE business for cash with the existing minority shareholder, EMMA Capital, also subscribing for
additional equity in Entain CEE for cash to fund their economic proportion of the acquisition. Total consideration for the acquisition of STS
was \u00a3748.6m, with minority holdings, including the remaining 0.72% of shares not acquired as part of the initial purchase, contributing
\u00a3313.5m of the consideration. As the former majority shareholder in STS and EMMA Capital have put options on their equity stake in
Entain CEE, the Group has recognised an equivalent \ufb01nancial liability for these two put options (see Note 26).
Post the acquisition, the remaining 0.72% of equity in STS has been acquired by Entain CEE, with each parent contributing in line with
their economic interest in Entain CEE.
In accordance with IFRS 3, as the Entain Group exercises control of CEE and therefore indirectly controls STS, the business has been
consolidated from the point of acquisition.
Details of the purchase consideration, and the values the of net assets acquired and the goodwill are as follows:
Fair value
\u00a3m
Intangible assets (excluding goodwill)
401.3
Property, plant and equipment
22.6
Trade and other receivables
5.6
Cash and cash equivalents
56.7
Deferred tax liability
(74.8)
Trade and other payables
(21.5)
Lease liabilities
(15.4)
Total
374.5
Net assets acquired
374.5
Goodwill
374.1
Total net assets acquired
748.6
Consideration:
Cash
435.1
Non-controlling interest
313.5
Total consideration
748.6
Other business combinations
BetCity
On 11 January, the Group acquired 100% of the share capital of BetCity for initial consideration of \u20ac305m, including working capital
adjustments, with further contingent amounts payable in 2024 and beyond subject to \ufb01nancial performance. Based on \ufb01nancial forecasts
at the point of acquisition, total discounted consideration has been assessed as \u20ac362m. Amounts payable are capped at \u20ac550m.
In accordance with IFRS 3, as control has been obtained, the business has been consolidated from the point of acquisition.
365Scores
On 30 March, the Group acquired 100% of the share capital of 365Scores for $157m including working capital adjustments, with further
contingent payments payable subject to the achievement of certain \ufb01nancial targets capped at $10m. Based on \ufb01nancial forecasts at the
point of acquisition, total discounted consideration has been assessed as $161m.
In accordance with IFRS 3, as control has been obtained, the business has been consolidated from the point of acquisition.
Tiidal Gaming
On 9 June, the Group acquired 100% of the share capital of Tiidal Gaming for \u00a37.8m. There are no contingent consideration elements in
the acquisition.
In accordance with IFRS 3, as control has been obtained, the business has been consolidated from the point of acquisition.
ASF Limited (trading as Angstrom)
On 29 September the Group completed the acquisition of ASF Ltd, acquiring 100% of the share capital of the business for initial
consideration of $93.5m with up to an additional $65.0m ($82.7m undiscounted) payable subject to the achievement of certain milestones.
Based on forecasts for the business\u2019 performance post acquisition, total discounted consideration has been assessed as $138.5m.
In accordance with IFRS 3, as control has been obtained, the business has been consolidated from the point of acquisition.
Details of the total purchase consideration, and the values of the net assets acquired and goodwill on the acquisition of BetCity,
365Scores, Tiidal Gaming, and Angstrom are as follows:
Fair value
\u00a3m
Intangible assets (excluding goodwill)
216.7
Property, plant and equipment
2.1
Trade and other receivables
26.2
Cash and cash equivalents
21.0
Deferred tax liability
(51.5)
Loans and borrowings
(9.4)
Trade and other payables
(49.3)
Lease liability
(1.0)
Total
154.8
Net assets acquired
154.8
Goodwill
442.9
Total net assets acquired
597.7
Consideration:
Cash
455.4
Deferred consideration
142.3
Total consideration
597.7
All of the acquired businesses contributed revenues of \u00a3357.6m and underlying pro\ufb01t before tax of \u00a334.9m.
Had the acquisitions occurred on the \ufb01rst day of the \ufb01nancial year the revenue for the Group would have been \u00a34,990.2m with an
underlying pro\ufb01t before tax of \u00a3493.4m.
Included in the valuation of goodwill is the value attributed to acquired workforce, and the bene\ufb01t of future trading potential including
synergies arising as part of the acquisition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-572": { "value": "
33 Commitments and contingencies
AUSTRAC
In October 2020, AUSTRAC initiated a compliance assessment of Entain Group Pty Ltd, the Group\u2019s subsidiary in Australia (\u201cEntain
Australia\u201d). Following two years of assisting AUSTRAC with the assessment, Entain Australia was noti\ufb01ed in September 2022 that
AUSTRAC would be commencing an enforcement investigation. The investigation is focused on whether Entain Australia complied with
its obligations under the AML/CTF Act.
Entain Australia continues to co-operate fully with AUSTRAC\u2019s enforcement team, and is liaising regularly with AUSTRAC\u2019s regulatory
operations teams as it implements a detailed remediation plan. As AUSTRAC are still conducting their investigation and reviewing
documentation, it is too early to predict the likely timing and potential outcome of the investigation. Whilst the details of the investigation
into Entain Australia are different to other AUSTRAC investigations in the bookmaking industry, the directors note that previous penalties
in AUSTRAC civil penalty proceedings have been signi\ufb01cant. Therefore, as at the Balance Sheet date, uncertainty exists over both the
timing and outcome of the investigation, with any potential penalty, should one arise, potentially material.
The Group remains fully engaged, working collaboratively with AUSTRAC and providing detailed quarterly updates on enhancements to
its AML/CTF program. Whilst signi\ufb01cant progress has been made since 2022, this remains a key area of focus.
As a leading gambling operator, the Group recognises that it has a responsibility to keep \ufb01nancial crime out of gambling, and remains
committed to our customers, our shareholders and the communities that we operate in to ensure we act as a gatekeeper for safer betting.
Greek Tax
In November 2021, the Athens Administrative Court of Appeal ruled in favour of the Group\u2019s appeal against the tax assessment raised
by the Greek tax authorities in respect of 2010 and 2011. In February 2022, the Greek tax authorities appealed against the judgements
to the Greek Supreme Administrative Court. While the Group expects to be successful in defending the appeal by the Greek authorities,
should the Greek Supreme Administrative Court rule in favour of the Greek tax authorities, then the Group could become liable for the full
2010-2011 assessment plus interest, an estimated total of \u20ac283.6m at 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-628": { "value": "33 Commitments and contingencies AUSTRAC In October 2020, AUSTRAC initiated a compliance assessment of Entain Group Pty Ltd, the Group\u2019s subsidiary in Australia (\u201cEntain Australia\u201d). Following two years of assisting AUSTRAC with the assessment, Entain Australia was noti\ufb01ed in September 2022 that AUSTRAC would be commencing an enforcement investigation. The investigation is focused on whether Entain Australia complied with its obligations under the AML/CTF Act. Entain Australia continues to co-operate fully with AUSTRAC\u2019s enforcement team, and is liaising regularly with AUSTRAC\u2019s regulatory operations teams as it implements a detailed remediation plan. As AUSTRAC are still conducting their investigation and reviewing documentation, it is too early to predict the likely timing and potential outcome of the investigation. Whilst the details of the investigation into Entain Australia are different to other AUSTRAC investigations in the bookmaking industry, the directors note that previous penalties in AUSTRAC civil penalty proceedings have been signi\ufb01cant. Therefore, as at the Balance Sheet date, uncertainty exists over both the timing and outcome of the investigation, with any potential penalty, should one arise, potentially material. The Group remains fully engaged, working collaboratively with AUSTRAC and providing detailed quarterly updates on enhancements to its AML/CTF program. Whilst signi\ufb01cant progress has been made since 2022, this remains a key area of focus. As a leading gambling operator, the Group recognises that it has a responsibility to keep \ufb01nancial crime out of gambling, and remains committed to our customers, our shareholders and the communities that we operate in to ensure we act as a gatekeeper for safer betting. Greek Tax In November 2021, the Athens Administrative Court of Appeal ruled in favour of the Group\u2019s appeal against the tax assessment raised by the Greek tax authorities in respect of 2010 and 2011. In February 2022, the Greek tax authorities appealed against the judgements to the Greek Supreme Administrative Court. While the Group expects to be successful in defending the appeal by the Greek authorities, should the Greek Supreme Administrative Court rule in favour of the Greek tax authorities, then the Group could become liable for the full 2010-2011 assessment plus interest, an estimated total of \u20ac283.6m at 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-609": { "value": "33 Commitments and contingencies AUSTRAC In October 2020, AUSTRAC initiated a compliance assessment of Entain Group Pty Ltd, the Group\u2019s subsidiary in Australia (\u201cEntain Australia\u201d). Following two years of assisting AUSTRAC with the assessment, Entain Australia was noti\ufb01ed in September 2022 that AUSTRAC would be commencing an enforcement investigation. The investigation is focused on whether Entain Australia complied with its obligations under the AML/CTF Act. Entain Australia continues to co-operate fully with AUSTRAC\u2019s enforcement team, and is liaising regularly with AUSTRAC\u2019s regulatory operations teams as it implements a detailed remediation plan. As AUSTRAC are still conducting their investigation and reviewing documentation, it is too early to predict the likely timing and potential outcome of the investigation. Whilst the details of the investigation into Entain Australia are different to other AUSTRAC investigations in the bookmaking industry, the directors note that previous penalties in AUSTRAC civil penalty proceedings have been signi\ufb01cant. Therefore, as at the Balance Sheet date, uncertainty exists over both the timing and outcome of the investigation, with any potential penalty, should one arise, potentially material. The Group remains fully engaged, working collaboratively with AUSTRAC and providing detailed quarterly updates on enhancements to its AML/CTF program. Whilst signi\ufb01cant progress has been made since 2022, this remains a key area of focus. As a leading gambling operator, the Group recognises that it has a responsibility to keep \ufb01nancial crime out of gambling, and remains committed to our customers, our shareholders and the communities that we operate in to ensure we act as a gatekeeper for safer betting. Greek Tax In November 2021, the Athens Administrative Court of Appeal ruled in favour of the Group\u2019s appeal against the tax assessment raised by the Greek tax authorities in respect of 2010 and 2011. In February 2022, the Greek tax authorities appealed against the judgements to the Greek Supreme Administrative Court. While the Group expects to be successful in defending the appeal by the Greek authorities, should the Greek Supreme Administrative Court rule in favour of the Greek tax authorities, then the Group could become liable for the full 2010-2011 assessment plus interest, an estimated total of \u20ac283.6m at 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-629": { "value": "34 Related party disclosures Other than its associates and joint venture, the related parties of the Group are the Executive Directors, Non-Executive Directors and members of the Executive Committee of the Group. Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its associates and joint venture and other related parties are disclosed below. During the year, Group companies entered into the following transactions with related parties who are not members of the Group:
2023 2022
\u00a3m \u00a3m
Equity investment
\u2013 Joint venture
40.7
175.1
Sundry income
\u2013 Associates
21.5
\u2013
Sundry expenditure
\u2013 Associates
(51.4)
(55.5)
1 2 2 1. Equity investment in BetMGM. 2. Payments in the normal course of business made to Sports Information Services (Holdings) Limited. Details of related party outstanding balances
2023 2022
\u00a3m \u00a3m
Other amounts outstanding
\u2013 Joint venture receivable
54.7
87.8
\u2013 Associates receivables
3.2
4.4
\u2013 Associates payables
(0.1)
(0.3)
Terms and conditions of transactions with related parties Sales to, and purchases from, related parties are made at market prices and in the ordinary course of business. Outstanding balances at 31 December 2023 are unsecured and settlement occurs in cash. For the year ended 31 December 2023, the Group has not raised any provision (2022: \u00a3nil) for doubtful debts relating to amounts owed by related parties as the payment history has been good. This assessment is undertaken each \ufb01nancial year through examining the \ufb01nancial position of the related party and the market in which the related party operates. Transactions with Directors and key management personnel of the Group For details of Directors\u2019 remuneration please refer to the Directors\u2019 remuneration table included on pages 118 to 121 of this report. The remuneration of key management personnel is set out below in aggregate for each of the categories speci\ufb01ed in IAS 24 Related Party Disclosures. Key management personnel comprise Executive Directors and members of the Executive Management Team. Further information about the remuneration of individual Directors is provided in the Directors\u2019 remuneration report.
2023 2022
\u00a3m \u00a3m
Short-term employee bene\ufb01ts
7.3
7.9
Redundancy/loss of of\ufb01ce
1.6
\u2013
Pension-related costs
0.3
0.1
Share-based payments
10.7
7.6
Total compensation paid to key management personnel
19.9
15.6
The consolidated \ufb01nancial statements include the \ufb01nancial statements of Entain plc and its subsidiaries. The companies listed below are those which were part of the Group at 31 December and therefore the results, cash \ufb02ows and balance sheets of all subsidiaries listed are consolidated into the Group \ufb01nancial statements, furthermore the results of joint ventures and associates are accounted for in accordance with the policy set out in Note 4.
Subsidiaries based in the United Kingdom
% equity interest
Registered address
Company
2023
2022
7th Floor, Arthur Prince (Turf Accountants) Limited
100.0
100.0
One Stratford Place, Bartletts Limited
100.0
100.0
West\ufb01eld Stratford City,
Mont\ufb01chet Road,
Birchgree Limited
100.0
100.0
London, Bloxhams Bookmakers Limited
100.0
100.0
United Kingdom,
E20 1EJ
Brickagent Limited
100.0
100.0
ASF Limited
100.0
100.0
Cashcade Limited
100.0
\u2013
CE Acquisition 1 Limited
100.0
100.0
Chas Kendall (Turf Accountant) Limited
100.0
100.0
Choicebet Limited
100.0
100.0
C L Jennings (1995) Limited
100.0
100.0
Competition Management Services Co. Limited
97.5
97.5
Coral (Holdings) Limited
100.0
100.0
Coral (Stoke) Limited
100.0
100.0
Coral Estates Limited
100.0
100.0
Coral Eurobet Limited
100.0
100.0
Coral Eurobet Holdings Limited
100.0
100.0
Coral Group Limited
100.0
100.0
Coral Group Trading Limited
100.0
100.0
Coral Limited
100.0
100.0
Coral Racing Limited
100.0
100.0
Coral Stadia Limited
100.0
100.0
E.F. Politt & Son Limited
100.0
100.0
Electraworks Maple Limited
100.0
100.0
Entain Holdings (UK) Limited
100.0
100.0
Entain Marketing (UK) Limited
100.0
100.0
Entain Services Limited
100.0
100.0
Entain Wave Limited
100.0
100.0
Gable House Estates Limited
100.0
100.0
Ganton House Investments Limited
100.0
100.0
Greatmark Limited
100.0
100.0
Hillford Estates Limited
75.0
75.0
Hindwain Limited
100.0
100.0
Impala Digital Limited
100.0
100.0
Interactive Sports Limited
100.0
100.0
J G Leisure Limited
100.0
100.0
J. Ward Hill & Company
100.0
100.0
Jack Brown (Bookmaker) Limited
100.0
100.0
Jerusalem Development (Mamilla) Co. Limited
100.0
100.0
Jerusalem Development Corporation (Holdings) Limited
100.0
100.0
Joe Jennings Limited
100.0
100.0
Krullind Limited
100.0
100.0
Ladbroke & Co., Limited
100.0
100.0
Ladbroke (Rentals) Limited
100.0
100.0
Ladbroke City & County Land Company Limited
100.0
100.0
Ladbroke Dormant Holding Company Limited
100.0
100.0
Ladbroke Entertainments Limited
100.0
100.0
Ladbroke Group
100.0
100.0
Ladbroke Group Homes Limited
100.0
100.0
5
5
4
5
4
5
5
5
5
4
5
4
4
4
4
4
5
1,2,4
4
5
5
5
5
5
3
5
5
5
5
4,5
5
5
5
5
5
4,5
4
5
% equity interest
Registered address
Company
2023
2022
Ladbroke Group Properties Limited
100.0
100.0
Ladbroke Land Limited
100.0
100.0
Ladbroke US Investments Limited
100.0
100.0
Ladbrokes Betting & Gaming Limited
100.0
100.0
Ladbrokes Contact Centre Limited
100.0
100.0
Ladbrokes Coral Corporate Director Limited
100.0
100.0
Ladbrokes Coral Corporate Secretaries Limited
100.0
100.0
Ladbrokes Coral Group Life Bene\ufb01ts Trustee Limited
100.0
100.0
Ladbrokes Coral Group Limited
100.0
100.0
Ladbrokes Coral Group Pension Trustee Limited
100.0
100.0
Ladbrokes E-Gaming Limited
100.0
100.0
Ladbrokes Group Finance plc
100.0
100.0
Ladbrokes Investments Holdings Limited
100.0
100.0
Ladbrokes IT & Shared Services Limited
100.0
100.0
Ladbrokes Trustee Company Limited
100.0
100.0
Lightworld Limited
100.0
100.0
London & Leeds Estates Limited
100.0
93.5
Margolis and Ridley Limited
100.0
100.0
New Angel Court Limited
100.0
100.0
Paddington Casino Limited
100.0
100.0
Reg. Boyle Limited
100.0
100.0
Reuben Page Limited
100.0
100.0
Romford Stadium Limited
100.0
100.0
Rousset Capital Limited
100.0
100.0
Sponsio Limited
100.0
100.0
Sporting Odds Limited
100.0
100.0
Sportingbet (IT Services) Limited
100.0
100.0
Sportingbet (Management Services) Limited
100.0
100.0
Sportingbet Holdings Limited
100.0
100.0
Sportingbet Limited
100.0
100.0
Sports (Bookmakers) Limited
100.0
100.0
Techno Land Improvements Limited
100.0
100.0
Town and County Factors Limited
100.0
100.0
Vegas Betting Limited
100.0
100.0
Ventmear Limited
100.0
100.0
1 Bartholomew Lane,
London, United Kingdom
Techno Limited
84.0
84.0
EC2N 2AX
77A Andersonstown Road, Ladbrokes (Northern Ireland) (Holdings) Limited
100.0
100.0
Belfast, United Kingdom 5
BT11 9AH Ladbrokes (Northern Ireland) Limited
100.0
100.0
North West Bookmakers Limited
100.0
100.0
4,5 5 4 2,3,4 5 5 5 2,4 5 2 4,5 5 5 4,5 5 5 5 5 4,5 5 5 2,3 5 5 4 4 5 5 5 5 4 2,3 Subsidiaries based overseas
% equity interest
Registered address
Company
2023
2022
c/o Corporate & Trust Services (Caribbean) Green Sand Limited
100.0
100.0
Limited, Thomas, John & Co, PO Box 990, FD, ICIC
Bldg, Lower Factory Road, St John\u2019s, Antigua and
Barbuda
5
% equity interest
Registered address
Company
2023
2022
East Tower, Level 2,
Ennovate Investments Pty Limited
100.0
100.0
25 Montpelier Road, Ennovate Labs Pty Limited
100.0
100.0
Bowen Hills,
QLD 4006
Entain Group Pty Limited
100.0
100.0
Australia
Esports Australia Pty Limited
100.0
100.0
Gaming Investments Pty Limited
100.0
100.0
Ladbrokes Racing Club Pty Limited
100.0
100.0
LB Australia Holdings Pty Limited
100.0
100.0
Neds International Pty Limited
100.0
100.0
Neds.com.au Pty Limited
100.0
100.0
17 Atlantic Dr, Keysborough,
VIC
3173
Australia
Full House Group Pty Limited
33.0
33.3
2 Kosmala Close, Newington,
NSW
2127
, Australia
Innquizitive Pty Limited
100.0
100.0
Suite 902, Level 9,
146
Arthur Street, North Sydney,
Angstrom Sports Australia Pty Ltd
100.0
\u2013
NSW
20
60, Australia
Marxergasse 1b,
Entain Services Australia GmbH
100.0
100.0
1030
Vienna,
100.0
Austria 100.0
Chauss\u00e9e de Wavre 1100 Box 3, Ladbroke Belgium SA
100.0
100.0
1160
Auderghem,
Pari Mutuel Management Services S.A.
100.0
100.0
Belgium
N.V. Derby S.A.
100.0
100.0
Redsports.be SRL/BV
100.0
100.0
Tierc\u00e9 Ladbroke S.A.
100.0
100.0
Tilt SRL/BV
100.0
100.0
Alameda Rio Negro 111 1030,
Andar 2 Conj 206 Torre Stadium Corpor, Alphaville
365
Scores Midia Ltda
100.0
\u2013
Industrial Barueri; Sao Paulo, 06454911, Brazil
Belmont Chambers, Creative Trend Limited 100.0 100.0
Road Town, CTL Holdings International Limited 100.0 100.0
Tortola, SRL Holdings International Limited 100.0 100.0
British Virgin Islands Sunrise Resources Limited 100.0 100.0
Jayla Place, Wickhams Cay 1, Road Town,
Tortola, British Virgin Islands
Westman Holdings Limited
100.0
100.0
Sea Meadow House, Blackbourne Highway,
PO Box 116, Road Town, Tortola,
British Virgin Islands
Wavecrest Providers Limited
100.0
100.0
55 Nikola Vaptsarov Blvd, Of\ufb01ce Park Expo 2000,
Building Phase 4, Floor 3, Lozenets Area, So\ufb01a
1407
,
Bulgaria
Entain Services (Bulgaria) EOOD
100.0
100.0
1565
Carling Avenue, Suite 400, Ottawa,
Entain Operations Canada Limited
100.0
100.0
Ontario K1Z 8R1, Canada 100.0
100-2006 Old Malone Road, Kahnawake, Quebec
Kahnawake Management Services Inc
100.0
100.0
J0L1B0, Canada
1500
Royal Centre, 1055 West Georgia Street,
Angstrom Sports Canada Inc.
100.0
\u2013
Vancouver
BC V6E 4N7, Canada
5B, First Floor, St Anne\u2019s House, Victoria Interactive Sports (C.I.) Limited
100.0
100.0
Street, Alderney, GY9 3UF, Channel Islands
Quay House, South Esplanade
Longfrie Limited
100.0
100.0
St, Peter Port, Guernsey, GY1 4EJ,
PO Box 132, Channel Islands
1st Floor, Liberation House, Ladbroke (Channel Islands) Limited
100.0
100.0
Castle Street, St. Helier, JE1 1GL, Jersey,Channel Maple Court Investments (Jersey) Limited
Islands
2,3 4 4 4 4 4 3 5 5 5 5 4,5 5 4 3 5
% equity interest
Registered address
Company
2023
2022
Block 3, The Forum, Grenville Street,
St. Helier JE2 4UF, Jersey
Avid International Limited
100.0
100.0
13/F, Gloucester Tower, The Landmark, 15 Queen\u2019s GVC Technology Consulting (Asia) Co Limited
100.0
100.0
Road, Central Hong Kong, China
CR 15 # 106 32 Of P H 3,
BOGOTA D.C., Colombia
Bwin Latam S.A.S.
100.0
100.0
Krcka Ulica 18d 10000
Emma Gamma Adriatic d.o.o.
67.5
75.0
Zagreb, Croatia
Puni Broj d.o.o.
67.5
75.0
SuperSport d.o.o.
67.5
75.0
SuperSport marketing d.o.o.
67.5
75.0
Ulica Josipa Marohni\u0107a 1/1, Zagreb, Croatia
minus5 d.o.o
75.0
75.0
Emancipatie Boulevard Dominico F. \u201cDon\u201d Martina
GVC Services BV
100.0
100.0
29, Cura\u00e7ao
Heelsumstraat 51 E-Commerce Park Best Global N.V.
100.0
100.0
Cura\u00e7ao PO Box 422
Kaya Richard J. Beajon Z/N Landhuls Joonchi II,
Cura\u00e7ao P.O Box 6248
Elec Games N.V.
100.0
100.0
15 Agion Omologiton, Nicosia, 1080 Cyprus
Bellingrath Enterprises Limited
100.0
100.0
Na Zatorka, 672/24, Bubene\u00ff
Sporticon Development s.r.o.
67.5
\u2013
Prague, 18600,
Karolinsk\u00e1 650/1, Kral\u00edn,
Czech Republic
Betsys, s.r.o.
50.0
\u2013
Prague, 18600,
Fruebjergvej 3, Copenhagen, 2100, Denmark
Czech Republic
Interactive Sports (Denmark) ApS
100.0
100.0
Lootsa tn 1a, Lasnamae Linnaosa, Ninja Global OU
100.0
100.0
11415
Estonia
3
Optiwin OU
100.0
100.0
Unioninkatu 24, Helsinki, 00130 Finland
Finnplay Technologies Oy
100.0
100.0
19 Boulevard Malesherbes, 75008, Paris, France
B.E.S. S.A.S.
100.0
100.0
Linden Palais, Unter den Linden 40, 10117 Berlin,
Germany
Entain (Germany) GmbH
100.0
100.0
Apt. 48, N19, Vake District, Kavtaradze Str., Tbilisi,
Entain Georgia LLC
4
100.0
100.0
Georgia
Vake District, Kavtaradze Str., No 5,
Entrance 2, Floor 2, Of\ufb01ce Space No 2,
Tbilisi, Georgia
MARS LLC
100.0
100.0
Suite 6 Atlantic Suites, Balltree (International) Limited
100.0
100.0
Europort Avenue, 5
Gibraltar Bingo Marketing Limited
100.0
100.0
bwin.party holdings Limited
100.0
100.0
bwin.party services (Gibraltar) Limited
100.0
100.0
Coral Interactive (Gibraltar) Limited
100.0
100.0
ElectraGames Limited
4
100.0
100.0
ElectraWorks Limited
100.0
100.0
Gala Coral Interactive (Gibraltar) Limited
4,5
100.0
100.0
Gala Interactive (Gibraltar) Limited
100.0
100.0
Greyjoy Limited
100.0
100.0
Entain Corporate Services Limited
100.0
100.0
Entain Holdings (Gibraltar) Limited
100.0
100.0
Entain Operations Limited
100.0
100.0
Entain Trustees Limited
100.0
100.0
Fusionex Limited
100.0
100.0
IGM Domain Name Services Limited
100.0
100.0
ISG (Gibraltar) Limited
100.0
100.0
LC International Limited
100.0
100.0
4
5
2,3
5
4
5
5
2,3
4,5
1,2,4
2,3,4
2,3,4
% equity interest
Registered address
Company
2023
2022
PartyGaming IA Limited
100.0
100.0
7th Floor, Madison building, Midtown,
Queensway, GX11 1AA, Gibraltar
The Entain Foundation
100.0
100.0
1st Floor Otter House, Avid Ecom Solutions Limited
100.0
100.0
Naas Road,
Dublin 22 Ireland
Avid Studios Limited
100.0
100.0
Ladbroke (Ireland) Limited
100.0
100.0
3 Dublin Landings, North Wall Quay,
D01 C4EO Ireland
Fort Anne Limited
100.0
100.0
M.L.B. Limited
100.0
100.0
5th Floor, Divyasree Omega Block \u2013 B, IVY Comptech Private Limited 100.0 100.0
Hitec City Road, Kondapur, Hyderabad IVY Software Development Services Private Limited 100.0 100.0
Andhra Pradesh, 500081 India IVY Foundation Limited 100.0 100.0
Ivy Mobitech Services Private Limited 100.0 100.0
IVY Global Shared Services Private Limited 100.0 100.0
32 Athol Street, Douglas, IM1 1JB Isle of Man
Entain (IOM) Limited
100.0
100.0
Menahem Begin Road 121 & 125,
Tel Aviv, Jaffa, Israel
Gala Interactive (Services) Limited
100.0
100.0
GVC Impala R&D Limited
100.0
100.0
Ladbrokes Israel Limited
100.0
100.0
2 Nahalat Yitchak, Tel-Aviv Yaffo,
674
48
01, Israel
365
Scores Limited
100.0
\u2013
Via Lungotevere Arnaldo da Brescia 12,
Agenzia M3 S.R.L.
100.0
100.0
00196
Rome, Italy
Eurobet Holding S.R.L.
100.0
100.0
Eurobet Italia S.R.L.
100.0
100.0
Via Gaetano Previati 9,
20149
Milan, Italy
bwin European Markets Holding SpA
3
100.0
100.0
bwin Italia S.R.L.
100.0
100.0
ALN House Eldama Ravine Close,
Wave Operations (Kenya) Limited
100.0
100.0
Off Eldama Ravine Road, Westlands,
Nairobi, PO Box 200, Kenya
Wave Online (Kenya) Limited
100.0
100.0
Setekles iela,
SIA Klondaika
100.0
100.0
Riga LV-1050
SIA Klondaika Caf\u00e9
100.0
100.0
Latvia SIA Laimz
100.0
100.0
SIA Optibet
100.0
100.0
Orsos g. 4-101, Vilnius, Lithuania
UAB Baltic Bet
100.0
100.0
UAB Party Casino
100.0
100.0
Penthouse, Palazzo Spinola Business Centre, bwin.party holding Malta Limited 100.0 100.0
Number 46, St Christopher Street, Valletta, VLT bwin.party International Malta Limited 100.0 100.0
14
64, Malta
Unit 6 ST Business Centre,
bwin (Deutschland) Limited
100.0
100.0
120
The Strand,
2
Gzira GZR 1027 bwin.gr Limited
100.0
100.0
Malta bwin Holdings (Malta) Limited
100.0
100.0
bwin.party services (Malta) Limited
100.0
100.0
Online-Wetten (Austria) Limited
100.0
100.0
Deis Limited
100.0
100.0
ElectraWorks (France) Limited
100.0
100.0
ElectraWorks (Kiel) Limited
100.0
100.0
ElectraWorks (Svenska) Limited
100.0
100.0
ElectraWorks Europe Ltd
100.0
100.0
Entain Holdings (Malta) Limited
100.0
100.0
Entertainments Technologies Group Limited
100.0
100.0
Gaming VC Corporation Limited
100.0
100.0
Ladbrokes (Deutschland) Limited
100.0
100.0
Martingale Europe Limited
100.0
100.0
5 2,3,4 1 1,4 4 2,3 3 3 3 3 1,4 4 4
% equity interest
Registered address
Company
2023
2022
Martingale Malta 2 Limited
100.0
100.0
Sportingbet (Deutschland) Limited
100.0
100.0
Scandic Bookmakers Limited
100.0
100.0
Spread Your Wings Bravo Limited
100.0
100.0
STS Gaming Group Limited
67.5
\u2013
STS.Bet Limited
67.5
\u2013
Entain (Romania) Limited
100.0
100.0
VistaBet Limited
100.0
100.0
120
The Strand, Unit 6,
BestBet Limited
3
100.0
100.0
Trig Ix-Xat t, 3
Gzira GZR 1027 Elec Games C1 Limited
100.0
100.0
Malta Elec Games Holdings Limited
100.0
100.0
Elec Games Limited
100.0
100.0
Evora International Limited
100.0
100.0
Future Domain Lead Generation Limited
100.0
100.0
Future Lead Generation Limited
4
100.0
100.0
Li\ufb02and Holdings Limited
4
100.0
100.0
Ninja Global Limited
3
100.0
100.0
Entain Holdings (CEE) Limited
67.5
100.0
West African Gaming Limited
100.0
100.0
San Francisco 1005, Dolonia Del Valle,
Bwin Operations Mexico, S.A. de C.V.
100.0
100.0
Alcald\u00eda Benito Ju\u00e1rez, Mexico City,
C.P. 03100
Mexico
Entain Mexico, S.A. de C.V.
100.0
100.0
Johan Cruijff Boulevard 61, Amsterdam
Entain Holdings (Netherlands) B.V.
100.0
100.0
110
1Dl
Netherlands
Keurenplein 4, Unit D1442, 1069CD, Amsterdam,
Netherlands
Betent B.V.
100.0
\u2013
106-110 Jackson Street, Petone, Lower Hutt, 5012,
Entain New Zealand Limited
100.0
\u2013
New Zealand
Floor 6 Exchange Place, 5 Willeston Street,
Wellington Central, Wellington, 6011, New
TIIDAL GAMING NZ LIMITED
100.0
\u2013
Zealand
6F Tower 3 Double Dragon Plaza EDSA InteractiveSports Asia Limited Inc.
100.0
100.0
Ext. cor. Macapagal Avenue, Pasay City NCH Customer Support Services, Inc
100.0
100.0
Philippines
Porcelanowa 8, 40-246 Katowice, Poland
BetSys Poland Sp. Z.o.o.
50.0
\u2013
STS Holdings S.A.
67.5
\u2013
STS S.A.
67.5
\u2013
UI. Taneczna 18A, 02-829 Warsaw Poland
bwin Poland S.A.
100.0
100.0
Praceta Ant\u00f3nio Gede\u00e3o, 1 B, Pai\u00f5es, In\ufb01eld \u2013 Servicos de Consultoria Marketing Unipessoal
100.0
100.0
2635 \u2013 002 Sintra, Portugal LDA.
Avenida D Jo\u00e3o II, Lote 1.07.2.1, 5\u00baA, Gobet Entretenimento SA
100.0
100.0
Parque das Na\u00e7\u00f5es Entain Operations Portugal SA
100.0
100.0
1990-096 Lisbon, Portugal
1 Harbourfront Avenue, Keppel Bay Tower
Cozy Games Pte Limited
100.0
100.0
14-03/07, 098632 Singapore
Florent Pte Limited
100.0
100.0
Calle Amador de los R\u00edos n\u00b01, 6 planta bwin Interactive Marketing Espana S.L.
100.0
100.0
28010
Madrid, Spain
Calle Josep Pl\u00e1, n\u00famero 2, planta 5\u00aaD Entain Services Iberia S.I.
100.0
100.0
Edi\ufb01cio Torre Diagonal Litoral, 08019
Barcelona, Spain
Castello 82 4 IZQ, 28006 Madrid, Spain
Ladbrokes Betting and Gaming Spain, S.A.
100.0
100.0
2 4 3 4 5 3
% equity interest
Registered address
Company
2023
2022
Calle Real Numero 74, 51001 Ceuta, Spain
Electraworks (Ceuta) S.A.
100.0
100.0
Avenida de Fuencarral 44, Edi\ufb01cio Tribeca 1
Winners Apuestas SA
100.0
100.0
Modulo B, CP 28108 Alcobendas Madrid, Spain
Cl Conde de Aranda 20, 28001
Sportinbet Spain S.A.
100.0
100.0
Madrid, Spain
San Justo Desvern, calle de la Constituci\u00f3n 1, 5\u00ba Atlantic Version 2014 SLU
100.0
100.0
planta, local 3, 08960, Barcelona, Spain
Suite 4 Constantia House, Steenbert Of\ufb01ce Park,
Constantia, 7800 South Africa
SBT Software Operations (SA) (Pty)
100.0
100.0
24A 18th Street, Menlo Park, Pretoria,
0081
South Africa
Ladbrokes (SA) (Pty) Limited
100.0
60.0
Of\ufb01ce 519, Spaces, Dock Road Junction, Corner
Wave SA (Pty) Limited
85.0
100.0
of Stanley & Dock Road, Waterfront, Cape Town,
8
001, South Africa
Stora Gatan 46, Sigtuna Enlabs AB
100.0
100.0
Kommun, 19330,
Sweden
Entraction AB
100.0
100.0
Score24 AB
100.0
100.0
Royal Park Serviced Of\ufb01ce,
Frosundaviks alle 15, 15903 Solna, Sweden
Scout Gaming AB
100.0
100.0
c/o The Corporation Trust Company, GVC Finance LLC
100.0
100.0
1209
Orange Street, Country of New Castle,
GVC Holdings (USA) Inc
100.0
100.0
Wilmington DE 19891, United States Ladbrokes Holdco. Inc.
100.0
100.0
7251
Amigo Strees, Suite 100, Las Vegas
Stadium Technology Group, LLC
100.0
100.0
NV
89119,
United States
1013
Centre Road, Suite 403-B, Wilmington DE
Angstrom Sports Inc
100.0
\u2013
19805
, United Estates
4445
Corporation Ln Ste 264, Viriginia
Angstrom Sports Virginia LLC
100.0
\u2013
Beach VA 23462-3262, United States
Five Greentree Centre, 525 Route 72 North, STE
Angstrom Sports NJ LLC
100.0
\u2013
104
Marlton, New Jersey 08053, United States
701
S.Carson Street, Suite 200,
bwin.party (USA) Inc
100.0
100.0
Carson City, NV 90801,
United States
bwin.party entertainment (NJ) LLC
100.0
90.0
bwin.party services (NJ) Inc
100.0
100.0
Ladbrokes Subco LLC
100.0
100.0
c/o Saiber LLC, 18 Columbia Turnpike,
Suite 200, Florham Park, New Jersey,
United States
The Entain Foundation US, Inc
100.0
100.0
2 Mykoly Solovtsova St, Of\ufb01ce 38/1
Entain (Ukraine) LLC
100.0
100.0
01014
Kyiv, Ukraine
Of\ufb01ce 13, 39 Dzhona Makkeina,
Steer
Kyiv, Ukraine
01042
LLC Bwin
100.0
100.0
Dr Luis Bonavita, 1294, Torre 2 WTC
Gomifer S.A.
100.0
100.0
Free Zone, O\ufb01cina 631, Montevideo,
Uruguay
34972
Longacres, Lusaka
Wave Digital Zambia Limited
100.0
100.0
Lusaka Province, Zambia
4 3 3 1 4 3 1. Company that is directly owned by Entain plc. 2. Company that forms part of the Group as at 31 December 2023 and which, principally affected the Group\u2019s reported results for the year. 3. Trading entity engaged in activity associated with betting and gaming. 4. Holding company. 5. Dormant company . Joint ventures
% equity interest
Registered address
Company
2023
2022
Corporation Service Company,
251
Little Falls Drive,
BetMGM, LLC
50.0
50.0
Wilmington,
Delaware 19808, United States
Associates
% equity interest
Country of incorporation
Company
2023
2022
China
Asia Gaming Technologies (Beijing) Co., Ltd
49.0
49.0
Asia Gaming Technologies Limited
49.0
49.0
Germany
bwin E.K. Neugersdorf
50.0
50.0
Belgium
Gran Casino de Dinant SA
20.0
20.0
In\ufb01niti Casino Oostende NV
20.0
20.0
Leaderbet NV
20.0
20.0
Professional Gaming Services SRL/BV
19.0
19.0
United Kingdom
Draw & Code Limited
40.0
40.0
Games For Good Causes PLC
36.3
36.3
Sports Information Services (Holdings) Limited
23.4
23.4
1 1. Subsidiary of Asia Gaming Technologies Limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-610": { "value": "Terms and conditions of transactions with related parties Sales to, and purchases from, related parties are made at market prices and in the ordinary course of business. Outstanding balances at 31 December 2023 are unsecured and settlement occurs in cash. For the year ended 31 December 2023, the Group has not raised any provision (2022: \u00a3nil) for doubtful debts relating to amounts owed by related parties as the payment history has been good. This assessment is undertaken each \ufb01nancial year through examining the \ufb01nancial position of the related party and the market in which the related party operates. Transactions with Directors and key management personnel of the Group For details of Directors\u2019 remuneration please refer to the Directors\u2019 remuneration table included on pages 118 to 121 of this report. The remuneration of key management personnel is set out below in aggregate for each of the categories speci\ufb01ed in IAS 24 Related Party Disclosures. Key management personnel comprise Executive Directors and members of the Executive Management Team. Further information about the remuneration of individual Directors is provided in the Directors\u2019 remuneration report.
2023 2022
\u00a3m \u00a3m
Short-term employee bene\ufb01ts
7.3
7.9
Redundancy/loss of of\ufb01ce
1.6
\u2013
Pension-related costs
0.3
0.1
Share-based payments
10.7
7.6
Total compensation paid to key management personnel
19.9
15.6
The consolidated \ufb01nancial statements include the \ufb01nancial statements of Entain plc and its subsidiaries. The companies listed below are those which were part of the Group at 31 December and therefore the results, cash \ufb02ows and balance sheets of all subsidiaries listed are consolidated into the Group \ufb01nancial statements, furthermore the results of joint ventures and associates are accounted for in accordance with the policy set out in Note 4. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-611": { "value": "Subsidiaries based in the United Kingdom
% equity interest
Registered address
Company
2023
2022
7th Floor, Arthur Prince (Turf Accountants) Limited
100.0
100.0
One Stratford Place, Bartletts Limited
100.0
100.0
West\ufb01eld Stratford City,
Mont\ufb01chet Road,
Birchgree Limited
100.0
100.0
London, Bloxhams Bookmakers Limited
100.0
100.0
United Kingdom,
E20 1EJ
Brickagent Limited
100.0
100.0
ASF Limited
100.0
100.0
Cashcade Limited
100.0
\u2013
CE Acquisition 1 Limited
100.0
100.0
Chas Kendall (Turf Accountant) Limited
100.0
100.0
Choicebet Limited
100.0
100.0
C L Jennings (1995) Limited
100.0
100.0
Competition Management Services Co. Limited
97.5
97.5
Coral (Holdings) Limited
100.0
100.0
Coral (Stoke) Limited
100.0
100.0
Coral Estates Limited
100.0
100.0
Coral Eurobet Limited
100.0
100.0
Coral Eurobet Holdings Limited
100.0
100.0
Coral Group Limited
100.0
100.0
Coral Group Trading Limited
100.0
100.0
Coral Limited
100.0
100.0
Coral Racing Limited
100.0
100.0
Coral Stadia Limited
100.0
100.0
E.F. Politt & Son Limited
100.0
100.0
Electraworks Maple Limited
100.0
100.0
Entain Holdings (UK) Limited
100.0
100.0
Entain Marketing (UK) Limited
100.0
100.0
Entain Services Limited
100.0
100.0
Entain Wave Limited
100.0
100.0
Gable House Estates Limited
100.0
100.0
Ganton House Investments Limited
100.0
100.0
Greatmark Limited
100.0
100.0
Hillford Estates Limited
75.0
75.0
Hindwain Limited
100.0
100.0
Impala Digital Limited
100.0
100.0
Interactive Sports Limited
100.0
100.0
J G Leisure Limited
100.0
100.0
J. Ward Hill & Company
100.0
100.0
Jack Brown (Bookmaker) Limited
100.0
100.0
Jerusalem Development (Mamilla) Co. Limited
100.0
100.0
Jerusalem Development Corporation (Holdings) Limited
100.0
100.0
Joe Jennings Limited
100.0
100.0
Krullind Limited
100.0
100.0
Ladbroke & Co., Limited
100.0
100.0
Ladbroke (Rentals) Limited
100.0
100.0
Ladbroke City & County Land Company Limited
100.0
100.0
Ladbroke Dormant Holding Company Limited
100.0
100.0
Ladbroke Entertainments Limited
100.0
100.0
Ladbroke Group
100.0
100.0
Ladbroke Group Homes Limited
100.0
100.0
5 5 4 5 4 5 5 5 5 4 5 4 4 4 4 4 5 1,2,4 4 5 5 5 5 5 3 5 5 5 5 4,5 5 5 5 5 5 4,5 4 5
% equity interest
Registered address
Company
2023
2022
Ladbroke Group Properties Limited
100.0
100.0
Ladbroke Land Limited
100.0
100.0
Ladbroke US Investments Limited
100.0
100.0
Ladbrokes Betting & Gaming Limited
100.0
100.0
Ladbrokes Contact Centre Limited
100.0
100.0
Ladbrokes Coral Corporate Director Limited
100.0
100.0
Ladbrokes Coral Corporate Secretaries Limited
100.0
100.0
Ladbrokes Coral Group Life Bene\ufb01ts Trustee Limited
100.0
100.0
Ladbrokes Coral Group Limited
100.0
100.0
Ladbrokes Coral Group Pension Trustee Limited
100.0
100.0
Ladbrokes E-Gaming Limited
100.0
100.0
Ladbrokes Group Finance plc
100.0
100.0
Ladbrokes Investments Holdings Limited
100.0
100.0
Ladbrokes IT & Shared Services Limited
100.0
100.0
Ladbrokes Trustee Company Limited
100.0
100.0
Lightworld Limited
100.0
100.0
London & Leeds Estates Limited
100.0
93.5
Margolis and Ridley Limited
100.0
100.0
New Angel Court Limited
100.0
100.0
Paddington Casino Limited
100.0
100.0
Reg. Boyle Limited
100.0
100.0
Reuben Page Limited
100.0
100.0
Romford Stadium Limited
100.0
100.0
Rousset Capital Limited
100.0
100.0
Sponsio Limited
100.0
100.0
Sporting Odds Limited
100.0
100.0
Sportingbet (IT Services) Limited
100.0
100.0
Sportingbet (Management Services) Limited
100.0
100.0
Sportingbet Holdings Limited
100.0
100.0
Sportingbet Limited
100.0
100.0
Sports (Bookmakers) Limited
100.0
100.0
Techno Land Improvements Limited
100.0
100.0
Town and County Factors Limited
100.0
100.0
Vegas Betting Limited
100.0
100.0
Ventmear Limited
100.0
100.0
1 Bartholomew Lane,
London, United Kingdom
Techno Limited
84.0
84.0
EC2N 2AX
77A Andersonstown Road, Ladbrokes (Northern Ireland) (Holdings) Limited
100.0
100.0
Belfast, United Kingdom 5
BT11 9AH Ladbrokes (Northern Ireland) Limited
100.0
100.0
North West Bookmakers Limited
100.0
100.0
4,5 5 4 2,3,4 5 5 5 2,4 5 2 4,5 5 5 4,5 5 5 5 5 4,5 5 5 2,3 5 5 4 4 5 5 5 5 4 2,3 Subsidiaries based overseas
% equity interest
Registered address
Company
2023
2022
c/o Corporate & Trust Services (Caribbean) Green Sand Limited
100.0
100.0
Limited, Thomas, John & Co, PO Box 990, FD, ICIC
Bldg, Lower Factory Road, St John\u2019s, Antigua and
Barbuda
5
% equity interest
Registered address
Company
2023
2022
East Tower, Level 2,
Ennovate Investments Pty Limited
100.0
100.0
25 Montpelier Road, Ennovate Labs Pty Limited
100.0
100.0
Bowen Hills,
QLD 4006
Entain Group Pty Limited
100.0
100.0
Australia
Esports Australia Pty Limited
100.0
100.0
Gaming Investments Pty Limited
100.0
100.0
Ladbrokes Racing Club Pty Limited
100.0
100.0
LB Australia Holdings Pty Limited
100.0
100.0
Neds International Pty Limited
100.0
100.0
Neds.com.au Pty Limited
100.0
100.0
17 Atlantic Dr, Keysborough,
VIC
3173
Australia
Full House Group Pty Limited
33.0
33.3
2 Kosmala Close, Newington,
NSW
2127
, Australia
Innquizitive Pty Limited
100.0
100.0
Suite 902, Level 9,
146
Arthur Street, North Sydney,
Angstrom Sports Australia Pty Ltd
100.0
\u2013
NSW
20
60, Australia
Marxergasse 1b,
Entain Services Australia GmbH
100.0
100.0
1030
Vienna,
100.0
Austria 100.0
Chauss\u00e9e de Wavre 1100 Box 3, Ladbroke Belgium SA
100.0
100.0
1160
Auderghem,
Pari Mutuel Management Services S.A.
100.0
100.0
Belgium
N.V. Derby S.A.
100.0
100.0
Redsports.be SRL/BV
100.0
100.0
Tierc\u00e9 Ladbroke S.A.
100.0
100.0
Tilt SRL/BV
100.0
100.0
Alameda Rio Negro 111 1030,
Andar 2 Conj 206 Torre Stadium Corpor, Alphaville
365
Scores Midia Ltda
100.0
\u2013
Industrial Barueri; Sao Paulo, 06454911, Brazil
Belmont Chambers, Creative Trend Limited 100.0 100.0
Road Town, CTL Holdings International Limited 100.0 100.0
Tortola, SRL Holdings International Limited 100.0 100.0
British Virgin Islands Sunrise Resources Limited 100.0 100.0
Jayla Place, Wickhams Cay 1, Road Town,
Tortola, British Virgin Islands
Westman Holdings Limited
100.0
100.0
Sea Meadow House, Blackbourne Highway,
PO Box 116, Road Town, Tortola,
British Virgin Islands
Wavecrest Providers Limited
100.0
100.0
55 Nikola Vaptsarov Blvd, Of\ufb01ce Park Expo 2000,
Building Phase 4, Floor 3, Lozenets Area, So\ufb01a
1407
,
Bulgaria
Entain Services (Bulgaria) EOOD
100.0
100.0
1565
Carling Avenue, Suite 400, Ottawa,
Entain Operations Canada Limited
100.0
100.0
Ontario K1Z 8R1, Canada 100.0
100-2006 Old Malone Road, Kahnawake, Quebec
Kahnawake Management Services Inc
100.0
100.0
J0L1B0, Canada
1500
Royal Centre, 1055 West Georgia Street,
Angstrom Sports Canada Inc.
100.0
\u2013
Vancouver
BC V6E 4N7, Canada
5B, First Floor, St Anne\u2019s House, Victoria Interactive Sports (C.I.) Limited
100.0
100.0
Street, Alderney, GY9 3UF, Channel Islands
Quay House, South Esplanade
Longfrie Limited
100.0
100.0
St, Peter Port, Guernsey, GY1 4EJ,
PO Box 132, Channel Islands
1st Floor, Liberation House, Ladbroke (Channel Islands) Limited
100.0
100.0
Castle Street, St. Helier, JE1 1GL, Jersey,Channel Maple Court Investments (Jersey) Limited
Islands
2,3 4 4 4 4 4 3 5 5 5 5 4,5 5 4 3 5
% equity interest
Registered address
Company
2023
2022
Block 3, The Forum, Grenville Street,
St. Helier JE2 4UF, Jersey
Avid International Limited
100.0
100.0
13/F, Gloucester Tower, The Landmark, 15 Queen\u2019s GVC Technology Consulting (Asia) Co Limited
100.0
100.0
Road, Central Hong Kong, China
CR 15 # 106 32 Of P H 3,
BOGOTA D.C., Colombia
Bwin Latam S.A.S.
100.0
100.0
Krcka Ulica 18d 10000
Emma Gamma Adriatic d.o.o.
67.5
75.0
Zagreb, Croatia
Puni Broj d.o.o.
67.5
75.0
SuperSport d.o.o.
67.5
75.0
SuperSport marketing d.o.o.
67.5
75.0
Ulica Josipa Marohni\u0107a 1/1, Zagreb, Croatia
minus5 d.o.o
75.0
75.0
Emancipatie Boulevard Dominico F. \u201cDon\u201d Martina
GVC Services BV
100.0
100.0
29, Cura\u00e7ao
Heelsumstraat 51 E-Commerce Park Best Global N.V.
100.0
100.0
Cura\u00e7ao PO Box 422
Kaya Richard J. Beajon Z/N Landhuls Joonchi II,
Cura\u00e7ao P.O Box 6248
Elec Games N.V.
100.0
100.0
15 Agion Omologiton, Nicosia, 1080 Cyprus
Bellingrath Enterprises Limited
100.0
100.0
Na Zatorka, 672/24, Bubene\u00ff
Sporticon Development s.r.o.
67.5
\u2013
Prague, 18600,
Karolinsk\u00e1 650/1, Kral\u00edn,
Czech Republic
Betsys, s.r.o.
50.0
\u2013
Prague, 18600,
Fruebjergvej 3, Copenhagen, 2100, Denmark
Czech Republic
Interactive Sports (Denmark) ApS
100.0
100.0
Lootsa tn 1a, Lasnamae Linnaosa, Ninja Global OU
100.0
100.0
11415
Estonia
3
Optiwin OU
100.0
100.0
Unioninkatu 24, Helsinki, 00130 Finland
Finnplay Technologies Oy
100.0
100.0
19 Boulevard Malesherbes, 75008, Paris, France
B.E.S. S.A.S.
100.0
100.0
Linden Palais, Unter den Linden 40, 10117 Berlin,
Germany
Entain (Germany) GmbH
100.0
100.0
Apt. 48, N19, Vake District, Kavtaradze Str., Tbilisi,
Entain Georgia LLC
4
100.0
100.0
Georgia
Vake District, Kavtaradze Str., No 5,
Entrance 2, Floor 2, Of\ufb01ce Space No 2,
Tbilisi, Georgia
MARS LLC
100.0
100.0
Suite 6 Atlantic Suites, Balltree (International) Limited
100.0
100.0
Europort Avenue, 5
Gibraltar Bingo Marketing Limited
100.0
100.0
bwin.party holdings Limited
100.0
100.0
bwin.party services (Gibraltar) Limited
100.0
100.0
Coral Interactive (Gibraltar) Limited
100.0
100.0
ElectraGames Limited
4
100.0
100.0
ElectraWorks Limited
100.0
100.0
Gala Coral Interactive (Gibraltar) Limited
4,5
100.0
100.0
Gala Interactive (Gibraltar) Limited
100.0
100.0
Greyjoy Limited
100.0
100.0
Entain Corporate Services Limited
100.0
100.0
Entain Holdings (Gibraltar) Limited
100.0
100.0
Entain Operations Limited
100.0
100.0
Entain Trustees Limited
100.0
100.0
Fusionex Limited
100.0
100.0
IGM Domain Name Services Limited
100.0
100.0
ISG (Gibraltar) Limited
100.0
100.0
LC International Limited
100.0
100.0
4 5 2,3 5 4 5 5 2,3 4,5 1,2,4 2,3,4 2,3,4
% equity interest
Registered address
Company
2023
2022
PartyGaming IA Limited
100.0
100.0
7th Floor, Madison building, Midtown,
Queensway, GX11 1AA, Gibraltar
The Entain Foundation
100.0
100.0
1st Floor Otter House, Avid Ecom Solutions Limited
100.0
100.0
Naas Road,
Dublin 22 Ireland
Avid Studios Limited
100.0
100.0
Ladbroke (Ireland) Limited
100.0
100.0
3 Dublin Landings, North Wall Quay,
D01 C4EO Ireland
Fort Anne Limited
100.0
100.0
M.L.B. Limited
100.0
100.0
5th Floor, Divyasree Omega Block \u2013 B, IVY Comptech Private Limited 100.0 100.0
Hitec City Road, Kondapur, Hyderabad IVY Software Development Services Private Limited 100.0 100.0
Andhra Pradesh, 500081 India IVY Foundation Limited 100.0 100.0
Ivy Mobitech Services Private Limited 100.0 100.0
IVY Global Shared Services Private Limited 100.0 100.0
32 Athol Street, Douglas, IM1 1JB Isle of Man
Entain (IOM) Limited
100.0
100.0
Menahem Begin Road 121 & 125,
Tel Aviv, Jaffa, Israel
Gala Interactive (Services) Limited
100.0
100.0
GVC Impala R&D Limited
100.0
100.0
Ladbrokes Israel Limited
100.0
100.0
2 Nahalat Yitchak, Tel-Aviv Yaffo,
674
48
01, Israel
365
Scores Limited
100.0
\u2013
Via Lungotevere Arnaldo da Brescia 12,
Agenzia M3 S.R.L.
100.0
100.0
00196
Rome, Italy
Eurobet Holding S.R.L.
100.0
100.0
Eurobet Italia S.R.L.
100.0
100.0
Via Gaetano Previati 9,
20149
Milan, Italy
bwin European Markets Holding SpA
3
100.0
100.0
bwin Italia S.R.L.
100.0
100.0
ALN House Eldama Ravine Close,
Wave Operations (Kenya) Limited
100.0
100.0
Off Eldama Ravine Road, Westlands,
Nairobi, PO Box 200, Kenya
Wave Online (Kenya) Limited
100.0
100.0
Setekles iela,
SIA Klondaika
100.0
100.0
Riga LV-1050
SIA Klondaika Caf\u00e9
100.0
100.0
Latvia SIA Laimz
100.0
100.0
SIA Optibet
100.0
100.0
Orsos g. 4-101, Vilnius, Lithuania
UAB Baltic Bet
100.0
100.0
UAB Party Casino
100.0
100.0
Penthouse, Palazzo Spinola Business Centre, bwin.party holding Malta Limited 100.0 100.0
Number 46, St Christopher Street, Valletta, VLT bwin.party International Malta Limited 100.0 100.0
14
64, Malta
Unit 6 ST Business Centre,
bwin (Deutschland) Limited
100.0
100.0
120
The Strand,
2
Gzira GZR 1027 bwin.gr Limited
100.0
100.0
Malta bwin Holdings (Malta) Limited
100.0
100.0
bwin.party services (Malta) Limited
100.0
100.0
Online-Wetten (Austria) Limited
100.0
100.0
Deis Limited
100.0
100.0
ElectraWorks (France) Limited
100.0
100.0
ElectraWorks (Kiel) Limited
100.0
100.0
ElectraWorks (Svenska) Limited
100.0
100.0
ElectraWorks Europe Ltd
100.0
100.0
Entain Holdings (Malta) Limited
100.0
100.0
Entertainments Technologies Group Limited
100.0
100.0
Gaming VC Corporation Limited
100.0
100.0
Ladbrokes (Deutschland) Limited
100.0
100.0
Martingale Europe Limited
100.0
100.0
5 2,3,4 1 1,4 4 2,3 3 3 3 3 1,4 4 4
% equity interest
Registered address
Company
2023
2022
Martingale Malta 2 Limited
100.0
100.0
Sportingbet (Deutschland) Limited
100.0
100.0
Scandic Bookmakers Limited
100.0
100.0
Spread Your Wings Bravo Limited
100.0
100.0
STS Gaming Group Limited
67.5
\u2013
STS.Bet Limited
67.5
\u2013
Entain (Romania) Limited
100.0
100.0
VistaBet Limited
100.0
100.0
120
The Strand, Unit 6,
BestBet Limited
3
100.0
100.0
Trig Ix-Xat t, 3
Gzira GZR 1027 Elec Games C1 Limited
100.0
100.0
Malta Elec Games Holdings Limited
100.0
100.0
Elec Games Limited
100.0
100.0
Evora International Limited
100.0
100.0
Future Domain Lead Generation Limited
100.0
100.0
Future Lead Generation Limited
4
100.0
100.0
Li\ufb02and Holdings Limited
4
100.0
100.0
Ninja Global Limited
3
100.0
100.0
Entain Holdings (CEE) Limited
67.5
100.0
West African Gaming Limited
100.0
100.0
San Francisco 1005, Dolonia Del Valle,
Bwin Operations Mexico, S.A. de C.V.
100.0
100.0
Alcald\u00eda Benito Ju\u00e1rez, Mexico City,
C.P. 03100
Mexico
Entain Mexico, S.A. de C.V.
100.0
100.0
Johan Cruijff Boulevard 61, Amsterdam
Entain Holdings (Netherlands) B.V.
100.0
100.0
110
1Dl
Netherlands
Keurenplein 4, Unit D1442, 1069CD, Amsterdam,
Netherlands
Betent B.V.
100.0
\u2013
106-110 Jackson Street, Petone, Lower Hutt, 5012,
Entain New Zealand Limited
100.0
\u2013
New Zealand
Floor 6 Exchange Place, 5 Willeston Street,
Wellington Central, Wellington, 6011, New
TIIDAL GAMING NZ LIMITED
100.0
\u2013
Zealand
6F Tower 3 Double Dragon Plaza EDSA InteractiveSports Asia Limited Inc.
100.0
100.0
Ext. cor. Macapagal Avenue, Pasay City NCH Customer Support Services, Inc
100.0
100.0
Philippines
Porcelanowa 8, 40-246 Katowice, Poland
BetSys Poland Sp. Z.o.o.
50.0
\u2013
STS Holdings S.A.
67.5
\u2013
STS S.A.
67.5
\u2013
UI. Taneczna 18A, 02-829 Warsaw Poland
bwin Poland S.A.
100.0
100.0
Praceta Ant\u00f3nio Gede\u00e3o, 1 B, Pai\u00f5es, In\ufb01eld \u2013 Servicos de Consultoria Marketing Unipessoal
100.0
100.0
2635 \u2013 002 Sintra, Portugal LDA.
Avenida D Jo\u00e3o II, Lote 1.07.2.1, 5\u00baA, Gobet Entretenimento SA
100.0
100.0
Parque das Na\u00e7\u00f5es Entain Operations Portugal SA
100.0
100.0
1990-096 Lisbon, Portugal
1 Harbourfront Avenue, Keppel Bay Tower
Cozy Games Pte Limited
100.0
100.0
14-03/07, 098632 Singapore
Florent Pte Limited
100.0
100.0
Calle Amador de los R\u00edos n\u00b01, 6 planta bwin Interactive Marketing Espana S.L.
100.0
100.0
28010
Madrid, Spain
Calle Josep Pl\u00e1, n\u00famero 2, planta 5\u00aaD Entain Services Iberia S.I.
100.0
100.0
Edi\ufb01cio Torre Diagonal Litoral, 08019
Barcelona, Spain
Castello 82 4 IZQ, 28006 Madrid, Spain
Ladbrokes Betting and Gaming Spain, S.A.
100.0
100.0
2 4 3 4 5 3
% equity interest
Registered address
Company
2023
2022
Calle Real Numero 74, 51001 Ceuta, Spain
Electraworks (Ceuta) S.A.
100.0
100.0
Avenida de Fuencarral 44, Edi\ufb01cio Tribeca 1
Winners Apuestas SA
100.0
100.0
Modulo B, CP 28108 Alcobendas Madrid, Spain
Cl Conde de Aranda 20, 28001
Sportinbet Spain S.A.
100.0
100.0
Madrid, Spain
San Justo Desvern, calle de la Constituci\u00f3n 1, 5\u00ba Atlantic Version 2014 SLU
100.0
100.0
planta, local 3, 08960, Barcelona, Spain
Suite 4 Constantia House, Steenbert Of\ufb01ce Park,
Constantia, 7800 South Africa
SBT Software Operations (SA) (Pty)
100.0
100.0
24A 18th Street, Menlo Park, Pretoria,
0081
South Africa
Ladbrokes (SA) (Pty) Limited
100.0
60.0
Of\ufb01ce 519, Spaces, Dock Road Junction, Corner
Wave SA (Pty) Limited
85.0
100.0
of Stanley & Dock Road, Waterfront, Cape Town,
8
001, South Africa
Stora Gatan 46, Sigtuna Enlabs AB
100.0
100.0
Kommun, 19330,
Sweden
Entraction AB
100.0
100.0
Score24 AB
100.0
100.0
Royal Park Serviced Of\ufb01ce,
Frosundaviks alle 15, 15903 Solna, Sweden
Scout Gaming AB
100.0
100.0
c/o The Corporation Trust Company, GVC Finance LLC
100.0
100.0
1209
Orange Street, Country of New Castle,
GVC Holdings (USA) Inc
100.0
100.0
Wilmington DE 19891, United States Ladbrokes Holdco. Inc.
100.0
100.0
7251
Amigo Strees, Suite 100, Las Vegas
Stadium Technology Group, LLC
100.0
100.0
NV
89119,
United States
1013
Centre Road, Suite 403-B, Wilmington DE
Angstrom Sports Inc
100.0
\u2013
19805
, United Estates
4445
Corporation Ln Ste 264, Viriginia
Angstrom Sports Virginia LLC
100.0
\u2013
Beach VA 23462-3262, United States
Five Greentree Centre, 525 Route 72 North, STE
Angstrom Sports NJ LLC
100.0
\u2013
104
Marlton, New Jersey 08053, United States
701
S.Carson Street, Suite 200,
bwin.party (USA) Inc
100.0
100.0
Carson City, NV 90801,
United States
bwin.party entertainment (NJ) LLC
100.0
90.0
bwin.party services (NJ) Inc
100.0
100.0
Ladbrokes Subco LLC
100.0
100.0
c/o Saiber LLC, 18 Columbia Turnpike,
Suite 200, Florham Park, New Jersey,
United States
The Entain Foundation US, Inc
100.0
100.0
2 Mykoly Solovtsova St, Of\ufb01ce 38/1
Entain (Ukraine) LLC
100.0
100.0
01014
Kyiv, Ukraine
Of\ufb01ce 13, 39 Dzhona Makkeina,
Steer
Kyiv, Ukraine
01042
LLC Bwin
100.0
100.0
Dr Luis Bonavita, 1294, Torre 2 WTC
Gomifer S.A.
100.0
100.0
Free Zone, O\ufb01cina 631, Montevideo,
Uruguay
34972
Longacres, Lusaka
Wave Digital Zambia Limited
100.0
100.0
Lusaka Province, Zambia
4
3
3
1
4
3
1. Company that is directly owned by Entain plc.
2. Company that forms part of the Group as at 31 December 2023 and which, principally affected the Group\u2019s reported results for the year.
3. Trading entity engaged in activity associated with betting and gaming.
4. Holding company.
5. Dormant company .
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-573": { "value": "
35 Non-controlling interests
The principal non-controlling interests at 31 December 2023 held investments in Entain Holdings (CEE) Limited (32.5%). Details of the
business combinations resulting in the recognition of these non-controlling interests are set out in Note 32.
The total assets relating to subsidiaries with a non-controlling interest were \u00a32,024.0m (2022: \u00a31,237.9m) of which there were related
liabilities of \u00a3412.2m (2022: \u00a3512.5m).
The loss attributable to non-controlling interests was \u00a37.9m (2022: loss of \u00a34.7m).
The balance attributable to non-controlling interest is disclosed in the table below:
Total
\u00a3m
As at January 2022
1.4
Pro\ufb01t attributable to non-controlling interests
(4.7)
Business combinations
178.9
Purchase of non-controlling interests
2.1
Foreign exchange
6.1
As at January 2023
183.8
Pro\ufb01t attributable to non-controlling interests \u2013 underlying items
35.0
Separately disclosed items attributable to non-controlling interests
(42.9)
Dividends paid
(7.4)
Minority interest contribution to SuperSport earnout (Note 32)
42.6
Minority interest in STS acquisition (Note 32)
313.5
Other
(6.2)
Foreign exchange
6.3
As at 31 December 2023
524.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-574": { "value": "
36 Subsequent events
On 1 March 2024, the Group raised an additional \u00a3300m of borrowings under a bank loan facility and used the proceeds to repay all
amounts drawn under the Group\u2019s revolving credit facility. On 1 March 2024, the commitments available under the Group\u2019s revolving
credit facility (disclosed in Note 23) were increased by \u00a345m further increasing the Group\u2019s available liquidity. Following these
transactions, the Group\u2019s revolving credit facility had total commitments of \u00a3635m which, as at 1 March 2024 was completely undrawn
save \u00a35m carved out for letters of credit and guarantees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-9": { "value": "Entain plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-10": { "value": "Entain plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-11": { "value": "32 Athol Street Douglas Isle of Man IM1 1JB", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }