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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 financial statements of the Group for the year ended 31 December 2024 were authorised for issue in
accordance with a resolution of the Directors on 6 March 2025.
The nature of the Group\u2019s operations and its principal activities are set out in Note 5.
2 Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with UK-adopted International Financial Reporting
Standards 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 financial 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 classifications in the
consolidated income statement. Further details are given in Note 6.
Going concern
In adopting the going concern basis of preparation in the financial statements, the Directors have considered the current trading
performance of the Group, the financial forecasts and the principal risks and uncertainties. In addition, the Directors have considered
all matters discussed in connection with the long-term viability statement including the modelling of \"severe but plausible\" downside
scenarios such as legislation changes or breaches impacting the Group\u2019s business and severe data privacy and cybersecurity breaches.
Given the level of the Group\u2019s available cash and the forecast covenant headroom even under the sensitised downside scenarios,
the Directors believe that the Group and the Company are well placed to manage the risks and uncertainties that it faces. As such,
the Directors have a reasonable expectation that the Group and the Company will have adequate financial resources to continue
in operational existence, for at least 12 months (being the going concern assessment period) from date of approval of the financial
statements, and have, therefore, considered it appropriate to adopt the going concern basis of preparation in the financial statements.
3 Changes in accounting policies
From 1 January 2024 the Group has applied, for the first 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 IAS 1 Presentation of Financial Statements, Classification of liabilities as current or non-current;
\u2013 IAS 1 Presentation of Financial Statements, Amendments regarding the classification of debt with covenants;
\u2013 IAS 7 Statement of Cash Flows, Supplier finance arrangements;
\u2013 IFRS 7 Financial Instruments: Disclosures, Supplier finance arrangements;
\u2013 IFRS 16 Leases, Amendments regarding seller-lessee subsequent measurement in a sale and leaseback transaction.
4 Summary of significant accounting policies 4.1 Basis of consolidation The consolidated financial statements comprise the financial 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 financial 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 identifiable net assets acquired is recognised as goodwill. Where necessary, adjustments are made to the financial 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 financial 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 contingent liabilities (Note 33). 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 profits or losses on disposal, closure, or impairment of non-current assets or businesses; \u2013 corporate transaction and restructuring costs; \u2013 certain 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 classification as separately disclosed by virtue of their nature or size. During 2024 the Group separately disclosed a net charge on continuing operations before tax of \u00a3875.8m including \u00a3286.8m 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 profitability of the Group. The separately disclosed items have been included within the appropriate classifications in the consolidated income statement. Further details are given in Note 6. Contingent liabilities In the assessment of contingent liabilities, certain judgements are required to assess whether disclosure or provision is needed. If the criteria for recognising a provision are not met, but the outflow of resources with economic benefits is not remote, such obligations are disclosed in the notes to the consolidated financial statements as contingent liabilities (see Note 33). Contingent liabilities are only recognised as a provision if the obligations are more certain, i.e. the outflow of resources with economic benefits has become probable and their amount can be reliably estimated.
Estimates
Included within the financial statements are a number of areas where estimation is required.
Management believes that the areas most notable where estimates have been applied are:
\u2013 contingent consideration (Note 26)
\u2013 impairment (Note 14).
Contingent consideration
In the recognition of fair value of contingent consideration in business combinations and reassessment at each reporting date,
management uses estimates in the inputs and assumptions based on the latest financial forecasts and other relevant information for the
businesses acquired. Specifically, for the TAB NZ acquisition, the key estimates the Group has used are the post-tax discount rate and
projected cashflows for the forecast period. Further details are given in Note 26.
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 indefinite 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 flows from each cash-generating unit and to discount cash flows by
a suitable discount rate in order to calculate the present value of those cash flows. Estimating an asset\u2019s fair value less costs to sell is
determined using future cashflow and profit 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 \u00a3476.4m primarily against the Group\u2019s New Zealand, BetCity, STS and Belgium businesses. See Note 14 for
further details.
4.3 Other accounting policies
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 identifiable 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
significant 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 \"Business Combinations\" 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 financial 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 identifiable 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 first 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.
\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
financial 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 first 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 finite or indefinite. Indefinite 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 finite lives, this
expense is taken to the consolidated income statement through the \"operating expenses, depreciation and amortisation\" 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 indefinite life
Customer relationships
3\u201315 years
The useful lives of all intangible assets are reviewed at each financial 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 benefits
The Group\u2019s defined benefit pension plan holds assets separately from the Group. The pension cost relating to the plan is assessed in
accordance with the advice of independent qualified 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 benefit asset recognised in the balance sheet represents the fair value of
scheme assets less the value of the defined benefit obligations.
There is a degree of estimation involved in predicting the ultimate benefits payable under defined benefit 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. Further details are given in Note 30.
Although the Group anticipates that plan surplus will be utilised during the life of the plan to address member benefits, 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 defined 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 financial 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 significant influence over the financial
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 financial 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 specific 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. Indefinite lives are
attached to any freehold land held and therefore it is not depreciated.
Plant and equipment
3\u20135 years
Fixtures and fittings
3\u201310 years
ROU assets arising under lease contracts are depreciated over the lease term (as defined 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 flows are discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash
inflows, 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 identified as a lease under IAS 17 Leases; any contracts not
previously identified as leases have not been reassessed for the purposes of adopting IFRS 16. Accordingly, the definition 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 finance 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 classified as finance leases if the lease agreements transfer substantially all the risks
and rewards of usage to the lessee. All other sub-leases are classified as operating leases. When assets are subject to finance 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 finance
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 (including customer balances).
Financial assets
Financial assets are recognised when the Group becomes party to the contracts that give rise to them. The Group classifies financial
assets at inception as financial assets at amortised cost, financial assets at fair value through profit or loss or financial assets at fair value
through other comprehensive income.
Financial assets at amortised cost are recognised when the related business model\u2019s objective is to collect contractual cash flows
which are solely principal and interest. On initial recognition, financial 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 financial 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 profit or loss include derivative financial instruments. Financial assets through profit 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 financial instruments. On initial recognition, financial liabilities are measured at fair value net of transaction
costs where they are not categorised as financial liabilities at fair value. Financial liabilities measured at fair value include contingent
consideration, derivative financial instruments, ante-post bets.
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 financial liabilities are recorded as cash flows from financing activities.
Derecognition of financial assets and liabilities
Financial assets are derecognised when the right to receive cash flows from the assets has expired or when the Group has transferred
its contractual right to receive the cash flows from the financial assets or has assumed an obligation to pay the received cash flows 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 financial instruments
The Group uses derivative financial instruments such as cross currency swaps, foreign exchange swaps and interest rate swaps, to
hedge its risks associated with interest rate and foreign currency fluctuations. Derivative financial instruments are recognised initially and
subsequently at fair value. The gains or losses on re-measurement are taken to the consolidated income statement.
Derivative financial instruments are classified 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 flows 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 outflow of resources embodying economic benefits 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 reflects current market assessments of the time
value of money and the risks specific to the liability. The unwinding of the discount is recognised as a finance 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 ($), the Australian Dollar (AU$) and the
New Zealand Dollar (NZD). 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 flows 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 profit or loss on disposal.
The following exchange rates were used in 2024 and 2023:
2024
2023
Currency
Average
Year end
Average
Year end
Euro (\u20ac)
1.179
1.206
1.149
1.151
US Dollar ($)
1.281
1.259
1.242
1.274
Australian Dollar (AU$)
1.931
2.014
1.873
1.866
NZ Dollars (NZD)
2.103
2.221
2.024
2.010
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 financial 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 profit nor the tax profit;
\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; and
\u2013 where deferred tax assets or liabilities arise related to the global minimum level of taxation for multinational groups (\u201cPillar Two\u201d), in
accordance with the mandatory temporary recognition exception.
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 profit 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 sufficient taxable profit 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.
Income tax expenses are recognised within profit 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
outflow 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 financial 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 significant in the context of Group revenue, are accounted for within the scope of IFRS 15
Revenue. Revenue from the online poker business reflects 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 financial 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 finance cost of a financial instrument, including issue costs, and the amortisation of any other differences
between the amount initially recognised and the redemption price. All finance 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 fulfilled, 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
reflects 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 satisfied, provided that all other performance
conditions are satisfied.
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of earnings per share as shown in
Note 12.
4.4 Future accounting developments
The International Accounting Standards Board (IASB) has issued the following new or revised standards with an effective date for
financial periods beginning on or after the dates disclosed below. These standards have not yet been adopted by the Group. The IASB
has also issued a number of minor amendments to standards as part of their Annual Improvements to IFRS.
The Group is currently assessing the impact of the revised presentation and disclosure requirements for financial statements from IFRS
18. It is not anticipated that any of the other above unadopted new standards will have a material impact on the Group\u2019s results or
financial position.
IAS 21
The Effects of Changes in
Lack of Exchangeability
1 January 2025
Foreign Exchange Rates
FRS 7
Financial Instruments:
Amendments to the classification and measurement of financial 1 January 2026
Disclosures and IFRS 9 instruments
Financial Instruments
IFRS 18
Presentation and Disclosure
New accounting standard
1 January 2027
in Financial Statements
IFRS 19
Subsidiaries without Public
New accounting standard
1 January 2027
Accountability
IFRS 10
Consolidated Financial
Amendments regarding the sale or contribution of assets between Date deferred
Statements an investor and its associate or joint venture
IAS 28
Investments in Associates
and Joint Ventures
IFRS S1 and General Requirements for Disclosure of Sustainability related Awaiting UK
IFRS S2 Financial Information and Climate-related Disclosures endorsement
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-526": { "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 financial statements of the Group for the year ended 31 December 2024 were authorised for issue in accordance with a resolution of the Directors on 6 March 2025. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "Entain plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-523": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "Isle of Man", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-524": { "value": "Isle of Man", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-527": { "value": "2 Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with UK-adopted International Financial Reporting Standards 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 financial 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 classifications in the consolidated income statement. Further details are given in Note 6. Going concern In adopting the going concern basis of preparation in the financial statements, the Directors have considered the current trading performance of the Group, the financial forecasts and the principal risks and uncertainties. In addition, the Directors have considered all matters discussed in connection with the long-term viability statement including the modelling of \"severe but plausible\" downside scenarios such as legislation changes or breaches impacting the Group\u2019s business and severe data privacy and cybersecurity breaches. Given the level of the Group\u2019s available cash and the forecast covenant headroom even under the sensitised downside scenarios, the Directors believe that the Group and the Company are well placed to manage the risks and uncertainties that it faces. As such, the Directors have a reasonable expectation that the Group and the Company will have adequate financial resources to continue in operational existence, for at least 12 months (being the going concern assessment period) from date of approval of the financial statements, and have, therefore, considered it appropriate to adopt the going concern basis of preparation in the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-572": { "value": "The consolidated financial statements of the Group have been prepared in accordance with UK-adopted International Financial Reporting Standards 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-573": { "value": "Going concern In adopting the going concern basis of preparation in the financial statements, the Directors have considered the current trading performance of the Group, the financial forecasts and the principal risks and uncertainties. In addition, the Directors have considered all matters discussed in connection with the long-term viability statement including the modelling of \"severe but plausible\" downside scenarios such as legislation changes or breaches impacting the Group\u2019s business and severe data privacy and cybersecurity breaches. Given the level of the Group\u2019s available cash and the forecast covenant headroom even under the sensitised downside scenarios, the Directors believe that the Group and the Company are well placed to manage the risks and uncertainties that it faces. As such, the Directors have a reasonable expectation that the Group and the Company will have adequate financial resources to continue in operational existence, for at least 12 months (being the going concern assessment period) from date of approval of the financial statements, and have, therefore, considered it appropriate to adopt the going concern basis of preparation in the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-528": { "value": "3 Changes in accounting policies From 1 January 2024 the Group has applied, for the first 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 IAS 1 Presentation of Financial Statements, Classification of liabilities as current or non-current; \u2013 IAS 1 Presentation of Financial Statements, Amendments regarding the classification of debt with covenants; \u2013 IAS 7 Statement of Cash Flows, Supplier finance arrangements; \u2013 IFRS 7 Financial Instruments: Disclosures, Supplier finance arrangements; \u2013 IFRS 16 Leases, Amendments regarding seller-lessee subsequent measurement in a sale and leaseback transaction. 4.4 Future accounting developments The International Accounting Standards Board (IASB) has issued the following new or revised standards with an effective date for financial periods beginning on or after the dates disclosed below. These standards have not yet been adopted by the Group. The IASB has also issued a number of minor amendments to standards as part of their Annual Improvements to IFRS. The Group is currently assessing the impact of the revised presentation and disclosure requirements for financial statements from IFRS 18. It is not anticipated that any of the other above unadopted new standards will have a material impact on the Group\u2019s results or financial position.
IAS 21
The Effects of Changes in
Lack of Exchangeability
1 January 2025
Foreign Exchange Rates
FRS 7
Financial Instruments:
Amendments to the classification and measurement of financial 1 January 2026
Disclosures and IFRS 9 instruments
Financial Instruments
IFRS 18
Presentation and Disclosure
New accounting standard
1 January 2027
in Financial Statements
IFRS 19
Subsidiaries without Public
New accounting standard
1 January 2027
Accountability
IFRS 10
Consolidated Financial
Amendments regarding the sale or contribution of assets between Date deferred
Statements an investor and its associate or joint venture
IAS 28
Investments in Associates
and Joint Ventures
IFRS S1 and General Requirements for Disclosure of Sustainability related Awaiting UK
IFRS S2 Financial Information and Climate-related Disclosures endorsement
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-574": { "value": "From 1 January 2024 the Group has applied, for the first 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 IAS 1 Presentation of Financial Statements, Classification of liabilities as current or non-current; \u2013 IAS 1 Presentation of Financial Statements, Amendments regarding the classification of debt with covenants; \u2013 IAS 7 Statement of Cash Flows, Supplier finance arrangements; \u2013 IFRS 7 Financial Instruments: Disclosures, Supplier finance arrangements; \u2013 IFRS 16 Leases, Amendments regarding seller-lessee subsequent measurement in a sale and leaseback transaction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-529": { "value": "
4.1 Basis of consolidation
The consolidated financial statements comprise the financial 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 financial 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 identifiable net assets acquired is recognised as goodwill. Where necessary, adjustments are made to the
financial 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-530": { "value": "
4.2 Critical accounting estimates and judgements
The preparation of financial 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 contingent liabilities (Note 33).
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 profits or losses on disposal, closure, or impairment of non-current assets or businesses;
\u2013 corporate transaction and restructuring costs;
\u2013 certain 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 classification as separately disclosed by virtue of their nature or size.
During 2024 the Group separately disclosed a net charge on continuing operations before tax of \u00a3875.8m including \u00a3286.8m 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 profitability of the Group.
The separately disclosed items have been included within the appropriate classifications in the consolidated income statement.
Further details are given in Note 6.
Contingent liabilities
In the assessment of contingent liabilities, certain judgements are required to assess whether disclosure or provision is needed. If the
criteria for recognising a provision are not met, but the outflow of resources with economic benefits is not remote, such obligations
are disclosed in the notes to the consolidated financial statements as contingent liabilities (see Note 33). Contingent liabilities are only
recognised as a provision if the obligations are more certain, i.e. the outflow of resources with economic benefits has become probable
and their amount can be reliably estimated.
Estimates Included within the financial statements are a number of areas where estimation is required. Management believes that the areas most notable where estimates have been applied are: \u2013 contingent consideration (Note 26) \u2013 impairment (Note 14). Contingent consideration In the recognition of fair value of contingent consideration in business combinations and reassessment at each reporting date, management uses estimates in the inputs and assumptions based on the latest financial forecasts and other relevant information for the businesses acquired. Specifically, for the TAB NZ acquisition, the key estimates the Group has used are the post-tax discount rate and projected cashflows for the forecast period. Further details are given in Note 26. 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 indefinite 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 flows from each cash-generating unit and to discount cash flows by a suitable discount rate in order to calculate the present value of those cash flows. Estimating an asset\u2019s fair value less costs to sell is determined using future cashflow and profit 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 \u00a3476.4m primarily against the Group\u2019s New Zealand, BetCity, STS and Belgium businesses. See Note 14 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-611": { "value": "4.2 Critical accounting estimates and judgements The preparation of financial 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 contingent liabilities (Note 33). 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 profits or losses on disposal, closure, or impairment of non-current assets or businesses; \u2013 corporate transaction and restructuring costs; \u2013 certain 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 classification as separately disclosed by virtue of their nature or size. During 2024 the Group separately disclosed a net charge on continuing operations before tax of \u00a3875.8m including \u00a3286.8m 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 profitability of the Group. The separately disclosed items have been included within the appropriate classifications in the consolidated income statement. Further details are given in Note 6. Estimates Included within the financial statements are a number of areas where estimation is required. Management believes that the areas most notable where estimates have been applied are: \u2013 contingent consideration (Note 26) \u2013 impairment (Note 14). ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-629": { "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 profits or losses on disposal, closure, or impairment of non-current assets or businesses; \u2013 corporate transaction and restructuring costs; \u2013 certain 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 classification as separately disclosed by virtue of their nature or size. During 2024 the Group separately disclosed a net charge on continuing operations before tax of \u00a3875.8m including \u00a3286.8m 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 profitability of the Group. The separately disclosed items have been included within the appropriate classifications in the consolidated income statement. Further details are given in Note 6. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-575": { "value": "Contingent liabilities In the assessment of contingent liabilities, certain judgements are required to assess whether disclosure or provision is needed. If the criteria for recognising a provision are not met, but the outflow of resources with economic benefits is not remote, such obligations are disclosed in the notes to the consolidated financial statements as contingent liabilities (see Note 33). Contingent liabilities are only recognised as a provision if the obligations are more certain, i.e. the outflow of resources with economic benefits has become probable and their amount can be reliably estimated. Contingent consideration In the recognition of fair value of contingent consideration in business combinations and reassessment at each reporting date, management uses estimates in the inputs and assumptions based on the latest financial forecasts and other relevant information for the businesses acquired. Specifically, for the TAB NZ acquisition, the key estimates the Group has used are the post-tax discount rate and projected cashflows for the forecast period. Further details are given in Note 26. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-576": { "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 indefinite 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 flows from each cash-generating unit and to discount cash flows by a suitable discount rate in order to calculate the present value of those cash flows. Estimating an asset\u2019s fair value less costs to sell is determined using future cashflow and profit 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 \u00a3476.4m primarily against the Group\u2019s New Zealand, BetCity, STS and Belgium businesses. See Note 14 for further details. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-531": { "value": "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 identifiable 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 significant 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 \"Business Combinations\" 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 financial 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 identifiable 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 first 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-577": { "value": "\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 financial 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 first 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 financial instruments. On initial recognition, financial liabilities are measured at fair value net of transaction costs where they are not categorised as financial liabilities at fair value. Financial liabilities measured at fair value include contingent consideration, derivative financial instruments, ante-post bets. 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 financial liabilities are recorded as cash flows from financing activities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-532": { "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 finite or indefinite. Indefinite 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 finite lives, this expense is taken to the consolidated income statement through the \"operating expenses, depreciation and amortisation\" 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 indefinite life
Customer relationships
3\u201315 years
The useful lives of all intangible assets are reviewed at each financial 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-612": { "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 finite or indefinite. Indefinite 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 finite lives, this expense is taken to the consolidated income statement through the \"operating expenses, depreciation and amortisation\" 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 indefinite life
Customer relationships
3\u201315 years
The useful lives of all intangible assets are reviewed at each financial 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-578": { "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 finite or indefinite. Indefinite 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 finite lives, this expense is taken to the consolidated income statement through the \"operating expenses, depreciation and amortisation\" 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 indefinite life
Customer relationships
3\u201315 years
The useful lives of all intangible assets are reviewed at each financial 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-533": { "value": "Pensions and other post-employment benefits The Group\u2019s defined benefit pension plan holds assets separately from the Group. The pension cost relating to the plan is assessed in accordance with the advice of independent qualified 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 benefit asset recognised in the balance sheet represents the fair value of scheme assets less the value of the defined benefit obligations. There is a degree of estimation involved in predicting the ultimate benefits payable under defined benefit 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. Further details are given in Note 30. Although the Group anticipates that plan surplus will be utilised during the life of the plan to address member benefits, 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 defined 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-579": { "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 financial support to the joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-534": { "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 financial 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 significant influence over the financial 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 financial support to the associate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-580": { "value": "Investments in associates Associates are those businesses in which the Group has a long-term interest and is able to exercise significant influence over the financial 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 financial support to the associate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-581": { "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 specific 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. Indefinite lives are
attached to any freehold land held and therefore it is not depreciated.
Plant and equipment
3\u20135 years
Fixtures and fittings
3\u201310 years
ROU assets arising under lease contracts are depreciated over the lease term (as defined 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 flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, 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:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-535": { "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 specific 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. Indefinite lives are
attached to any freehold land held and therefore it is not depreciated.
Plant and equipment
3\u20135 years
Fixtures and fittings
3\u201310 years
ROU assets arising under lease contracts are depreciated over the lease term (as defined 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 flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-536": { "value": "Leases The Group has applied IFRS 16 only to those contracts that were previously identified as a lease under IAS 17 Leases; any contracts not previously identified as leases have not been reassessed for the purposes of adopting IFRS 16. Accordingly, the definition 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 finance 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 classified as finance leases if the lease agreements transfer substantially all the risks and rewards of usage to the lessee. All other sub-leases are classified as operating leases. When assets are subject to finance 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 finance 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-537": { "value": "Cash and cash equivalents Cash and cash equivalents consist of cash at bank and in hand, short-term deposits (including customer balances). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-582": { "value": "Financial assets Financial assets are recognised when the Group becomes party to the contracts that give rise to them. The Group classifies financial assets at inception as financial assets at amortised cost, financial assets at fair value through profit or loss or financial assets at fair value through other comprehensive income. Financial assets at amortised cost are recognised when the related business model\u2019s objective is to collect contractual cash flows which are solely principal and interest. On initial recognition, financial 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 financial 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 profit or loss include derivative financial instruments. Financial assets through profit 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-538": { "value": "Financial assets Financial assets are recognised when the Group becomes party to the contracts that give rise to them. The Group classifies financial assets at inception as financial assets at amortised cost, financial assets at fair value through profit or loss or financial assets at fair value through other comprehensive income. Financial assets at amortised cost are recognised when the related business model\u2019s objective is to collect contractual cash flows which are solely principal and interest. On initial recognition, financial 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 financial 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 profit or loss include derivative financial instruments. Financial assets through profit 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 financial instruments. On initial recognition, financial liabilities are measured at fair value net of transaction costs where they are not categorised as financial liabilities at fair value. Financial liabilities measured at fair value include contingent consideration, derivative financial instruments, ante-post bets. 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 financial liabilities are recorded as cash flows from financing activities. Derecognition of financial assets and liabilities Financial assets are derecognised when the right to receive cash flows from the assets has expired or when the Group has transferred its contractual right to receive the cash flows from the financial assets or has assumed an obligation to pay the received cash flows 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 financial instruments The Group uses derivative financial instruments such as cross currency swaps, foreign exchange swaps and interest rate swaps, to hedge its risks associated with interest rate and foreign currency fluctuations. Derivative financial instruments are recognised initially and subsequently at fair value. The gains or losses on re-measurement are taken to the consolidated income statement. Derivative financial instruments are classified 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 flows on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-583": { "value": "Derecognition of financial assets and liabilities Financial assets are derecognised when the right to receive cash flows from the assets has expired or when the Group has transferred its contractual right to receive the cash flows from the financial assets or has assumed an obligation to pay the received cash flows 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-613": { "value": "Derivative financial instruments The Group uses derivative financial instruments such as cross currency swaps, foreign exchange swaps and interest rate swaps, to hedge its risks associated with interest rate and foreign currency fluctuations. Derivative financial instruments are recognised initially and subsequently at fair value. The gains or losses on re-measurement are taken to the consolidated income statement. Derivative financial instruments are classified 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 flows on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-584": { "value": "Derivative financial instruments The Group uses derivative financial instruments such as cross currency swaps, foreign exchange swaps and interest rate swaps, to hedge its risks associated with interest rate and foreign currency fluctuations. Derivative financial instruments are recognised initially and subsequently at fair value. The gains or losses on re-measurement are taken to the consolidated income statement. Derivative financial instruments are classified 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 flows on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-539": { "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 outflow of resources embodying economic benefits 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 reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as a finance expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-540": { "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 ($), the Australian Dollar (AU$) and the New Zealand Dollar (NZD). 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 flows 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 profit or loss on disposal. The following exchange rates were used in 2024 and 2023:
2024
2023
Currency
Average
Year end
Average
Year end
Euro (\u20ac)
1.179
1.206
1.149
1.151
US Dollar ($)
1.281
1.259
1.242
1.274
Australian Dollar (AU$)
1.931
2.014
1.873
1.866
NZ Dollars (NZD)
2.103
2.221
2.024
2.010
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-586": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-585": { "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 financial 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 profit nor the tax profit; \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; and \u2013 where deferred tax assets or liabilities arise related to the global minimum level of taxation for multinational groups (\u201cPillar Two\u201d), in accordance with the mandatory temporary recognition exception. 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 profit 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 sufficient taxable profit 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. Income tax expenses are recognised within profit 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 outflow 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-541": { "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 financial 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 profit nor the tax profit; \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; and \u2013 where deferred tax assets or liabilities arise related to the global minimum level of taxation for multinational groups (\u201cPillar Two\u201d), in accordance with the mandatory temporary recognition exception. 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 profit 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 sufficient taxable profit 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. Income tax expenses are recognised within profit 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 outflow 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-587": { "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 financial 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-542": { "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 financial 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-543": { "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 significant in the context of Group revenue, are accounted for within the scope of IFRS 15 Revenue. Revenue from the online poker business reflects 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-614": { "value": "Finance expense and income Finance expense and income arising on interest-bearing financial 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 finance cost of a financial instrument, including issue costs, and the amortisation of any other differences between the amount initially recognised and the redemption price. All finance expenses are recognised over the availability period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-588": { "value": "Finance expense and income Finance expense and income arising on interest-bearing financial 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 finance cost of a financial instrument, including issue costs, and the amortisation of any other differences between the amount initially recognised and the redemption price. All finance expenses are recognised over the availability period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-544": { "value": "Finance expense and income Finance expense and income arising on interest-bearing financial 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 finance cost of a financial instrument, including issue costs, and the amortisation of any other differences between the amount initially recognised and the redemption price. All finance expenses are recognised over the availability period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-545": { "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 fulfilled, 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 reflects 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 satisfied, provided that all other performance conditions are satisfied. The dilutive effect of outstanding options is reflected 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-589": { "value": "4.4 Future accounting developments The International Accounting Standards Board (IASB) has issued the following new or revised standards with an effective date for financial periods beginning on or after the dates disclosed below. These standards have not yet been adopted by the Group. The IASB has also issued a number of minor amendments to standards as part of their Annual Improvements to IFRS. The Group is currently assessing the impact of the revised presentation and disclosure requirements for financial statements from IFRS 18. It is not anticipated that any of the other above unadopted new standards will have a material impact on the Group\u2019s results or financial position.
IAS 21
The Effects of Changes in
Lack of Exchangeability
1 January 2025
Foreign Exchange Rates
FRS 7
Financial Instruments:
Amendments to the classification and measurement of financial 1 January 2026
Disclosures and IFRS 9 instruments
Financial Instruments
IFRS 18
Presentation and Disclosure
New accounting standard
1 January 2027
in Financial Statements
IFRS 19
Subsidiaries without Public
New accounting standard
1 January 2027
Accountability
IFRS 10
Consolidated Financial
Amendments regarding the sale or contribution of assets between Date deferred
Statements an investor and its associate or joint venture
IAS 28
Investments in Associates
and Joint Ventures
IFRS S1 and General Requirements for Disclosure of Sustainability related Awaiting UK
IFRS S2 Financial Information and Climate-related Disclosures endorsement
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-546": { "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 (\"CODM\") 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, and the Group\u2019s operating segments.
Following an internal review the focus of the business and the reports reviewed by the CODM have been amended. The disclosure of
segment information has been amended to match the revised reporting structure. Comparative information has been amended to reflect
this change.
The group results are now aggregated into the five reportable segments.
\u2013 UK&I: comprises betting, gaming and retail activities from online and mobile operations, and activities in the shop estates within
Great Britain, Northern Ireland, Jersey, and Republic of Ireland.
\u2013 International: comprises betting, gaming and retail activities in the shop estates in the rest of the world apart from UK&I and CEE.
\u2013 CEE: comprises betting, gaming and retail activities in Croatia and Poland for brands SuperSport and STS.
\u2013 Corporate: includes costs associated with Group functions including Group executive, legal, Group finance, US joint venture, tax
and treasury.
\u2013 New Opportunities: Reflects the now closed B2C offering under the unikrn brand.
The Executive management team of the Group have chosen to assess the performance of operating segments based on a measure of
net revenue, EBITDA and operating profit with finance costs and taxation considered for the Group as a whole. 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
of internal Total
UK&I International CEE Corporate revenue Group
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
NGR
1
2,053.4
2,640.4
488.0
\u2013
(19.9)
5,161.9
VAT/GST
(4.3)
(68.4)
\u2013
\u2013
\u2013
(72.7)
Revenue
2,049.1
2,572.0
488.0
\u2013
(19.9)
5,089.2
Gross profit
1,395.8
1,443.4
278.9
\u2013
\u2013
3,118.1
Contribution
2
1,169.4
1,062.0
249.1
\u2013
\u2013
2,480.5
Operating costs excluding
marketing costs
(732.1)
(468.0)
(78.2)
(113.4)
\u2013
(1,391.7)
Underlying EBITDA before
separately disclosed items
437.3
594.0
170.9
(113.4)
\u2013
1,088.8
Share-based payments
(5.9)
(3.9)
\u2013
(3.5)
\u2013
(13.3)
Depreciation and amortisation
(145.8)
(180.0)
(18.0)
(0.9)
\u2013
(344.7)
Share of joint ventures
and associates
\u2013
(3.1)
\u2013
(111.1)
\u2013
(114.2)
Operating profit/(loss) before
separately disclosed items
285.6
407.0
152.9
(228.9)
\u2013
616.6
Separately disclosed items (Note 6)
(3.8)
(524.0)
(243.9)
(95.0)
\u2013
(866.7)
Group operating profit/(loss)
281.8
(117.0)
(91.0)
(323.9)
\u2013
(250.1)
Net finance expense
(107.3)
Loss before tax
(357.4)
Income tax
(103.6)
Loss for the year from
continuing operations
(461.0)
Loss for the year from discontinued
operations after tax (Note 21)
\u2013
Loss for the year after
discontinued operations
(461.0)
1. Included within NGR are amounts of \u00a353.7m (2023: \u00a368.1m) in relation to online poker services and \u00a321.9m (2023: \u00a326.7m) arising from the operation of greyhound stadia
recognised under IFRS 15 Revenue.
2. Contribution represents gross profit less marketing costs and is a key performance metric used by the Group.
Elimination
New of internal Total
UK&I International CEE Corporate Opportunities revenue Group
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
NGR
1
2,047.7
2,491.1
301.1
\u2013
\u2013
(6.8)
4,833.1
VAT/GST
(4.0)
(59.5)
\u2013
\u2013
\u2013
\u2013
(63.5)
Revenue
2,043.7
2,431.6
301.1
\u2013
\u2013
(6.8)
4,769.6
Gross profit
1,385.7
1,340.7
180.6
\u2013
\u2013
\u2013
2,907.0
Contribution
2
1,176.4
942.9
167.2
\u2013
(7.1)
\u2013
2,279.4
Operating costs excluding
marketing costs
(706.1)
(395.9)
(45.6)
(112.8)
(11.1)
\u2013
(1,271.5)
Underlying EBITDA before
separately disclosed items
470.3
547.0
121.6
(112.8)
(18.2)
\u2013
1,007.9
Share-based payments
(7.8)
(6.0)
\u2013
(7.9)
\u2013
\u2013
(21.7)
Depreciation and amortisation
(138.0)
(152.2)
(7.8)
(0.8)
(2.7)
\u2013
(301.5)
Share of joint ventures
and associates
\u2013
(1.5)
\u2013
(41.4)
\u2013
\u2013
(42.9)
Operating profit/(loss) before
separately disclosed items
324.5
387.3
113.8
(162.9)
(20.9)
\u2013
641.8
Separately disclosed items
(Note 6)
(14.3)
(435.5)
(111.2)
(689.2)
(36.3)
\u2013
(1,286.5)
Group operating profit/(loss)
310.2
(48.2)
2.6
(852.1)
(57.2)
\u2013
(644.7)
Net finance income
(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)
Assets and liabilities information is reported internally in total and not by reportable segment and, accordingly, no information is provided
in this note on assets and liabilities split by reportable segment.
Geographical information
Revenue by destination and non-current assets on a geographical basis for the Group, are as follows:
2024
2023
Non-current Non-current
Revenue
assets
3
Revenue
assets
3
\u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom and Ireland
2,048.5
2,855.6
2,035.3
3,111.9
Australia and New Zealand
573.9
1,160.7
515.1
1,475.4
Italy
518.1
505.8
517.4
512.2
Rest of Europe
1
1,382.0
3,506.7
1,361.9
3,895.1
Rest of the world
2
566.7
263.0
339.9
293.8
Total
5,089.2
8,291.8
4,769.6
9,288.4
1. Rest of Europe is predominantly driven by markets in Croatia, Poland, Belgium, Netherlands and Georgia.
2. Rest of the world is predominantly driven by the markets in Brazil and Canada.
3. Non-current assets excluding derivative financial instruments, deferred tax assets and retirement benefit assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-590": { "value": "Geographical information Revenue by destination and non-current assets on a geographical basis for the Group, are as follows:
2024
2023
Non-current Non-current
Revenue
assets
3
Revenue
assets
3
\u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom and Ireland
2,048.5
2,855.6
2,035.3
3,111.9
Australia and New Zealand
573.9
1,160.7
515.1
1,475.4
Italy
518.1
505.8
517.4
512.2
Rest of Europe
1
1,382.0
3,506.7
1,361.9
3,895.1
Rest of the world
2
566.7
263.0
339.9
293.8
Total
5,089.2
8,291.8
4,769.6
9,288.4
1. Rest of Europe is predominantly driven by markets in Croatia, Poland, Belgium, Netherlands and Georgia. 2. Rest of the world is predominantly driven by the markets in Brazil and Canada. 3. Non-current assets excluding derivative financial instruments, deferred tax assets and retirement benefit assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-547": { "value": "
6 Separately disclosed items
2024 2023
Tax impact Tax impact
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Impairment loss
1
476.4
\u2013
289.0
\u2013
Amortisation of acquired intangibles
2
286.8
(23.6)
254.6
(41.6)
Restructuring costs
3
49.6
(10.8)
49.7
(9.6)
Movement in fair value of contingent consideration and put option
4
43.3
(24.1)
71.8
(15.5)
Financing
5
9.1
\u2013
1.0
\u2013
Legal and onerous contract provisions
6
6.7
(2.5)
17.6
(3.0)
Legal settlement
7
3.9
\u2013
585.0
\u2013
Tax/one-off legislative impacts
8
\u2013
25.7
\u2013
\u2013
Corporate transaction costs
9
\u2013
\u2013
17.8
\u2013
Loss on disposal of property, plant and equipment
10
\u2013
\u2013
1.0
\u2013
Separately disclosed items for the year from continuing operations
875.8
(35.3)
1,287.5
(69.7)
Separately disclosed items for the year from discontinued operations (Note 21)
\u2013
\u2013
57.8
\u2013
Total
875.8
(35.3)
1,345.3
(69.7)
Separately disclosed items for the year after tax
840.5
1,275.6
1. Relates to non-cash impairments with the current year charge recorded against the Group\u2019s Tab New Zealand business of \u00a3142.5m, the BetCity business of \u00a3113.1m, STS of
\u00a375.9m, Belgium of \u00a376.3m and an impairment of the Group\u2019s ROI retail portfolio of \u00a38.7m. Further details are provided in Note 14. There has also been a write down of \u00a318.5m
of certain New Zealand assets following the platform migration and a number of smaller impairments against other assets that the Group no longer intends to use including shop
closures.
2. Amortisation charges in relation to acquired intangible assets arising from acquisitions. The majority of the charge is from recent acquisitions, including Enlabs, Bet.pt, Avid,
SuperSport, BetCity, STS, and Tab NZ.
3. Costs associated with the Group\u2019s restructuring programs, including Project Romer.
4. Reflects the movement in the fair value of contingent consideration and put option arrangements on recent acquisitions as well as the associated discount unwind. Further
details of contingent consideration liabilities are provided in Note 26.
5. Non-cash loss on Group debt modification. Prior year balance relates to fees incurred in financing activities. The category has reduced in value since the half year as a result of
the issue costs relating to the 2024 refinance now being capitalised.
6. Costs relating primarily to our commitments to the DPA and associated shareholder litigation as described in Note 33, as well as other legal costs associated with disposed
businesses.
7. During the prior year, 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 recognised a \u00a3585.0m discounted liability
relating to amounts it has agreed to pay in relation to the disgorgement of profits, charitable donations and contributions to CPS costs. The current year charge reflects discount
unwind on the original discounted liability. The liability is being paid over four years.
8. During December 2024 tax legislation was enacted in Gibraltar to amend a previous enhanced tax deduction for qualifying business marketing and promotion costs, which had
applied for the two years ended 31 December 2021 and 31 December 2022. The amendment has retrospective effect to cut short by a year the period to which the incentive
applied.
9. Transaction costs associated with the prior year M&A activity, including the acquisition of 365Scores, NZ Tab, STS and Angstrom.
10. Relates to the loss on disposal of certain assets within the Group\u2019s retail estates.
The items above reflect 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-548": { "value": "
7 Administrative costs
Profit before tax, net finance expense and separately disclosed items has been arrived at after charging:
2024 2023
\u00a3m \u00a3m
Betting and gaming taxes and duties
1,194.3
1,104.3
Revenue share arrangements (including content providers)
554.7
537.8
Software royalties
182.7
200.1
Other cost of sales
39.4
20.4
Cost of sales
1,971.1
1,862.6
Salaries and payroll-related expenses (Note 9)
843.1
725.0
Property expenses
131.5
92.7
Content and levy expenses
150.3
163.6
Marketing expenses
637.6
627.6
Depreciation and amortisation \u2013 owned assets
281.5
239.9
Depreciation and amortisation \u2013 leased assets
63.2
61.6
Other operating expenses
280.1
311.9
Administrative costs
2,387.3
2,222.3
Separately disclosed items before tax and finance expense (Note 6)
866.7
1,286.5
Total
5,225.1
5,371.4
Fees payable to KPMG were as follows:
2024 2023
\u00a3m \u00a3m
Audit and audit-related services:
Audit of the parent Company and Group financial statements
0.9
0.6
Audit of the Company\u2019s subsidiaries
3.0
3.0
Audit-related assurance services
0.7
0.7
Total fees
4.6
4.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-616": { "value": "7 Administrative costs Profit before tax, net finance expense and separately disclosed items has been arrived at after charging:
2024 2023
\u00a3m \u00a3m
Betting and gaming taxes and duties
1,194.3
1,104.3
Revenue share arrangements (including content providers)
554.7
537.8
Software royalties
182.7
200.1
Other cost of sales
39.4
20.4
Cost of sales
1,971.1
1,862.6
Salaries and payroll-related expenses (Note 9)
843.1
725.0
Property expenses
131.5
92.7
Content and levy expenses
150.3
163.6
Marketing expenses
637.6
627.6
Depreciation and amortisation \u2013 owned assets
281.5
239.9
Depreciation and amortisation \u2013 leased assets
63.2
61.6
Other operating expenses
280.1
311.9
Administrative costs
2,387.3
2,222.3
Separately disclosed items before tax and finance expense (Note 6)
866.7
1,286.5
Total
5,225.1
5,371.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-591": { "value": "7 Administrative costs Profit before tax, net finance expense and separately disclosed items has been arrived at after charging:
2024 2023
\u00a3m \u00a3m
Betting and gaming taxes and duties
1,194.3
1,104.3
Revenue share arrangements (including content providers)
554.7
537.8
Software royalties
182.7
200.1
Other cost of sales
39.4
20.4
Cost of sales
1,971.1
1,862.6
Salaries and payroll-related expenses (Note 9)
843.1
725.0
Property expenses
131.5
92.7
Content and levy expenses
150.3
163.6
Marketing expenses
637.6
627.6
Depreciation and amortisation \u2013 owned assets
281.5
239.9
Depreciation and amortisation \u2013 leased assets
63.2
61.6
Other operating expenses
280.1
311.9
Administrative costs
2,387.3
2,222.3
Separately disclosed items before tax and finance expense (Note 6)
866.7
1,286.5
Total
5,225.1
5,371.4
Fees payable to KPMG were as follows:
2024 2023
\u00a3m \u00a3m
Audit and audit-related services:
Audit of the parent Company and Group financial statements
0.9
0.6
Audit of the Company\u2019s subsidiaries
3.0
3.0
Audit-related assurance services
0.7
0.7
Total fees
4.6
4.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-617": { "value": "Fees payable to KPMG were as follows:
2024 2023
\u00a3m \u00a3m
Audit and audit-related services:
Audit of the parent Company and Group financial statements
0.9
0.6
Audit of the Company\u2019s subsidiaries
3.0
3.0
Audit-related assurance services
0.7
0.7
Total fees
4.6
4.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-549": { "value": "
8 Finance expense and income
2024 2023
\u00a3m \u00a3m
Interest on term loans, bonds and bank facilities
(264.6)
(229.2)
Interest on lease liabilities
1
(15.7)
(12.6)
Financing costs (Note 6)
(9.1)
(1.0)
Total finance expense
(289.4)
(242.8)
Interest receivable
16.1
12.4
Gains/(losses) arising on financial derivatives
145.0
(90.6)
Gains arising on foreign exchange on debt instruments
21.0
123.1
Net finance expense
(107.3)
(197.9)
1. Interest on lease liabilities of \u00a315.7m (2023: \u00a312.6m) is net of \u00a30.2m of sub-let interest receivable (2023: \u00a30.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-635": { "value": "8 Finance expense and income
2024 2023
\u00a3m \u00a3m
Interest on term loans, bonds and bank facilities
(264.6)
(229.2)
Interest on lease liabilities
1
(15.7)
(12.6)
Financing costs (Note 6)
(9.1)
(1.0)
Total finance expense
(289.4)
(242.8)
Interest receivable
16.1
12.4
Gains/(losses) arising on financial derivatives
145.0
(90.6)
Gains arising on foreign exchange on debt instruments
21.0
123.1
Net finance expense
(107.3)
(197.9)
1. Interest on lease liabilities of \u00a315.7m (2023: \u00a312.6m) is net of \u00a30.2m of sub-let interest receivable (2023: \u00a30.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-634": { "value": "8 Finance expense and income
2024 2023
\u00a3m \u00a3m
Interest on term loans, bonds and bank facilities
(264.6)
(229.2)
Interest on lease liabilities
1
(15.7)
(12.6)
Financing costs (Note 6)
(9.1)
(1.0)
Total finance expense
(289.4)
(242.8)
Interest receivable
16.1
12.4
Gains/(losses) arising on financial derivatives
145.0
(90.6)
Gains arising on foreign exchange on debt instruments
21.0
123.1
Net finance expense
(107.3)
(197.9)
1. Interest on lease liabilities of \u00a315.7m (2023: \u00a312.6m) is net of \u00a30.2m of sub-let interest receivable (2023: \u00a30.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-630": { "value": "8 Finance expense and income
2024 2023
\u00a3m \u00a3m
Interest on term loans, bonds and bank facilities
(264.6)
(229.2)
Interest on lease liabilities
1
(15.7)
(12.6)
Financing costs (Note 6)
(9.1)
(1.0)
Total finance expense
(289.4)
(242.8)
Interest receivable
16.1
12.4
Gains/(losses) arising on financial derivatives
145.0
(90.6)
Gains arising on foreign exchange on debt instruments
21.0
123.1
Net finance expense
(107.3)
(197.9)
1. Interest on lease liabilities of \u00a315.7m (2023: \u00a312.6m) is net of \u00a30.2m of sub-let interest receivable (2023: \u00a30.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-615": { "value": "8 Finance expense and income
2024 2023
\u00a3m \u00a3m
Interest on term loans, bonds and bank facilities
(264.6)
(229.2)
Interest on lease liabilities
1
(15.7)
(12.6)
Financing costs (Note 6)
(9.1)
(1.0)
Total finance expense
(289.4)
(242.8)
Interest receivable
16.1
12.4
Gains/(losses) arising on financial derivatives
145.0
(90.6)
Gains arising on foreign exchange on debt instruments
21.0
123.1
Net finance expense
(107.3)
(197.9)
1. Interest on lease liabilities of \u00a315.7m (2023: \u00a312.6m) is net of \u00a30.2m of sub-let interest receivable (2023: \u00a30.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-592": { "value": "8 Finance expense and income
2024 2023
\u00a3m \u00a3m
Interest on term loans, bonds and bank facilities
(264.6)
(229.2)
Interest on lease liabilities
1
(15.7)
(12.6)
Financing costs (Note 6)
(9.1)
(1.0)
Total finance expense
(289.4)
(242.8)
Interest receivable
16.1
12.4
Gains/(losses) arising on financial derivatives
145.0
(90.6)
Gains arising on foreign exchange on debt instruments
21.0
123.1
Net finance expense
(107.3)
(197.9)
1. Interest on lease liabilities of \u00a315.7m (2023: \u00a312.6m) is net of \u00a30.2m of sub-let interest receivable (2023: \u00a30.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-550": { "value": "
9 Employee staff costs
The average monthly number of employees (including Executive Directors):
2024
2023
1
Number Number
UK&I
18,708
19,056
International
6,913
8,114
CEE
2,195
1,815
Corporate
1,208
1,350
29,024
30,335
1. Prior year comparatives have been restated to reflect the change to the business structure as described in Note 5.
The number of people employed by the Group at 31 December 2024 was 28 , 957 (2023: 31,180).
2024 2023
\u00a3m \u00a3m
Wages and salaries
727.9
623.9
Redundancy costs
1
31.3
28.8
Social security costs
77.4
58.0
Other pension costs
18.9
21.4
Share-based payments (Note 31)
13.3
21.7
868.8
753.8
1. Included within redundancy costs are \u00a325.7m (2023: \u00a328.8m) which are included within separately disclosed items.
In addition to salary, employees may qualify for various benefit schemes operated by the Group. Eligibility for benefits is normally
determined according to an employee\u2019s length of service and level of responsibility.
Benefits may include insured benefits 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 benefits, are provided predominantly to meet job requirements
but also to certain executives.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-551": { "value": "
10 Income tax
Analysis of expense for the year:
2024 2023
\u00a3m \u00a3m
Current income tax:
\u2013 current tax charge
159.9
114.3
\u2013 pillar 2 top-up tax charge
2.2
\u2013
\u2013 adjustments in respect of previous years
4.9
(19.6)
Deferred tax:
\u2013 relating to origination and reversal of temporary differences
(57.7)
(58.8)
\u2013 adjustments in respect of previous years
(5.7)
0.2
Income tax expense reported in the income statement
103.6
36.1
Income tax expense is attributable to:
Profit from continuing operations
103.6
36.1
Loss from discontinued operations
\u2013
\u2013
103.6
36.1
Deferred tax credited directly to other comprehensive income
(4.8)
(1.3)
A reconciliation of income tax expense applicable to loss (2023: loss) before tax at the UK statutory income tax rate to the income tax
expense for the years ended 31 December 2024 and 31 December 2023 is as follows:
2024
2023
Separately Separately
disclosed disclosed
Underlying (Note 6) Total Underlying (Note 6) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Profit/(loss) from continuing operations before income
tax
518.4
(875.8)
(357.4)
444.9
(1,287.5)
(842.6)
Loss from discontinued operations before tax
\u2013
\u2013
\u2013
\u2013
(57.8)
(57.8)
Profit/(loss) before tax
518.4
(875.8)
(357.4)
444.9
(1,345.3)
(900.4)
Corporation tax expense thereon at 25.00% (2023:
23.52%)
129.6
(219.0)
(89.4)
104.6
(316.4)
(211.8)
Adjusted for the effects of:
\u2013 (Lower)/higher effective tax rates on overseas
earnings
(0.1)
24.1
24.0
(7.4)
19.9
12.5
\u2013 Pillar 2 top-up tax charge
2.2
\u2013
2.2
\u2013 Non-deductible expenses
8.1
18.5
26.6
12.7
8.5
21.2
\u2013 Non-deductible legal settlement
\u2013
1.0
1.0
\u2013
137.6
137.6
\u2013 Fair value adjustment to contingent consideration
\u2013
(16.9)
(16.9)
\u2013
10.5
10.5
\u2013 Goodwill impairment
\u2013
103.7
103.7
\u2013
68.6
68.6
- Revaluation of deferred tax balances following
increase in UK and Gibraltar tax rates
(23.0)
26.2
3.2
\u2013
\u2013
\u2013
\u2013 Impact of claw-back of enhanced deduction for
marketing expenditure incurred in Gibraltar
\u2013
25.6
25.6
\u2013
\u2013
\u2013
\u2013 Increase in unrecognised tax losses relating to US
joint venture
23.0
\u2013
23.0
8.9
\u2013
8.9
\u2013 Increase in other unrecognised tax losses
1.5
0.6
2.1
4.2
0.9
5.1
\u2013 (Decrease)/increase in unrecognised deferred interest
(0.7)
\u2013
(0.7)
5.8
\u2013
5.8
\u2013 Difference in current and deferred tax rates
\u2013
\u2013
\u2013
(3.0)
0.1
(2.9)
Adjustments in respect of prior years:
\u2013 Deferred tax
(6.6)
0.9
(5.7)
(0.4)
0.6
0.2
\u2013 Current tax
4.9
\u2013
4.9
(19.6)
\u2013
(19.6)
Income tax expense/(credit)
138.9
(35.3)
103.6
105.8
(69.7)
36.1
Deferred tax
Deferred tax at 31 December relates to the following:
Deferred tax Deferred tax
liabilities assets
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
\u2013
\u2013
(24.1)
(31.0)
Intangible assets
664.4
731.8
(30.7)
(22.3)
Retirement benefit assets
13.8
21.6
\u2013
\u2013
Losses
\u2013
\u2013
(86.2)
(59.7)
Contingent and deferred revenue share payments
1
\u2013
\u2013
(281.4)
(321.5)
Other temporary difference
2
60.5
71.7
(53.7)
(58.7)
Deferred tax liabilities/(assets)
3
738.7
825.1
(476.1)
(493.2)
1. This deferred tax asset reflects 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 \u00a360.5m (2023: \u00a371.4m) and other temporary differences of \u00a3nil (2023:
\u00a30.3m). The deferred tax asset comprises deferred interest relief of \u00a344.3m (2023: \u00a352.2m) and other temporary differences of \u00a39.3m (2023: 6.5m).
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 2024 were recognised as follows:
Net deferred tax liabilities/(assets):
Contingent
Property, Retirement and deferred Other
plant and Intangible benefit revenue share temporary
equipment assets assets Losses
payments
1
differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
Income statement
5.7
(43.1)
(3.0)
(28.7)
10.7
(5.0)
(63.4)
Other comprehensive income
\u2013
\u2013
(4.8)
\u2013
\u2013
\u2013
(4.8)
Exchange adjustment
1.2
(32.7)
\u2013
2.2
29.4
(1.2)
(1.1)
At 31 December 2024
(24.1)
633.7
13.8
(86.2)
(281.4)
6.8
262.6
1. This deferred tax asset reflects tax deductions that will arise on future payment of the deferred and contingent consideration amounts by Tab NZ (see Note 32).
Amounts presented on the consolidated balance sheet:
2024 2023
\u00a3m \u00a3m
Deferred tax liabilities
738.7
825.1
Deferred tax assets
(476.1)
(493.2)
Net deferred tax liability
262.6
331.9
The average standard rate of UK corporation tax during the year was 25.00% (2023: 23.52%).
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 profits, to the extent they relate to the same taxable entity.
The assessment of future taxable profits is based on forecasts and assumptions consistent with those used for impairment testing as
set out in Note 14. Deferred tax assets include tax losses and future deductions for contingent and deferred revenue share payments in
respect of the Tab New Zealand business. Whilst there has been a non-cash impairment of the business goodwill during the year (see
Note 14), these deferred tax assets are expected to be recovered over the remaining life of the 25-year strategic partnership. However,
should the outlook for the New Zealand business deteriorate further the recoverability of the deferred tax assets could be impacted.
As at 31 December 2024, the Group had \u00a31,846.6m (2023: \u00a31,760.9m) of gross unrecognised deferred tax assets. This unrecognised
deferred tax asset consists of \u00a3213.3m of capital losses (2023: \u00a3213.3m), \u00a31,572.7m of income losses (2023: \u00a31,479.5m), \u00a359.2m of
deferred interest relief (2023: \u00a366.2m) and \u00a31.4m other deferred tax assets (2023: \u00a31.9m). 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 profits, or the potential future profits
are not sufficiently certain to support the deferred tax asset recognition.
There are no significant unrecognised taxable temporary differences associated with investments in subsidiaries.
The standard rate of UK corporation tax throughout the year was 25%. The 25% rate has therefore been used in measuring the UK
deferred tax items at the date of this Report. Deferred tax on UK retirement benefit assets is now also provided at 25% (2023: 35%),
which is the revised rate applicable to refunds following legislation enacted during the year.
In the Gibraltar Budget on 20 July 2021, the Chief Minister announced a temporary enhanced tax deduction for qualifying business
marketing and promotion costs, which would apply for the years ending 31 December 2021 and 31 December 2022. In a subsequent
Gibraltar Budget on 28 June 2022 the Chief Minister unexpectedly announced the retrospective removal of this enhanced deduction to cut
short by a year the period to which the incentive applied. On 23 December 2024 the legislation incorporating the retrospective removal of
this enhanced deduction was enacted in Gibraltar. The impact of this legislation being enacted on the figures reported above is a charge
of \u00a325.6m (2023: nil) through separately disclosed items.
The Group\u2019s future tax charge, and effective tax rate, will be affected by a number of factors including the geographic mix of profits,
changes to statutory corporate tax rates and the impact of continuing global tax reforms.
The UK enacted legislation in 2023 to implement the minimum level of taxation for multinational groups (\u201cPillar Two\u201d). These rules apply to
the Group from 1 January 2024. The Group has applied the temporary mandatory exception from deferred tax accounting for the impacts
of the top-up tax, and accounts for it as a current tax when it is incurred. The impact of these rules on the figures reported above is to
increase the tax charge by \u00a32.2m (2023: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-593": { "value": "10 Income tax Analysis of expense for the year:
2024 2023
\u00a3m \u00a3m
Current income tax:
\u2013 current tax charge
159.9
114.3
\u2013 pillar 2 top-up tax charge
2.2
\u2013
\u2013 adjustments in respect of previous years
4.9
(19.6)
Deferred tax:
\u2013 relating to origination and reversal of temporary differences
(57.7)
(58.8)
\u2013 adjustments in respect of previous years
(5.7)
0.2
Income tax expense reported in the income statement
103.6
36.1
Income tax expense is attributable to:
Profit from continuing operations
103.6
36.1
Loss from discontinued operations
\u2013
\u2013
103.6
36.1
Deferred tax credited directly to other comprehensive income
(4.8)
(1.3)
A reconciliation of income tax expense applicable to loss (2023: loss) before tax at the UK statutory income tax rate to the income tax expense for the years ended 31 December 2024 and 31 December 2023 is as follows:
2024
2023
Separately Separately
disclosed disclosed
Underlying (Note 6) Total Underlying (Note 6) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Profit/(loss) from continuing operations before income
tax
518.4
(875.8)
(357.4)
444.9
(1,287.5)
(842.6)
Loss from discontinued operations before tax
\u2013
\u2013
\u2013
\u2013
(57.8)
(57.8)
Profit/(loss) before tax
518.4
(875.8)
(357.4)
444.9
(1,345.3)
(900.4)
Corporation tax expense thereon at 25.00% (2023:
23.52%)
129.6
(219.0)
(89.4)
104.6
(316.4)
(211.8)
Adjusted for the effects of:
\u2013 (Lower)/higher effective tax rates on overseas
earnings
(0.1)
24.1
24.0
(7.4)
19.9
12.5
\u2013 Pillar 2 top-up tax charge
2.2
\u2013
2.2
\u2013 Non-deductible expenses
8.1
18.5
26.6
12.7
8.5
21.2
\u2013 Non-deductible legal settlement
\u2013
1.0
1.0
\u2013
137.6
137.6
\u2013 Fair value adjustment to contingent consideration
\u2013
(16.9)
(16.9)
\u2013
10.5
10.5
\u2013 Goodwill impairment
\u2013
103.7
103.7
\u2013
68.6
68.6
- Revaluation of deferred tax balances following
increase in UK and Gibraltar tax rates
(23.0)
26.2
3.2
\u2013
\u2013
\u2013
\u2013 Impact of claw-back of enhanced deduction for
marketing expenditure incurred in Gibraltar
\u2013
25.6
25.6
\u2013
\u2013
\u2013
\u2013 Increase in unrecognised tax losses relating to US
joint venture
23.0
\u2013
23.0
8.9
\u2013
8.9
\u2013 Increase in other unrecognised tax losses
1.5
0.6
2.1
4.2
0.9
5.1
\u2013 (Decrease)/increase in unrecognised deferred interest
(0.7)
\u2013
(0.7)
5.8
\u2013
5.8
\u2013 Difference in current and deferred tax rates
\u2013
\u2013
\u2013
(3.0)
0.1
(2.9)
Adjustments in respect of prior years:
\u2013 Deferred tax
(6.6)
0.9
(5.7)
(0.4)
0.6
0.2
\u2013 Current tax
4.9
\u2013
4.9
(19.6)
\u2013
(19.6)
Income tax expense/(credit)
138.9
(35.3)
103.6
105.8
(69.7)
36.1
Deferred tax Deferred tax at 31 December relates to the following:
Deferred tax Deferred tax
liabilities assets
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
\u2013
\u2013
(24.1)
(31.0)
Intangible assets
664.4
731.8
(30.7)
(22.3)
Retirement benefit assets
13.8
21.6
\u2013
\u2013
Losses
\u2013
\u2013
(86.2)
(59.7)
Contingent and deferred revenue share payments
1
\u2013
\u2013
(281.4)
(321.5)
Other temporary difference
2
60.5
71.7
(53.7)
(58.7)
Deferred tax liabilities/(assets)
3
738.7
825.1
(476.1)
(493.2)
1. This deferred tax asset reflects 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 \u00a360.5m (2023: \u00a371.4m) and other temporary differences of \u00a3nil (2023: \u00a30.3m). The deferred tax asset comprises deferred interest relief of \u00a344.3m (2023: \u00a352.2m) and other temporary differences of \u00a39.3m (2023: 6.5m). 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 2024 were recognised as follows: Net deferred tax liabilities/(assets):
Contingent
Property, Retirement and deferred Other
plant and Intangible benefit revenue share temporary
equipment assets assets Losses
payments
1
differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
Income statement
5.7
(43.1)
(3.0)
(28.7)
10.7
(5.0)
(63.4)
Other comprehensive income
\u2013
\u2013
(4.8)
\u2013
\u2013
\u2013
(4.8)
Exchange adjustment
1.2
(32.7)
\u2013
2.2
29.4
(1.2)
(1.1)
At 31 December 2024
(24.1)
633.7
13.8
(86.2)
(281.4)
6.8
262.6
1. This deferred tax asset reflects tax deductions that will arise on future payment of the deferred and contingent consideration amounts by Tab NZ (see Note 32). Amounts presented on the consolidated balance sheet:
2024 2023
\u00a3m \u00a3m
Deferred tax liabilities
738.7
825.1
Deferred tax assets
(476.1)
(493.2)
Net deferred tax liability
262.6
331.9
The average standard rate of UK corporation tax during the year was 25.00% (2023: 23.52%). 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 profits, to the extent they relate to the same taxable entity. The assessment of future taxable profits is based on forecasts and assumptions consistent with those used for impairment testing as set out in Note 14. Deferred tax assets include tax losses and future deductions for contingent and deferred revenue share payments in respect of the Tab New Zealand business. Whilst there has been a non-cash impairment of the business goodwill during the year (see Note 14), these deferred tax assets are expected to be recovered over the remaining life of the 25-year strategic partnership. However, should the outlook for the New Zealand business deteriorate further the recoverability of the deferred tax assets could be impacted. As at 31 December 2024, the Group had \u00a31,846.6m (2023: \u00a31,760.9m) of gross unrecognised deferred tax assets. This unrecognised deferred tax asset consists of \u00a3213.3m of capital losses (2023: \u00a3213.3m), \u00a31,572.7m of income losses (2023: \u00a31,479.5m), \u00a359.2m of deferred interest relief (2023: \u00a366.2m) and \u00a31.4m other deferred tax assets (2023: \u00a31.9m). 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 profits, or the potential future profits are not sufficiently certain to support the deferred tax asset recognition. There are no significant unrecognised taxable temporary differences associated with investments in subsidiaries. The standard rate of UK corporation tax throughout the year was 25%. The 25% rate has therefore been used in measuring the UK deferred tax items at the date of this Report. Deferred tax on UK retirement benefit assets is now also provided at 25% (2023: 35%), which is the revised rate applicable to refunds following legislation enacted during the year. In the Gibraltar Budget on 20 July 2021, the Chief Minister announced a temporary enhanced tax deduction for qualifying business marketing and promotion costs, which would apply for the years ending 31 December 2021 and 31 December 2022. In a subsequent Gibraltar Budget on 28 June 2022 the Chief Minister unexpectedly announced the retrospective removal of this enhanced deduction to cut short by a year the period to which the incentive applied. On 23 December 2024 the legislation incorporating the retrospective removal of this enhanced deduction was enacted in Gibraltar. The impact of this legislation being enacted on the figures reported above is a charge of \u00a325.6m (2023: nil) through separately disclosed items. The Group\u2019s future tax charge, and effective tax rate, will be affected by a number of factors including the geographic mix of profits, changes to statutory corporate tax rates and the impact of continuing global tax reforms. The UK enacted legislation in 2023 to implement the minimum level of taxation for multinational groups (\u201cPillar Two\u201d). These rules apply to the Group from 1 January 2024. The Group has applied the temporary mandatory exception from deferred tax accounting for the impacts of the top-up tax, and accounts for it as a current tax when it is incurred. The impact of these rules on the figures reported above is to increase the tax charge by \u00a32.2m (2023: nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-552": { "value": "
11 Dividends
2024 2023
Shares in Shares in
2024 2023 issue issue
Pence per share pence pence number number
2022 second interim dividend paid
\u2013
8.5
\u2013
588.8
2023 interim dividend paid
\u2013
8.9
\u2013
638.8
2023 second interim dividend paid
8.9
n/a
639.0
n/a
2024 interim dividend paid
9.3
n/a
639.3
n/a
A second interim dividend of 9.3p (2023: 8.9p) per share, amounting to \u00a359.5m (2023: \u00a356.9m) in respect of the year ended 31 December
2024, was proposed by the Directors on 6 March 2025. The estimated total amount payable in respect of the final dividend is based on
the expected number of shares in issue on 6 March 2025. There are no income tax implications for the Group and Company arising from
the proposed second interim dividend. The 2023 second interim dividend of 8.9p per share (\u00a356.9m) was paid on 26 April 2024. The 2024
interim dividend of 9.3p per share (\u00a359.4m) was paid on 20 September 2024.
A dividend reinvestment plan (DRIP) is available to shareholders who would prefer to invest their dividends in the Company's shares.
The last date for receipt of DRIP elections is 31 March 2025.
In the year, the Group paid a dividend totalling \u00a312.5m to non-controlling interests (2023: \u00a37.4m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-595": { "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-594": { "value": "0.093", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-553": { "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 \u00a3452.7m
(2023: \u00a3928.6m loss) by the weighted average number of shares in issue during the year of 639.1m (2023: 616.0m).
The dilutive effects of share options and contingently issuable shares are not considered when calculating the diluted loss per share.
At 31 December 2024, there were 639.3m \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 financial instruments has also been disclosed as it provides a better understanding of the underlying performance of the Group.
Separately disclosed items are defined in Note 4 and disclosed in Note 6.
Total earnings per share
Weighted average number of shares (millions)
2024
2023
Shares for basic earnings per share
639.1
616.0
Potentially dilutive share options and contingently issuable shares
5.2
1.5
Shares for diluted earnings per share
644.3
617.5
2024 2023
Total profit \u00a3m \u00a3m
Loss attributable to shareholders
(452.7)
(928.6)
\u2013 from continuing operations
(452.7)
(870.8)
\u2013 from discontinued operations
\u2013
(57.8)
(Gains)/losses arising from financial instruments
(145.0)
90.6
Gains arising from foreign exchange debt instruments
(21.0)
(123.1)
Associated tax charge on gains arising from financial instruments and foreign exchange debt instruments
23.1
1.1
Separately disclosed items net of tax (Note 6)
788.3
1,232.7
Adjusted profit attributable to shareholders
192.7
272.7
\u2013 from continuing operations
192.7
272.7
\u2013 from discontinued operations
\u2013
\u2013
Standard earnings per share
Adjusted earnings per share
Earnings per share (pence)
2024
2023
2024
2023
Basic earnings per share
\u2013 from continuing operations
(70.8)
(141.4)
30.2
44.3
\u2013 from discontinued operations
\u2013
(9.3)
\u2013
\u2013
From (loss)/profit for the year
(70.8)
(150.7)
30.2
44.3
Diluted earnings per share
\u2013 from continuing operations
(70.8)
(141.4)
29.9
44.2
\u2013 from discontinued operations
\u2013
(9.3)
\u2013
\u2013
From (loss)/profit for the year
(70.8)
(150.7)
29.9
44.2
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 47.3p (2023: 51.1p) and a diluted adjusted earnings per
share of 46.9p (2023: 51.0p) from continuing operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-554": { "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 2023
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
Exchange adjustment
(194.9)
(80.7)
(28.6)
(43.2)
(66.1)
(413.5)
Additions
\u2013
18.3
185.6
\u2013
\u2013
203.9
Disposals
\u2013
\u2013
(2.7)
\u2013
\u2013
(2.7)
At 31 December 2024
5,074.5
902.6
1,154.7
1,461.0
2,625.4
11,218.2
Accumulated amortisation and impairment
At 1 January 2023
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
Exchange adjustment
(34.3)
(5.5)
(18.3)
(33.1)
(19.7)
(110.9)
Amortisation charge
\u2013
48.9
167.4
165.6
103.5
485.4
Impairment charge
416.5
\u2013
19.2
\u2013
\u2013
435.7
Disposals
\u2013
\u2013
(2.7)
\u2013
\u2013
(2.7)
At 31 December 2024
935.6
114.9
814.6
1,278.6
416.2
3,559.9
Net book value
At 31 December 2023
4,716.0
893.5
349.4
358.1
2,359.1
8,676.1
At 31 December 2024
4,138.9
787.7
340.1
182.4
2,209.2
7,658.3
At 31 December 2024 the Group had not entered into contractual commitments for the acquisition of any intangible assets (2023: \u00a3nil).
Included within trade-marks and brand names are \u00a31,398.4m (2023: \u00a31,398.4m) of intangible assets considered to have indefinite lives.
These assets relate to the UK Ladbrokes and Coral brands which are considered to have indefinite durability that can be demonstrated,
and their value can be readily measured. The brands operate in longstanding and profitable 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 fit and proper person
with the \"know-how\" required to run such operations.
Goodwill reflects 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 acquisitions.
Software relates to the cost of acquired software, through purchase or business combination, and the capitalisation of internally
developed software.
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, STS and Tab NZ businesses.
14 Impairment testing of goodwill and indefinite 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 identifiable cash flows (cash-generating units).
Within UK, Eurobet Retail, Belgium Retail and Tab NZ Retail, the cash-generating units (\u201cCGUs\u201d) are generally an individual Licensed
Betting Office (\u201cLBO\u201d) and, therefore, impairment is first 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 first.
For International the CGU is defined as websites hosted by proprietary platforms based in non-UK countries and for all other segments
the CGU is the relevant geographical location or business unit. Any impairments are made firstly to goodwill, next to any capitalised
intangible asset and then finally to property, plant and equipment. The expected cash flows generated by the assets are discounted using
appropriate discount rates that reflect the time value of money and risks associated with the group of assets.
For both tangible and intangible assets, the future cash flows are based on the forecasts and budgets of the CGU or business discounted
to reflect 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 fixed costs of the LBOs. The key assumptions within the budgets for online businesses 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 flows based on detailed, Board-approved, financial budgets prepared by management covering
a three-year period which have been risk adjusted for factors specific to each cash generating unit. 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% (2023: 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 profit 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 reflect 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 specific circumstances with reference to the WACC and risk factors expected in the industry
in which the Group operates.
The pre-tax discount rates used and the associated carrying value of goodwill by CGU is as follows:
2024 2023 2024 2023
Goodwill % % \u00a3m \u00a3m
UK Retail
12.8
12.6
76.4
76.4
UK Digital
11.3
11.1
933.6
952.6
International
11.6
11.1
1,315.4
1,345.7
Australia
13.7
13.5
134.5
145.1
Belgium Retail
12.8
12.6
-
53.0
Belgium Digital
12.8
12.6
11.5
39.0
Eurobet Retail
13.5
13.3
74.9
78.5
Eurobet Digital
13.5
13.3
294.2
308.2
Enlabs
12.0
11.8
196.0
205.3
BetCity
13.0
12.7
77.8
200.1
SuperSport
11.7
11.5
503.6
527.8
STS
13.6
11.7
301.8
389.2
365
Scores
11.3
12.3
88.0
87.0
Tab NZ Retail
14.2
11.1
-
20.2
Tab NZ Digital
14.2
11.1
89.0
235.3
ROI
11.3
11.1
6.2
15.7
Crystalbet
11.3
11.1
36.0
36.9
4,138.9
4,716.0
It is not practical or material to disclose the carrying value of individual licences by LBO.
Included within trade-marks and brand names are \u00a31,398.4m (2023: \u00a31,398.4m) of intangible assets considered to have indefinite lives.
These assets relate to the UK Ladbrokes and Coral brands and are assessed on a combined CGU basis between UK Retail and UK Digital
(see diagram on page 189).
Following an internal review the focus of the business and the reports reviewed by the CODM have been amended. The disclosure of
segment information has been amended to match the revised reporting structure of the Group. As such, the CGU structure has changed
to ensure that no CGU is larger than a segment. New CGU\u2019s of UK Retail, UK Digital and International are now presented in line with the
diagram on page 189.
Impairment recognised during the year
Impairments of intangible assets and property, plant and equipment are recognised as separately disclosed items within operating
expenses (see note 6).
Tab New Zealand
During the year, the Group recorded a non-cash impairment charge of \u00a3142.5m against Tab New Zealand (Digital CGU \u00a3124.0m, Retail
CGU \u00a318.5m) which arose as a result of the outlook for the New Zealand business deteriorating versus the position 12 months ago.
Whilst this is in part due to the delay in the introduction of the legislative net (geo-blocking), forecast underlying growth has also reduced.
STS Poland
Our Polish business continues to face aggressive competitor activity. Whilst initial views were that the intensity of competition would
reduce as the year progressed and normalise ahead of 2025, we are yet to see any easing. As such, the outlook for the Polish business for
2025 and beyond has been reduced. This reduction has led to a non-cash impairment charge of \u00a375.9m against the STS CGU.
BetCity
With ongoing changes in regulation in the Netherlands and the introduction of deposit limits, the most recent of which was on 1st
October 2024, and a higher gaming tax rate, the outlook for the BetCity business has weakened over the last 12 months. This reduction in
the outlook has led to a non-cash impairment charge of \u00a3113.1m against the BetCity CGU.
Belgium
During the year, the Group recorded a non-cash impairment charge of \u00a376.3m against Belgium (Retail CGU \u00a350.5m, Digital CGU \u00a325.8m).
This was driven by ongoing heavy regulation in Retail and the decline in online casino NGR as a result of the wallet decoupling with bwin.be.
Republic of Ireland
Continued challenges remain against our Retail estate in ROI as a result of a reduced outlook for this market. During the year, the Group
recorded a non-cash impairment charge of \u00a38.7m against the ROI CGU.
Sensitivity analysis
Sensitivity analysis for all CGUs where an impairment charge has been recognised in the year is given below, with the exception of ROI as
the remaining assets associated with that CGU are not material. For all other CGUs, no reasonable change in assumptions would cause
an additional material impairment.
0.5%
5% EBITDA discount rate
Impairment \u00a3m \u00a3m
Tab NZ
45.6
38.6
STS
30.9
28.3
BetCity
8.6
9.7
Belgium
6.8
0.9
91.9
77.5
Impairment recognised during the prior year
Australia
During the prior year, the Group recorded a non-cash impairment charge of \u00a3190.0m against the Group's Australia CGU. The charge
was 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 continued to be profitable and strategically important, market conditions and tax headwinds 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.
Unikrn
During the prior 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 recorded
a \u00a343.2m impairment of goodwill and \u00a31.1m impairment of trade-marks and brands associated with the Unikrn operation during the prior
year within the New Opportunities segment.
Impala
The Group also took 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 recorded an impairment against the value of assets carried against this business. The resulting impairment was
booked against goodwill of \u00a329.9m, and against software of \u00a34.0m within the International segment.
In addition, an impairment charge of \u00a311.0m was recognised during the prior 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.
Impairment testing across the business
Licences/ Customer
Franchisees
PPE & Software
relationships
Goodwill
Brand name
UK Digital UK Digital Impairment review UK Digital/UK Retail Combined
Impairment
UK Retail
UK Retail site by site Impairment review
UK Retail Impairment review
review
ROI ROI Impairment review
International International 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 Impairment review SuperSport
SuperSport SuperSport Retail Impairment review
Retail
STS STS Impairment review
365S
cores
365Scores Impairment review
Tab NZ Tab NZ Digital Impairment review
Digital Tab NZ
Impairment
Tab NZ Tab NZ Retail Impairment review review
Retail
Crystalbet Crystalbet Impairment review
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-631": { "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 2023
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
Exchange adjustment
(194.9)
(80.7)
(28.6)
(43.2)
(66.1)
(413.5)
Additions
\u2013
18.3
185.6
\u2013
\u2013
203.9
Disposals
\u2013
\u2013
(2.7)
\u2013
\u2013
(2.7)
At 31 December 2024
5,074.5
902.6
1,154.7
1,461.0
2,625.4
11,218.2
Accumulated amortisation and impairment
At 1 January 2023
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
Exchange adjustment
(34.3)
(5.5)
(18.3)
(33.1)
(19.7)
(110.9)
Amortisation charge
\u2013
48.9
167.4
165.6
103.5
485.4
Impairment charge
416.5
\u2013
19.2
\u2013
\u2013
435.7
Disposals
\u2013
\u2013
(2.7)
\u2013
\u2013
(2.7)
At 31 December 2024
935.6
114.9
814.6
1,278.6
416.2
3,559.9
Net book value
At 31 December 2023
4,716.0
893.5
349.4
358.1
2,359.1
8,676.1
At 31 December 2024
4,138.9
787.7
340.1
182.4
2,209.2
7,658.3
At 31 December 2024 the Group had not entered into contractual commitments for the acquisition of any intangible assets (2023: \u00a3nil). Included within trade-marks and brand names are \u00a31,398.4m (2023: \u00a31,398.4m) of intangible assets considered to have indefinite lives. These assets relate to the UK Ladbrokes and Coral brands which are considered to have indefinite durability that can be demonstrated, and their value can be readily measured. The brands operate in longstanding and profitable 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 fit and proper person with the \"know-how\" required to run such operations. Goodwill reflects 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 acquisitions. Software relates to the cost of acquired software, through purchase or business combination, and the capitalisation of internally developed software. 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, STS and Tab NZ businesses. 15 Property, plant and equipment
Land and Plant and Fixtures Leased
buildings equipment and fittings assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
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)
Reclassification
\u2013
0.9
(0.9)
\u2013
\u2013
At 31 December 2023
58.7
168.4
275.6
624.4
1,127.1
Exchange adjustment
(2.0)
(6.7)
(11.7)
(7.3)
(27.7)
Additions
5.5
30.1
49.0
132.4
217.0
Disposals
(1.6)
(4.2)
(16.7)
(202.0)
(224.5)
Reclassification
(0.3)
(15.4)
15.9
(2.3)
(2.1)
At 31 December 2024
60.3
172.2
312.1
545.2
1,089.8
Accumulated depreciation
At 1 January 2023
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)
Reclassification
\u2013
(0.2)
0.2
\u2013
\u2013
At 31 December 2023
22.8
67.0
117.8
386.1
593.7
Exchange adjustment
(1.2)
(2.2)
(11.7)
(2.9)
(18.0)
Depreciation charge
5.9
33.0
44.0
63.2
146.1
Disposals
(1.6)
(4.2)
(16.7)
(202.0)
(224.5)
Impairment
1.2
1.3
4.8
11.5
18.8
Reclassification
2.1
(0.6)
(1.6)
\u2013
(0.1)
At 31 December 2024
29.2
94.3
136.6
255.9
516.0
Net book value
At 31 December 2023
35.9
101.4
157.8
238.3
533.4
At 31 December 2024
31.1
77.9
175.5
289.3
573.8
At 31 December 2024, the Group had not entered into contractual commitments for the acquisition of any property, plant and equipment (2023: \u00a3nil). Included within fixtures, fittings and equipment are assets in the course of construction which are not being depreciated of \u00a326.4m (2023: \u00a317.1m), relating predominantly to self-service betting terminals and the new point of sale system in Retail stores. An impairment charge of \u00a318.8m (2023: \u00a36.7m) has been made against closed retail shops and office 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 2023
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
Exchange adjustment
(6.9)
(0.4)
(7.3)
Additions
93.7
38.7
132.4
Disposals
(192.5)
(9.5)
(202.0)
Reclassifications
(4.4)
2.1
(2.3)
At 31 December 2024
490.8
54.4
545.2
Accumulated depreciation
At 1 January 2023
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
Exchange adjustment
(2.8)
(0.1)
(2.9)
Depreciation charge
58.9
4.3
63.2
Disposals
(192.5)
(9.5)
(202.0)
Impairment
11.1
0.4
11.5
At 31 December 2024
249.9
6.0
255.9
Net book value
At 31 December 2023
225.7
12.6
238.3
At 31 December 2024
240.9
48.4
289.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-618": { "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 2023
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
Exchange adjustment
(194.9)
(80.7)
(28.6)
(43.2)
(66.1)
(413.5)
Additions
\u2013
18.3
185.6
\u2013
\u2013
203.9
Disposals
\u2013
\u2013
(2.7)
\u2013
\u2013
(2.7)
At 31 December 2024
5,074.5
902.6
1,154.7
1,461.0
2,625.4
11,218.2
Accumulated amortisation and impairment
At 1 January 2023
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
Exchange adjustment
(34.3)
(5.5)
(18.3)
(33.1)
(19.7)
(110.9)
Amortisation charge
\u2013
48.9
167.4
165.6
103.5
485.4
Impairment charge
416.5
\u2013
19.2
\u2013
\u2013
435.7
Disposals
\u2013
\u2013
(2.7)
\u2013
\u2013
(2.7)
At 31 December 2024
935.6
114.9
814.6
1,278.6
416.2
3,559.9
Net book value
At 31 December 2023
4,716.0
893.5
349.4
358.1
2,359.1
8,676.1
At 31 December 2024
4,138.9
787.7
340.1
182.4
2,209.2
7,658.3
At 31 December 2024 the Group had not entered into contractual commitments for the acquisition of any intangible assets (2023: \u00a3nil). Included within trade-marks and brand names are \u00a31,398.4m (2023: \u00a31,398.4m) of intangible assets considered to have indefinite lives. These assets relate to the UK Ladbrokes and Coral brands which are considered to have indefinite durability that can be demonstrated, and their value can be readily measured. The brands operate in longstanding and profitable 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 fit and proper person with the \"know-how\" required to run such operations. Goodwill reflects 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 acquisitions. Software relates to the cost of acquired software, through purchase or business combination, and the capitalisation of internally developed software. 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, STS and Tab NZ businesses. 14 Impairment testing of goodwill and indefinite 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 identifiable cash flows (cash-generating units). Within UK, Eurobet Retail, Belgium Retail and Tab NZ Retail, the cash-generating units (\u201cCGUs\u201d) are generally an individual Licensed Betting Office (\u201cLBO\u201d) and, therefore, impairment is first 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 first. For International the CGU is defined as websites hosted by proprietary platforms based in non-UK countries and for all other segments the CGU is the relevant geographical location or business unit. Any impairments are made firstly to goodwill, next to any capitalised intangible asset and then finally to property, plant and equipment. The expected cash flows generated by the assets are discounted using appropriate discount rates that reflect the time value of money and risks associated with the group of assets. For both tangible and intangible assets, the future cash flows are based on the forecasts and budgets of the CGU or business discounted to reflect 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 fixed costs of the LBOs. The key assumptions within the budgets for online businesses 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 flows based on detailed, Board-approved, financial budgets prepared by management covering a three-year period which have been risk adjusted for factors specific to each cash generating unit. 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% (2023: 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 profit 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 reflect 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 specific circumstances with reference to the WACC and risk factors expected in the industry in which the Group operates. The pre-tax discount rates used and the associated carrying value of goodwill by CGU is as follows:
2024 2023 2024 2023
Goodwill % % \u00a3m \u00a3m
UK Retail
12.8
12.6
76.4
76.4
UK Digital
11.3
11.1
933.6
952.6
International
11.6
11.1
1,315.4
1,345.7
Australia
13.7
13.5
134.5
145.1
Belgium Retail
12.8
12.6
-
53.0
Belgium Digital
12.8
12.6
11.5
39.0
Eurobet Retail
13.5
13.3
74.9
78.5
Eurobet Digital
13.5
13.3
294.2
308.2
Enlabs
12.0
11.8
196.0
205.3
BetCity
13.0
12.7
77.8
200.1
SuperSport
11.7
11.5
503.6
527.8
STS
13.6
11.7
301.8
389.2
365
Scores
11.3
12.3
88.0
87.0
Tab NZ Retail
14.2
11.1
-
20.2
Tab NZ Digital
14.2
11.1
89.0
235.3
ROI
11.3
11.1
6.2
15.7
Crystalbet
11.3
11.1
36.0
36.9
4,138.9
4,716.0
It is not practical or material to disclose the carrying value of individual licences by LBO. Included within trade-marks and brand names are \u00a31,398.4m (2023: \u00a31,398.4m) of intangible assets considered to have indefinite lives. These assets relate to the UK Ladbrokes and Coral brands and are assessed on a combined CGU basis between UK Retail and UK Digital (see diagram on page 189). Following an internal review the focus of the business and the reports reviewed by the CODM have been amended. The disclosure of segment information has been amended to match the revised reporting structure of the Group. As such, the CGU structure has changed to ensure that no CGU is larger than a segment. New CGU\u2019s of UK Retail, UK Digital and International are now presented in line with the diagram on page 189. Impairment recognised during the year Impairments of intangible assets and property, plant and equipment are recognised as separately disclosed items within operating expenses (see note 6). Tab New Zealand During the year, the Group recorded a non-cash impairment charge of \u00a3142.5m against Tab New Zealand (Digital CGU \u00a3124.0m, Retail CGU \u00a318.5m) which arose as a result of the outlook for the New Zealand business deteriorating versus the position 12 months ago. Whilst this is in part due to the delay in the introduction of the legislative net (geo-blocking), forecast underlying growth has also reduced. STS Poland Our Polish business continues to face aggressive competitor activity. Whilst initial views were that the intensity of competition would reduce as the year progressed and normalise ahead of 2025, we are yet to see any easing. As such, the outlook for the Polish business for 2025 and beyond has been reduced. This reduction has led to a non-cash impairment charge of \u00a375.9m against the STS CGU. BetCity With ongoing changes in regulation in the Netherlands and the introduction of deposit limits, the most recent of which was on 1st October 2024, and a higher gaming tax rate, the outlook for the BetCity business has weakened over the last 12 months. This reduction in the outlook has led to a non-cash impairment charge of \u00a3113.1m against the BetCity CGU. Belgium During the year, the Group recorded a non-cash impairment charge of \u00a376.3m against Belgium (Retail CGU \u00a350.5m, Digital CGU \u00a325.8m). This was driven by ongoing heavy regulation in Retail and the decline in online casino NGR as a result of the wallet decoupling with bwin.be. Republic of Ireland Continued challenges remain against our Retail estate in ROI as a result of a reduced outlook for this market. During the year, the Group recorded a non-cash impairment charge of \u00a38.7m against the ROI CGU. Sensitivity analysis Sensitivity analysis for all CGUs where an impairment charge has been recognised in the year is given below, with the exception of ROI as the remaining assets associated with that CGU are not material. For all other CGUs, no reasonable change in assumptions would cause an additional material impairment.
0.5%
5% EBITDA discount rate
Impairment \u00a3m \u00a3m
Tab NZ
45.6
38.6
STS
30.9
28.3
BetCity
8.6
9.7
Belgium
6.8
0.9
91.9
77.5
Impairment recognised during the prior year Australia During the prior year, the Group recorded a non-cash impairment charge of \u00a3190.0m against the Group's Australia CGU. The charge was 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 continued to be profitable and strategically important, market conditions and tax headwinds 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. Unikrn During the prior 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 recorded a \u00a343.2m impairment of goodwill and \u00a31.1m impairment of trade-marks and brands associated with the Unikrn operation during the prior year within the New Opportunities segment. Impala The Group also took 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 recorded an impairment against the value of assets carried against this business. The resulting impairment was booked against goodwill of \u00a329.9m, and against software of \u00a34.0m within the International segment. In addition, an impairment charge of \u00a311.0m was recognised during the prior 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. Impairment testing across the business
Licences/ Customer
Franchisees
PPE & Software
relationships
Goodwill
Brand name
UK Digital UK Digital Impairment review UK Digital/UK Retail Combined
Impairment
UK Retail
UK Retail site by site Impairment review
UK Retail Impairment review
review
ROI ROI Impairment review
International International 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 Impairment review SuperSport
SuperSport SuperSport Retail Impairment review
Retail
STS STS Impairment review
365S
cores
365Scores Impairment review
Tab NZ Tab NZ Digital Impairment review
Digital Tab NZ
Impairment
Tab NZ Tab NZ Retail Impairment review review
Retail
Crystalbet Crystalbet Impairment review
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-596": { "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 2023
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
Exchange adjustment
(194.9)
(80.7)
(28.6)
(43.2)
(66.1)
(413.5)
Additions
\u2013
18.3
185.6
\u2013
\u2013
203.9
Disposals
\u2013
\u2013
(2.7)
\u2013
\u2013
(2.7)
At 31 December 2024
5,074.5
902.6
1,154.7
1,461.0
2,625.4
11,218.2
Accumulated amortisation and impairment
At 1 January 2023
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
Exchange adjustment
(34.3)
(5.5)
(18.3)
(33.1)
(19.7)
(110.9)
Amortisation charge
\u2013
48.9
167.4
165.6
103.5
485.4
Impairment charge
416.5
\u2013
19.2
\u2013
\u2013
435.7
Disposals
\u2013
\u2013
(2.7)
\u2013
\u2013
(2.7)
At 31 December 2024
935.6
114.9
814.6
1,278.6
416.2
3,559.9
Net book value
At 31 December 2023
4,716.0
893.5
349.4
358.1
2,359.1
8,676.1
At 31 December 2024
4,138.9
787.7
340.1
182.4
2,209.2
7,658.3
At 31 December 2024 the Group had not entered into contractual commitments for the acquisition of any intangible assets (2023: \u00a3nil). Included within trade-marks and brand names are \u00a31,398.4m (2023: \u00a31,398.4m) of intangible assets considered to have indefinite lives. These assets relate to the UK Ladbrokes and Coral brands which are considered to have indefinite durability that can be demonstrated, and their value can be readily measured. The brands operate in longstanding and profitable 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 fit and proper person with the \"know-how\" required to run such operations. Goodwill reflects 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 acquisitions. Software relates to the cost of acquired software, through purchase or business combination, and the capitalisation of internally developed software. 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, STS and Tab NZ businesses. 14 Impairment testing of goodwill and indefinite 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 identifiable cash flows (cash-generating units). Within UK, Eurobet Retail, Belgium Retail and Tab NZ Retail, the cash-generating units (\u201cCGUs\u201d) are generally an individual Licensed Betting Office (\u201cLBO\u201d) and, therefore, impairment is first 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 first. For International the CGU is defined as websites hosted by proprietary platforms based in non-UK countries and for all other segments the CGU is the relevant geographical location or business unit. Any impairments are made firstly to goodwill, next to any capitalised intangible asset and then finally to property, plant and equipment. The expected cash flows generated by the assets are discounted using appropriate discount rates that reflect the time value of money and risks associated with the group of assets. For both tangible and intangible assets, the future cash flows are based on the forecasts and budgets of the CGU or business discounted to reflect 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 fixed costs of the LBOs. The key assumptions within the budgets for online businesses 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 flows based on detailed, Board-approved, financial budgets prepared by management covering a three-year period which have been risk adjusted for factors specific to each cash generating unit. 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% (2023: 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 profit 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 reflect 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 specific circumstances with reference to the WACC and risk factors expected in the industry in which the Group operates. The pre-tax discount rates used and the associated carrying value of goodwill by CGU is as follows:
2024 2023 2024 2023
Goodwill % % \u00a3m \u00a3m
UK Retail
12.8
12.6
76.4
76.4
UK Digital
11.3
11.1
933.6
952.6
International
11.6
11.1
1,315.4
1,345.7
Australia
13.7
13.5
134.5
145.1
Belgium Retail
12.8
12.6
-
53.0
Belgium Digital
12.8
12.6
11.5
39.0
Eurobet Retail
13.5
13.3
74.9
78.5
Eurobet Digital
13.5
13.3
294.2
308.2
Enlabs
12.0
11.8
196.0
205.3
BetCity
13.0
12.7
77.8
200.1
SuperSport
11.7
11.5
503.6
527.8
STS
13.6
11.7
301.8
389.2
365
Scores
11.3
12.3
88.0
87.0
Tab NZ Retail
14.2
11.1
-
20.2
Tab NZ Digital
14.2
11.1
89.0
235.3
ROI
11.3
11.1
6.2
15.7
Crystalbet
11.3
11.1
36.0
36.9
4,138.9
4,716.0
It is not practical or material to disclose the carrying value of individual licences by LBO. Included within trade-marks and brand names are \u00a31,398.4m (2023: \u00a31,398.4m) of intangible assets considered to have indefinite lives. These assets relate to the UK Ladbrokes and Coral brands and are assessed on a combined CGU basis between UK Retail and UK Digital (see diagram on page 189). Following an internal review the focus of the business and the reports reviewed by the CODM have been amended. The disclosure of segment information has been amended to match the revised reporting structure of the Group. As such, the CGU structure has changed to ensure that no CGU is larger than a segment. New CGU\u2019s of UK Retail, UK Digital and International are now presented in line with the diagram on page 189. Impairment recognised during the year Impairments of intangible assets and property, plant and equipment are recognised as separately disclosed items within operating expenses (see note 6). Tab New Zealand During the year, the Group recorded a non-cash impairment charge of \u00a3142.5m against Tab New Zealand (Digital CGU \u00a3124.0m, Retail CGU \u00a318.5m) which arose as a result of the outlook for the New Zealand business deteriorating versus the position 12 months ago. Whilst this is in part due to the delay in the introduction of the legislative net (geo-blocking), forecast underlying growth has also reduced. STS Poland Our Polish business continues to face aggressive competitor activity. Whilst initial views were that the intensity of competition would reduce as the year progressed and normalise ahead of 2025, we are yet to see any easing. As such, the outlook for the Polish business for 2025 and beyond has been reduced. This reduction has led to a non-cash impairment charge of \u00a375.9m against the STS CGU. BetCity With ongoing changes in regulation in the Netherlands and the introduction of deposit limits, the most recent of which was on 1st October 2024, and a higher gaming tax rate, the outlook for the BetCity business has weakened over the last 12 months. This reduction in the outlook has led to a non-cash impairment charge of \u00a3113.1m against the BetCity CGU. Belgium During the year, the Group recorded a non-cash impairment charge of \u00a376.3m against Belgium (Retail CGU \u00a350.5m, Digital CGU \u00a325.8m). This was driven by ongoing heavy regulation in Retail and the decline in online casino NGR as a result of the wallet decoupling with bwin.be. Republic of Ireland Continued challenges remain against our Retail estate in ROI as a result of a reduced outlook for this market. During the year, the Group recorded a non-cash impairment charge of \u00a38.7m against the ROI CGU. Sensitivity analysis Sensitivity analysis for all CGUs where an impairment charge has been recognised in the year is given below, with the exception of ROI as the remaining assets associated with that CGU are not material. For all other CGUs, no reasonable change in assumptions would cause an additional material impairment.
0.5%
5% EBITDA discount rate
Impairment \u00a3m \u00a3m
Tab NZ
45.6
38.6
STS
30.9
28.3
BetCity
8.6
9.7
Belgium
6.8
0.9
91.9
77.5
Impairment recognised during the prior year Australia During the prior year, the Group recorded a non-cash impairment charge of \u00a3190.0m against the Group's Australia CGU. The charge was 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 continued to be profitable and strategically important, market conditions and tax headwinds 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. Unikrn During the prior 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 recorded a \u00a343.2m impairment of goodwill and \u00a31.1m impairment of trade-marks and brands associated with the Unikrn operation during the prior year within the New Opportunities segment. Impala The Group also took 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 recorded an impairment against the value of assets carried against this business. The resulting impairment was booked against goodwill of \u00a329.9m, and against software of \u00a34.0m within the International segment. In addition, an impairment charge of \u00a311.0m was recognised during the prior 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. Impairment testing across the business
Licences/ Customer
Franchisees
PPE & Software
relationships
Goodwill
Brand name
UK Digital UK Digital Impairment review UK Digital/UK Retail Combined
Impairment
UK Retail
UK Retail site by site Impairment review
UK Retail Impairment review
review
ROI ROI Impairment review
International International 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 Impairment review SuperSport
SuperSport SuperSport Retail Impairment review
Retail
STS STS Impairment review
365S
cores
365Scores Impairment review
Tab NZ Tab NZ Digital Impairment review
Digital Tab NZ
Impairment
Tab NZ Tab NZ Retail Impairment review review
Retail
Crystalbet Crystalbet Impairment review
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-632": { "value": "14 Impairment testing of goodwill and indefinite 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 identifiable cash flows (cash-generating units). Within UK, Eurobet Retail, Belgium Retail and Tab NZ Retail, the cash-generating units (\u201cCGUs\u201d) are generally an individual Licensed Betting Office (\u201cLBO\u201d) and, therefore, impairment is first 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 first. For International the CGU is defined as websites hosted by proprietary platforms based in non-UK countries and for all other segments the CGU is the relevant geographical location or business unit. Any impairments are made firstly to goodwill, next to any capitalised intangible asset and then finally to property, plant and equipment. The expected cash flows generated by the assets are discounted using appropriate discount rates that reflect the time value of money and risks associated with the group of assets. For both tangible and intangible assets, the future cash flows are based on the forecasts and budgets of the CGU or business discounted to reflect 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 fixed costs of the LBOs. The key assumptions within the budgets for online businesses 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 flows based on detailed, Board-approved, financial budgets prepared by management covering a three-year period which have been risk adjusted for factors specific to each cash generating unit. 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% (2023: 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 profit 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 reflect 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 specific circumstances with reference to the WACC and risk factors expected in the industry in which the Group operates. The pre-tax discount rates used and the associated carrying value of goodwill by CGU is as follows:
2024 2023 2024 2023
Goodwill % % \u00a3m \u00a3m
UK Retail
12.8
12.6
76.4
76.4
UK Digital
11.3
11.1
933.6
952.6
International
11.6
11.1
1,315.4
1,345.7
Australia
13.7
13.5
134.5
145.1
Belgium Retail
12.8
12.6
-
53.0
Belgium Digital
12.8
12.6
11.5
39.0
Eurobet Retail
13.5
13.3
74.9
78.5
Eurobet Digital
13.5
13.3
294.2
308.2
Enlabs
12.0
11.8
196.0
205.3
BetCity
13.0
12.7
77.8
200.1
SuperSport
11.7
11.5
503.6
527.8
STS
13.6
11.7
301.8
389.2
365
Scores
11.3
12.3
88.0
87.0
Tab NZ Retail
14.2
11.1
-
20.2
Tab NZ Digital
14.2
11.1
89.0
235.3
ROI
11.3
11.1
6.2
15.7
Crystalbet
11.3
11.1
36.0
36.9
4,138.9
4,716.0
It is not practical or material to disclose the carrying value of individual licences by LBO. Included within trade-marks and brand names are \u00a31,398.4m (2023: \u00a31,398.4m) of intangible assets considered to have indefinite lives. These assets relate to the UK Ladbrokes and Coral brands and are assessed on a combined CGU basis between UK Retail and UK Digital (see diagram on page 189). Following an internal review the focus of the business and the reports reviewed by the CODM have been amended. The disclosure of segment information has been amended to match the revised reporting structure of the Group. As such, the CGU structure has changed to ensure that no CGU is larger than a segment. New CGU\u2019s of UK Retail, UK Digital and International are now presented in line with the diagram on page 189. Impairment recognised during the year Impairments of intangible assets and property, plant and equipment are recognised as separately disclosed items within operating expenses (see note 6). Tab New Zealand During the year, the Group recorded a non-cash impairment charge of \u00a3142.5m against Tab New Zealand (Digital CGU \u00a3124.0m, Retail CGU \u00a318.5m) which arose as a result of the outlook for the New Zealand business deteriorating versus the position 12 months ago. Whilst this is in part due to the delay in the introduction of the legislative net (geo-blocking), forecast underlying growth has also reduced. STS Poland Our Polish business continues to face aggressive competitor activity. Whilst initial views were that the intensity of competition would reduce as the year progressed and normalise ahead of 2025, we are yet to see any easing. As such, the outlook for the Polish business for 2025 and beyond has been reduced. This reduction has led to a non-cash impairment charge of \u00a375.9m against the STS CGU. BetCity With ongoing changes in regulation in the Netherlands and the introduction of deposit limits, the most recent of which was on 1st October 2024, and a higher gaming tax rate, the outlook for the BetCity business has weakened over the last 12 months. This reduction in the outlook has led to a non-cash impairment charge of \u00a3113.1m against the BetCity CGU. Belgium During the year, the Group recorded a non-cash impairment charge of \u00a376.3m against Belgium (Retail CGU \u00a350.5m, Digital CGU \u00a325.8m). This was driven by ongoing heavy regulation in Retail and the decline in online casino NGR as a result of the wallet decoupling with bwin.be. Republic of Ireland Continued challenges remain against our Retail estate in ROI as a result of a reduced outlook for this market. During the year, the Group recorded a non-cash impairment charge of \u00a38.7m against the ROI CGU. Sensitivity analysis Sensitivity analysis for all CGUs where an impairment charge has been recognised in the year is given below, with the exception of ROI as the remaining assets associated with that CGU are not material. For all other CGUs, no reasonable change in assumptions would cause an additional material impairment.
0.5%
5% EBITDA discount rate
Impairment \u00a3m \u00a3m
Tab NZ
45.6
38.6
STS
30.9
28.3
BetCity
8.6
9.7
Belgium
6.8
0.9
91.9
77.5
Impairment recognised during the prior year Australia During the prior year, the Group recorded a non-cash impairment charge of \u00a3190.0m against the Group's Australia CGU. The charge was 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 continued to be profitable and strategically important, market conditions and tax headwinds 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. Unikrn During the prior 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 recorded a \u00a343.2m impairment of goodwill and \u00a31.1m impairment of trade-marks and brands associated with the Unikrn operation during the prior year within the New Opportunities segment. Impala The Group also took 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 recorded an impairment against the value of assets carried against this business. The resulting impairment was booked against goodwill of \u00a329.9m, and against software of \u00a34.0m within the International segment. In addition, an impairment charge of \u00a311.0m was recognised during the prior 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. Impairment testing across the business
Licences/ Customer
Franchisees
PPE & Software
relationships
Goodwill
Brand name
UK Digital UK Digital Impairment review UK Digital/UK Retail Combined
Impairment
UK Retail
UK Retail site by site Impairment review
UK Retail Impairment review
review
ROI ROI Impairment review
International International 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 Impairment review SuperSport
SuperSport SuperSport Retail Impairment review
Retail
STS STS Impairment review
365S
cores
365Scores Impairment review
Tab NZ Tab NZ Digital Impairment review
Digital Tab NZ
Impairment
Tab NZ Tab NZ Retail Impairment review review
Retail
Crystalbet Crystalbet Impairment review
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-555": { "value": "
15 Property, plant and equipment
Land and Plant and Fixtures Leased
buildings equipment and fittings assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
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)
Reclassification
\u2013
0.9
(0.9)
\u2013
\u2013
At 31 December 2023
58.7
168.4
275.6
624.4
1,127.1
Exchange adjustment
(2.0)
(6.7)
(11.7)
(7.3)
(27.7)
Additions
5.5
30.1
49.0
132.4
217.0
Disposals
(1.6)
(4.2)
(16.7)
(202.0)
(224.5)
Reclassification
(0.3)
(15.4)
15.9
(2.3)
(2.1)
At 31 December 2024
60.3
172.2
312.1
545.2
1,089.8
Accumulated depreciation
At 1 January 2023
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)
Reclassification
\u2013
(0.2)
0.2
\u2013
\u2013
At 31 December 2023
22.8
67.0
117.8
386.1
593.7
Exchange adjustment
(1.2)
(2.2)
(11.7)
(2.9)
(18.0)
Depreciation charge
5.9
33.0
44.0
63.2
146.1
Disposals
(1.6)
(4.2)
(16.7)
(202.0)
(224.5)
Impairment
1.2
1.3
4.8
11.5
18.8
Reclassification
2.1
(0.6)
(1.6)
\u2013
(0.1)
At 31 December 2024
29.2
94.3
136.6
255.9
516.0
Net book value
At 31 December 2023
35.9
101.4
157.8
238.3
533.4
At 31 December 2024
31.1
77.9
175.5
289.3
573.8
At 31 December 2024, the Group had not entered into contractual commitments for the acquisition of any property, plant and equipment
(2023: \u00a3nil).
Included within fixtures, fittings and equipment are assets in the course of construction which are not being depreciated of \u00a326.4m
(2023: \u00a317.1m), relating predominantly to self-service betting terminals and the new point of sale system in Retail stores.
An impairment charge of \u00a318.8m (2023: \u00a36.7m) has been made against closed retail shops and office 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 2023
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
Exchange adjustment
(6.9)
(0.4)
(7.3)
Additions
93.7
38.7
132.4
Disposals
(192.5)
(9.5)
(202.0)
Reclassifications
(4.4)
2.1
(2.3)
At 31 December 2024
490.8
54.4
545.2
Accumulated depreciation
At 1 January 2023
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
Exchange adjustment
(2.8)
(0.1)
(2.9)
Depreciation charge
58.9
4.3
63.2
Disposals
(192.5)
(9.5)
(202.0)
Impairment
11.1
0.4
11.5
At 31 December 2024
249.9
6.0
255.9
Net book value
At 31 December 2023
225.7
12.6
238.3
At 31 December 2024
240.9
48.4
289.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-556": { "value": "
16 Interest in joint venture
Share of joint
venture\u2019s net
assets
\u00a3m
Cost
At 1 January 2023
\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
Additions
19.8
Exchange adjustment
(2.5)
Share of loss after tax
(109.4)
Share of other comprehensive loss (movement in translation reserve)
(0.1)
Liability
92.2
At 31 December 2024
\u2013
The joint venture predominantly represents the Group\u2019s investment in BetMGM set up in the US in which a 50% stake is held.
Given the net liabilities position of the joint venture, the Group has recorded a cumulative \u00a399.4m liability as potential future obligations.
In the prior year the Group recorded a cumulative \u00a37.2m liability as it was committed to make future equity contributions.
Summarised financial information in respect of the Group\u2019s joint venture\u2019s net assets is set out below:
2024 2023
\u00a3m \u00a3m
Non-current assets
101.7
118.1
Cash and cash equivalents
233.4
138.7
Other current assets
165.3
182.7
Current assets
398.7
321.4
Balances with customers
(257.9)
(208.6)
Other current liabilities
(429.1)
(224.0)
Current liabilities
(687.0)
(432.6)
Non-current liabilities
(12.1)
(21.2)
Net liabilities
(198.7)
(14.3)
Group\u2019s share of net liabilities
(99.4)
(7.2)
2024 2023
Summarised statement of comprehensive income \u00a3m \u00a3m
Revenue
1,660.2
1,582.4
Depreciation and amortisation
(34.4)
(8.2)
Other operating expenses
(1,844.5)
(1,658.1)
Income tax
(0.1)
\u2013
Loss for the year
(218.8)
(83.9)
Other comprehensive loss
(0.1)
(1.2)
Total comprehensive loss
(218.9)
(85.1)
Group\u2019s share of loss
(109.5)
(42.6)
Contingent liabilities relating to the Group\u2019s interest in joint ventures are set out in Note 33.
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 2023
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 gain
\u2013
0.7
0.7
Disposals
\u2013
(5.2)
(5.2)
Impairments
\u2013
(3.1)
(3.1)
Dividends received
(1.4)
\u2013
(1.4)
Share of loss after tax
(4.8)
\u2013
(4.8)
Share of other comprehensive expense
\u2013
\u2013
\u2013
Foreign exchange
\u2013
(0.7)
(0.7)
At 31 December 2024
21.5
11.1
32.6
Revaluation gain includes \u00a3nil (2023: \u00a31.1m gain) recognised through other comprehensive income with the remaining gain of \u00a30.7m
(2023: \u00a31.5m gain) recognised through profit or loss.
Associates
Summarised financial information in respect of the associates is set out below:
2024 2023
\u00a3m \u00a3m
Non-current assets
68.7
42.5
Current assets
45.5
78.0
Non-current liabilities
(7.1)
(5.7)
Current liabilities
(66.3)
(73.1)
Net assets
40.8
41.7
Group\u2019s share of net assets
21.5
27.7
Revenue for the year
313.3
370.1
Profit for the year
(6.8)
10.4
Other comprehensive expense
\u2013
(4.7)
Total comprehensive income
(6.8)
5.7
Group\u2019s share of total comprehensive expense
(4.8)
(2.0)
Further details of the Group\u2019s associates are listed in Note 34.
The financial 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 2024.
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 \u00a311.1m (2023: \u00a319.4m) consist of investments which have no fixed 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:
2024 2023
\u00a3m \u00a3m
Equity investment
\u2013 Joint venture
1
19.8
40.7
Sundry expenditure
\u2013 Associates
2
(50.7)
(51.4)
\u2013 Joint venture
3
(10.8)
\u2013
Sundry income
\u2013 Associates
2
\u2013
21.5
\u2013 Joint venture
3
17.3
\u2013
1. Equity investment in BetMGM.
2. Payments in the normal course of business made to Sports Information Services (Holdings) Limited.
3. Payments in the normal course of business made to Premier Greyhound Racing Limited.
Details of related party outstanding balances
2024 2023
\u00a3m \u00a3m
Other amounts outstanding
\u2013 Joint venture receivables
89.6
54.7
\u2013 Joint venture payables
(10.8)
\u2013
\u2013 Associates receivables
\u2013
3.2
\u2013 Associates payables
(0.4)
(0.1)
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 2024 are unsecured and settlement occurs in cash. For the year ended 31 December 2024, the Group has not raised
any provision (2023: \u00a3nil) for doubtful debts relating to amounts owed by related parties as the payment history has been good.
This assessment is undertaken each financial year through examining the financial 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 123 to 126 of this report.
The remuneration of key management personnel is set out below in aggregate for each of the categories specified 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.
2024 2023
\u00a3m \u00a3m
Short-term employee benefits
10.2
7.3
Redundancy/loss of office
\u2013
1.6
Pension-related costs
0.2
0.3
Share-based payments
5.2
10.7
Total compensation paid to key management personnel
15.6
19.9
The consolidated financial statements include the financial 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 flows and balance sheets of all subsidiaries listed are
consolidated into the Group financial 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
2024
2023
7th Floor,
Arthur Prince (Turf Accountants) Limited
5
100.0
100.0
One Stratford Place,
Bartletts Limited
5
100.0
100.0
Westfield Stratford City,
Montfichet Road,
Birchgree Limited
4
100.0
100.0
London,
Bloxhams Bookmakers Limited
5
100.0
100.0
United Kingdom,
E20 1EJ
Brickagent Limited
5
100.0
100.0
ASF Limited
100.0
100.0
Cashcade Limited
100.0
100.0
CE Acquisition 1 Limited
4
100.0
100.0
Chas Kendall (Turf Accountant) Limited
5
100.0
100.0
Choicebet Limited
5
100.0
100.0
C L Jennings (1995) Limited
5
100.0
100.0
Competition Management Services Co. Limited
5
97.5
97.5
Coral (Holdings) Limited
4
100.0
100.0
Coral (Stoke) Limited
5
100.0
100.0
Coral Estates Limited
100.0
100.0
Coral Eurobet Limited
100.0
100.0
% equity interest
Registered address
Company
2024
2023
Coral Eurobet Holdings Limited
4
100.0
100.0
Coral Group Limited
4
100.0
100.0
Coral Group Trading Limited
4
100.0
100.0
Coral Limited
4
100.0
100.0
Coral Racing Limited
100.0
100.0
Coral Stadia Limited
4
100.0
100.0
E.F. Politt & Son Limited
5
100.0
100.0
Electraworks Maple Limited
3
100.0
100.0
Entain Holdings (UK) Limited
1,2,4
100.0
100.0
Entain Marketing (UK) Limited
4
100.0
100.0
Entain Services Limited
5
100.0
100.0
Entain Wave Limited
5
100.0
100.0
Gable House Estates Limited
5
100.0
100.0
Ganton House Investments Limited
100.0
100.0
Greatmark Limited
100.0
100.0
Hillford Estates Limited
5
75.0
75.0
Hindwain Limited
5
100.0
100.0
Impala Digital Limited
4
100.0
100.0
Interactive Sports Limited
5
100.0
100.0
J. Ward Hill & Company
5
100.0
100.0
Jack Brown (Bookmaker) Limited
5
100.0
100.0
Jerusalem Development (Mamilla) Co. Limited
5
100.0
100.0
Jerusalem Development Corporation (Holdings) Limited
4,5
100.0
100.0
Joe Jennings Limited
5
100.0
100.0
Krullind Limited
5
100.0
100.0
Ladbroke & Co., Limited
5
100.0
100.0
Ladbroke (Rentals) Limited
5
100.0
100.0
Ladbroke City & County Land Company Limited
5
100.0
100.0
Ladbroke Dormant Holding Company Limited
4,5
100.0
100.0
Ladbroke Entertainments Limited
100.0
100.0
Ladbroke Group
4
100.0
100.0
Ladbroke Group Homes Limited
5
100.0
100.0
Ladbroke Group Properties Limited
4,5
100.0
100.0
Ladbroke Land Limited
5
100.0
100.0
Ladbroke US Investments Limited
4
100.0
100.0
Ladbrokes Betting & Gaming Limited
2,3,4
100.0
100.0
Ladbrokes Coral Corporate Director Limited
5
100.0
100.0
Ladbrokes Coral Corporate Secretaries Limited
5
100.0
100.0
Ladbrokes Coral Group Life Benefits Trustee Limited
5
100.0
100.0
Ladbrokes Coral Group Limited
2,4
100.0
100.0
Ladbrokes Coral Group Pension Trustee Limited
5
100.0
100.0
Ladbrokes E-Gaming Limited
5
100.0
100.0
Ladbrokes Group Finance plc
2
100.0
100.0
Ladbrokes Investments Holdings Limited
4
100.0
100.0
Ladbrokes IT & Shared Services Limited
5
100.0
100.0
Ladbrokes Trustee Company Limited
5
100.0
100.0
Lightworld Limited
4,5
100.0
100.0
London & Leeds Estates Limited
5
100.0
100.0
Margolis and Ridley Limited
5
100.0
100.0
% equity interest
Registered address
Company
2024
2023
New Angel Court Limited
5
100.0
100.0
Reg. Boyle Limited
100.0
100.0
Reuben Page Limited
5
100.0
100.0
Romford Stadium Limited
100.0
100.0
Rousset Capital Limited
5
100.0
100.0
Sponsio Limited
5
100.0
100.0
Sporting Odds Limited
2,3
100.0
100.0
Sportingbet (IT Services) Limited
5
100.0
100.0
Sportingbet (Management Services) Limited
5
100.0
100.0
Sportingbet Holdings Limited
4
100.0
100.0
Sportingbet Limited
4
100.0
100.0
Sports (Bookmakers) Limited
5
100.0
100.0
Techno Land Improvements Limited
5
100.0
100.0
Town and County Factors Limited
100.0
100.0
Vegas Betting Limited
5
100.0
100.0
Ventmear Limited
4
100.0
100.0
Vernon Sports Data
5
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
4
100.0
100.0
Belfast, United Kingdom
Ladbrokes (Northern Ireland) Limited
5
100.0
100.0
BT11 9AH
North West Bookmakers Limited
2,3
100.0
100.0
Subsidiaries based overseas
% equity interest
Registered address
Company
2024
2023
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
2,3
100.0
100.0
Australia
Gaming Investments Pty Limited
4
100.0
100.0
Ladbrokes Racing Club Pty Limited
100.0
100.0
LB Australia Holdings Pty Limited
4
100.0
100.0
Neds International Pty Limited
4
100.0
100.0
Neds.com.au Pty Limited
4
100.0
100.0
17 Atlantic Dr, Keysborough,
VIC 3173
Australia
Full House Group Pty Limited
3
100.0
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
100.0
NSW
20
60, Australia
Marxergasse 1b,
Entain Services Australia GmbH
100.0
100.0
1030
Vienna,
100.0
100.0
Austria
100.0
100.0
Chauss\u00e9e de Wavre 1100 Box 3,
Ladbroke Belgium SA
4
100.0
100.0
1160
Auderghem,
Pari Mutuel Management Services S.A.
100.0
100.0
Belgium
N.V. Derby S.A.
2,3,4
100.0
100.0
Redsports.be SRL/BV
100.0
100.0
Tierc\u00e9 Ladbroke S.A.
3
100.0
100.0
Tilt SRL/BV
100.0
100.0
% equity interest
Registered address
Company
2024
2023
Alameda Rio Negro 111 1030,
Andar 2 Conj 206 Torre Stadium Corpor, Alphaville
365
Scores Midia Ltda
100.0
100.0
Industrial Barueri; Sao Paulo, 06454911, Brazil
Belmont Chambers,
Creative Trend Limited
5
100.0 100.0
Road Town,
CTL Holdings International Limited
5
100.0 100.0
Tor tola,
SRL Holdings International Limited
5
100.0 100.0
British Virgin Islands
Sunrise Resources Limited
5
100.0 100.0
Jayla Place, Wickhams Cay 1, Road Town,
Tortola, British Virgin Islands
Westman Holdings Limited
5
100.0
100.0
55 Nikola Vaptsarov Blvd, Office Park Expo 2000,
Building Phase 4, Floor 3, Lozenets Area, Sofia
Entain Services (Bulgaria) EOOD
100.0
100.0
14
07, Bulgaria
1565
Carling Avenue, Suite 400, Ottawa,
Entain Operations Canada Limited
100.0
100.0
Ontario K1Z 8R1, Canada
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
100.0
Vancouver
BC V6E 4N7, Canada
5B, First Floor, St Anne\u2019s House, Victoria
Interactive Sports (C.I.) Limited
4
100.0
100.0
Street, Alderney, GY9 3UF, Channel Islands
Quay House, South Esplanade
Longfrie Limited
5
100.0
100.0
St, Peter Port, Guernsey, GY1 4EJ,
PO Box 132, Channel Islands
1st Floor, Liberation House,
Ladbroke (Channel Islands) Limited
3
100.0
100.0
Castle Street, St. Helier, JE1 1GL,
Jersey, Channel Islands
Maple Court Investments (Jersey) Limited
5
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 Road, Central Hong Kong, China
GVC Technology Consulting (Asia) Co Limited
100.0
100.0
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
67.5
Zagreb, Croatia
Puni Broj d.o.o.
67.5
67.5
SuperSport d.o.o.
2,3
67.5
67.5
SuperSport marketing d.o.o.
67.5
67.5
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 B.V.
5
100.0
100.0
29, Cura\u00e7ao
Heelsumstraat 51 E-Commerce Park , Cura\u00e7ao P.O
Best Global N.V.
5
100.0
100.0
Box 422
Kaya Richard J. Beaujon Z/N Landhuls Joonchi II ,
Cura\u00e7ao PO Box 6248
Elec Games N.V.
5
100.0
100.0
15 Agion Omologiton, Nicosia, 1080, Cyprus
Bellingrath Enterprises Limited
4
100.0
100.0
Na Zatorka, 672/24, Bubene\u00ff
Sporticon Development s.r.o.
67.5
67.5
Prague,
Karolinsk\u00e1 650/1, Kral\u00edn,
18
600, Czech Republic
Betsys, s.r.o.
4
67.5
50.0
Prague,
Fruebjergvej 3, Copenhagen, 2100, Denmark
18
600, Czech Republic
Interactive Sports (Denmark) ApS
100.0
100.0
Lootsa tn 1\u00b0, Lasnamae Linnaosa,
Ninja Global OU
5
100.0
100.0
11
415, Estonia
Optiwin OU
3
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
% equity interest
Registered address
Company
2024
2023
Linden Palais, Unter den Linden 40, 10117
Entain (Germany) GmbH
100.0
100.0
Berlin, Germany
Apt. 48, N19, Vake District, Kavtaradze Str.,
Tbilisi, Georgia
Entain Georgia LLC
4
100.0
100.0
Vake District, Kavtaradze Str., No 5, Entrance 2,
Floor 2, Office Space No 2, Tbilisi, Georgia
MARS LLC
2,3
100.0
100.0
Suite 6, Atlantic Suites,
Bingo Marketing Limited
5
100.0
100.0
Europort Avenue, Gibraltar
bwin.party holdings Limited
4
100.0
100.0
bwin.party services (Gibraltar) Limited
5
100.0
100.0
Coral Interactive (Gibraltar) Limited
5
100.0
100.0
ElectraGames Limited
4
100.0
100.0
ElectraWorks Limited
2,3,4
100.0
100.0
Gala Coral Interactive (Gibraltar) Limited
4,5
100.0
100.0
Gala Interactive (Gibraltar) Limited
4,5
100.0
100.0
Greyjoy Limited
100.0
100.0
Entain Corporate Services Limited
100.0
100.0
Entain Holdings (Gibraltar) Limited
1,2,4
100.0
100.0
Entain Operations Limited
2,3,4
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
5
100.0
100.0
LC International Limited
2,3,4
100.0
100.0
PartyGaming IA Limited
5
100.0
100.0
7th Floor, Madison building, Midtown,
The Entain Foundation
100.0
100.0
Queensway, GX11 1AA, Gibraltar
Messene Enterprises Limited
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
2,3,4
100.0
100.0
3 Dublin Landings, North Wall Quay,
Fort Anne Limited
1,5
100.0
100.0
D01 C4EO Ireland
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
1,4
100.0
100.0
Menachem Begin Road 152,
Gala Interactive (Services) Limited
100.0
100.0
Tel Aviv \u2013 Jaffa, Israel
GVC Impala R&D Limited
100.0
100.0
2 Nahalat Yitchak, Tel-Aviv Yaffo,
6744 801, Israel
365
Scores Limited
100.0
100.0
Via Lungotevere Arnaldo da Brescia 12,
Entain Holding S.R.L.
4
100.0
100.0
00196
Rome, Italy
Entain Italia S.R.L.
2,3
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
3
100.0
100.0
SIA Optibet
3
100.0
100.0
Orsos g. 4-101, Vilnius, Lithuania
UAB Baltic Bet
3
100.0
100.0
UAB Party Casino
3
100.0
100.0
% equity interest
Registered address
Company
2024
2023
Unit 6 ST Business Centre,
bwin (Deutschland) Limited
100.0
100.0
120
The Strand,
bwin.gr Limited
2
100.0
100.0
Gzira GZR 1027
bwin Holdings (Malta) Limited
1,4
100.0
100.0
Malta
bwin.party services (Malta) Limited
100.0
100.0
Online-Wetten (Austria) Limited
100.0
100.0
Deis Limited
4
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
5
100.0
100.0
Entertainments Technologies Group Limited
4
100.0
100.0
Gaming VC Corporation Limited
5
100.0
100.0
Ladbrokes (Deutschland) Limited
100.0
100.0
Martingale Europe Limited
100.0
100.0
Martingale Malta 2 Limited
100.0
100.0
Sportingbet (Deutschland) Limited
100.0
100.0
Scandic Bookmakers Limited
5
100.0
100.0
Spread Your Wings Bravo Limited
100.0
100.0
STS Gaming Group Limited
67.5
67.5
STS.Bet Limited
67.5
67.5
Entain (Romania) Limited
100.0
100.0
VistaBet Limited
2
100.0
100.0
120
The Strand, Unit 6,
BestBet Limited
3
100.0
100.0
Trig Ix-Xatt,
Elec Games C1 Limited
3
100.0
100.0
Gzira GZR 1027
Elec Games Holdings Limited
4
100.0
100.0
Malta
Elec Games Limited
3
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
Lifland Holdings Limited
4
100.0
100.0
Ninja Global Limited
3
100.0
100.0
Entain Holdings (CEE) Limited
4
67.5
67.5
West African Gaming Limited
5
100.0
100.0
San Francisco 1005, Dolonia Del Valle,
Bwin Operations Mexico, S.A. de C.V.isr
5
100.0
100.0
Alcald\u00eda Benito Ju\u00e1rez, Mexico City,
C.P.
03100
, Mexico
Entain Mexico, S.A. de C.V.
5
100.0
100.0
Johan Cruijff Boulevard 61, Amsterdam
Entain Holdings (Netherlands) B.V.
4
100.0
100.0
110
1DL
Netherlands
Keurenplein 4, Unit D1442, 1069CD,
Amsterdam, Netherlands
Betent B.V.
3
100.0
100.0
106-110 Jackson Street, Petone, Lower Hutt,
5012,
New Zealand
Entain New Zealand Limited
2,3
100.0
100.0
Floor 6 Exchange Place, 5 Willeston Street,
Wellington Central, Wellington, 6011,
New Zealand
TIIDAL GAMING NZ LIMITED
100.0
100.0
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.
67.5
50.0
STS S.A.
2,3,4
67.5
67.5
% equity interest
Registered address
Company
2024
2023
UI. Taneczna 18A, 02-829 Warsaw, Poland
bwin Poland S.A.
100.0
100.0
Praceta Ant\u00f3nio Gede\u00e3o, 1 B, Pai\u00f5es, Infield \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 \u2013 Entretenimento SA
3
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
Florent Pte Limited
5
100.0
100.0
14-03/07, 098632, Singapore
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.L
100.0
100.0
Edificio Torre Diagonal Litoral, 08019
Barcelona, Spain
Calle Real Numero 74, 51001 Ceuta, Spain
Electraworks (Ceuta) S.A.
2,3
100.0
100.0
Avenida de Fuencarral 44, Edificio Tribeca 1,
Modulo B, CP 28108, Alcobendas Madrid, Spain
Winners Apuestas SA
100.0
100.0
CL Conde de Aranda 20, 28001
Sportingbet Spain S.A.
5
100.0
100.0
Madrid, Spain
San Justo Desvern, calle de la Constituci\u00f3n 1,
5\u00ba planta, local 3, 08960, Barcelona, Spain
Atlantic Version 2014 SLU
5
100.0
100.0
Suite 4 Constantia House, Steenbert Office Park,
Constantia, 7800, South Africa
SBT Software Operations (SA) (Pty)
100.0
100.0
24A 18th Street, Menlo Park, Pretoria,
0
081, South Africa
Ladbrokes (SA) (Pty) Limited
100.0
100.0
Office 519, Spaces, Dock Road Junction,
Corner of Stanley & Dock Road, Waterfront,
Cape Town, 8001, South Africa
Wave SA (Pty) Limited
85.0
85.0
Stora Gatan 46, Sigtuna
Enlabs AB
4
100.0
100.0
Kommun,
193
30, Sweden
Entraction AB
100.0
100.0
Score24 AB
3
100.0
100.0
Royal Park Serviced Office,
Frosundaviks alle 15, 16903 Solna, Sweden
Scout Gaming AB
3
100.0
100.0
c/o The Corporation Trust Company,
GVC Finance LLC
1
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.
4
100.0
100.0
7251
Amigo Street, Suite 100, Las Vegas,
Stadium Technology Group, LLC
3
100.0
100.0
NV
8911
9, United States
1013
Centre Road, Suite 403-B, Wilmington,
Angstrom Sports Inc
100.0
100.0
DE
198
05, United Estates
4445
Corporation Ln Ste 264, Virginia Beach,
Angstrom Sports Virginia LLC
100.0
100.0
VA 23462-3262, United States
Five Greentree Centre, 525 Route 72 North, STE
Angstrom Sports NJ LLC
100.0
100.0
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
100.0
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, Office 38/1,
01014
Kyiv, Ukraine
Entain (Ukraine) LLC
5
100.0
100.0
Office 13, 39 Dzhona Makkeina,
Steer
01042
Kyiv, Ukraine
LLC Bwin
5
100.0
100.0
% equity interest
Registered address
Company
2024
2023
Dr Luis Bonavita, 1294, Torre 2 WTC
Gomifer S.A.
100.0
100.0
Free Zone, Oficina 631, Montevideo,
Uruguay
34972
Longacres, Lusaka
Wave Digital Zambia Limited
100.0
100.0
Lusaka Province, Zambia
1. Company that is directly owned by Entain plc.
2. Company that forms part of the Group as at 31 December 2024 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
2024
2023
Corporation Service Company,
251
Little Falls Drive,
BetMGM, LLC
50.0
50.0
Wilmington,
Delaware 19808, United States
4th Floor, Millbank Tower, 21-24 Millbank,
London, United Kingdom, SW1P 4QP
Premier Greyhound Racing Limited
50.0
\u2013
Associates
% equity interest
Country of incorporation
Company
2024
2023
China
Asia Gaming Technologies (Beijing) Co., Ltd
1
49.0
49.0
Asia Gaming Technologies Limited
49.0
49.0
Germany
bwin E.K. Neugersdorf
\u2013
50.0
Belgium
Gran Casino de Dinant SA
20.0
20.0
Infiniti 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
41.6
40.0
Games For Good Causes PLC
36.3
36.3
Sports Information Services (Holdings) Limited
23.4
23.4
1. Subsidiary of Asia Gaming Technologies Limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-619": { "value": "16 Interest in joint venture
Share of joint
venture\u2019s net
assets
\u00a3m
Cost
At 1 January 2023
\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
Additions
19.8
Exchange adjustment
(2.5)
Share of loss after tax
(109.4)
Share of other comprehensive loss (movement in translation reserve)
(0.1)
Liability
92.2
At 31 December 2024
\u2013
The joint venture predominantly represents the Group\u2019s investment in BetMGM set up in the US in which a 50% stake is held. Given the net liabilities position of the joint venture, the Group has recorded a cumulative \u00a399.4m liability as potential future obligations. In the prior year the Group recorded a cumulative \u00a37.2m liability as it was committed to make future equity contributions. Summarised financial information in respect of the Group\u2019s joint venture\u2019s net assets is set out below:
2024 2023
\u00a3m \u00a3m
Non-current assets
101.7
118.1
Cash and cash equivalents
233.4
138.7
Other current assets
165.3
182.7
Current assets
398.7
321.4
Balances with customers
(257.9)
(208.6)
Other current liabilities
(429.1)
(224.0)
Current liabilities
(687.0)
(432.6)
Non-current liabilities
(12.1)
(21.2)
Net liabilities
(198.7)
(14.3)
Group\u2019s share of net liabilities
(99.4)
(7.2)
2024 2023
Summarised statement of comprehensive income \u00a3m \u00a3m
Revenue
1,660.2
1,582.4
Depreciation and amortisation
(34.4)
(8.2)
Other operating expenses
(1,844.5)
(1,658.1)
Income tax
(0.1)
\u2013
Loss for the year
(218.8)
(83.9)
Other comprehensive loss
(0.1)
(1.2)
Total comprehensive loss
(218.9)
(85.1)
Group\u2019s share of loss
(109.5)
(42.6)
Contingent liabilities relating to the Group\u2019s interest in joint ventures are set out in Note 33. 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 2023
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 gain
\u2013
0.7
0.7
Disposals
\u2013
(5.2)
(5.2)
Impairments
\u2013
(3.1)
(3.1)
Dividends received
(1.4)
\u2013
(1.4)
Share of loss after tax
(4.8)
\u2013
(4.8)
Share of other comprehensive expense
\u2013
\u2013
\u2013
Foreign exchange
\u2013
(0.7)
(0.7)
At 31 December 2024
21.5
11.1
32.6
Revaluation gain includes \u00a3nil (2023: \u00a31.1m gain) recognised through other comprehensive income with the remaining gain of \u00a30.7m (2023: \u00a31.5m gain) recognised through profit or loss. Associates Summarised financial information in respect of the associates is set out below:
2024 2023
\u00a3m \u00a3m
Non-current assets
68.7
42.5
Current assets
45.5
78.0
Non-current liabilities
(7.1)
(5.7)
Current liabilities
(66.3)
(73.1)
Net assets
40.8
41.7
Group\u2019s share of net assets
21.5
27.7
Revenue for the year
313.3
370.1
Profit for the year
(6.8)
10.4
Other comprehensive expense
\u2013
(4.7)
Total comprehensive income
(6.8)
5.7
Group\u2019s share of total comprehensive expense
(4.8)
(2.0)
Further details of the Group\u2019s associates are listed in Note 34. The financial 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 2024. 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 \u00a311.1m (2023: \u00a319.4m) consist of investments which have no fixed maturity date or coupon rate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-597": { "value": "16 Interest in joint venture
Share of joint
venture\u2019s net
assets
\u00a3m
Cost
At 1 January 2023
\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
Additions
19.8
Exchange adjustment
(2.5)
Share of loss after tax
(109.4)
Share of other comprehensive loss (movement in translation reserve)
(0.1)
Liability
92.2
At 31 December 2024
\u2013
The joint venture predominantly represents the Group\u2019s investment in BetMGM set up in the US in which a 50% stake is held. Given the net liabilities position of the joint venture, the Group has recorded a cumulative \u00a399.4m liability as potential future obligations. In the prior year the Group recorded a cumulative \u00a37.2m liability as it was committed to make future equity contributions. Summarised financial information in respect of the Group\u2019s joint venture\u2019s net assets is set out below:
2024 2023
\u00a3m \u00a3m
Non-current assets
101.7
118.1
Cash and cash equivalents
233.4
138.7
Other current assets
165.3
182.7
Current assets
398.7
321.4
Balances with customers
(257.9)
(208.6)
Other current liabilities
(429.1)
(224.0)
Current liabilities
(687.0)
(432.6)
Non-current liabilities
(12.1)
(21.2)
Net liabilities
(198.7)
(14.3)
Group\u2019s share of net liabilities
(99.4)
(7.2)
2024 2023
Summarised statement of comprehensive income \u00a3m \u00a3m
Revenue
1,660.2
1,582.4
Depreciation and amortisation
(34.4)
(8.2)
Other operating expenses
(1,844.5)
(1,658.1)
Income tax
(0.1)
\u2013
Loss for the year
(218.8)
(83.9)
Other comprehensive loss
(0.1)
(1.2)
Total comprehensive loss
(218.9)
(85.1)
Group\u2019s share of loss
(109.5)
(42.6)
Contingent liabilities relating to the Group\u2019s interest in joint ventures are set out in Note 33. 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
2024
2023
Corporation Service Company,
251
Little Falls Drive,
BetMGM, LLC
50.0
50.0
Wilmington,
Delaware 19808, United States
4th Floor, Millbank Tower, 21-24 Millbank,
London, United Kingdom, SW1P 4QP
Premier Greyhound Racing Limited
50.0
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-598": { "value": "17 Interest in associates and other investments
Share of
associates\u2019 Other
net assets investments Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
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 gain
\u2013
0.7
0.7
Disposals
\u2013
(5.2)
(5.2)
Impairments
\u2013
(3.1)
(3.1)
Dividends received
(1.4)
\u2013
(1.4)
Share of loss after tax
(4.8)
\u2013
(4.8)
Share of other comprehensive expense
\u2013
\u2013
\u2013
Foreign exchange
\u2013
(0.7)
(0.7)
At 31 December 2024
21.5
11.1
32.6
Revaluation gain includes \u00a3nil (2023: \u00a31.1m gain) recognised through other comprehensive income with the remaining gain of \u00a30.7m (2023: \u00a31.5m gain) recognised through profit or loss. Associates Summarised financial information in respect of the associates is set out below:
2024 2023
\u00a3m \u00a3m
Non-current assets
68.7
42.5
Current assets
45.5
78.0
Non-current liabilities
(7.1)
(5.7)
Current liabilities
(66.3)
(73.1)
Net assets
40.8
41.7
Group\u2019s share of net assets
21.5
27.7
Revenue for the year
313.3
370.1
Profit for the year
(6.8)
10.4
Other comprehensive expense
\u2013
(4.7)
Total comprehensive income
(6.8)
5.7
Group\u2019s share of total comprehensive expense
(4.8)
(2.0)
Further details of the Group\u2019s associates are listed in Note 34. The financial 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 2024. 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 \u00a311.1m (2023: \u00a319.4m) consist of investments which have no fixed maturity date or coupon rate. Associates
% equity interest
Country of incorporation
Company
2024
2023
China
Asia Gaming Technologies (Beijing) Co., Ltd
1
49.0
49.0
Asia Gaming Technologies Limited
49.0
49.0
Germany
bwin E.K. Neugersdorf
\u2013
50.0
Belgium
Gran Casino de Dinant SA
20.0
20.0
Infiniti 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
41.6
40.0
Games For Good Causes PLC
36.3
36.3
Sports Information Services (Holdings) Limited
23.4
23.4
1. Subsidiary of Asia Gaming Technologies Limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-557": { "value": "
18 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Trade receivables
36.4
40.6
Other receivables
454.6
399.0
Finance lease receivable
4.4
4.3
Prepayments
95.5
91.1
590.9
535.0
Trade and other receivables are presented on the Balance Sheet as follows:
2024 2023
\u00a3m \u00a3m
Current
563.8
503.2
Non-current
27.1
31.8
Total
590.9
535.0
Trade and other receivables are non-interest bearing and are generally on 30-90 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 profile 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 significant.
Other receivables includes interest on the Greek tax repayment of \u20ac34.9m (2023: \u20ac34.9m) which is owed from Greek tax authorities and
is outstanding while the appeal is ongoing. See note 33 for more details. Other receivables also include amounts receivable from payment
service providers of \u00a3136.8m (2023: \u00a3176.0m), and other smaller items such as regulatory deposits, security deposits, rent deposits and
balances due from affiliates 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-633": { "value": "18 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Trade receivables
36.4
40.6
Other receivables
454.6
399.0
Finance lease receivable
4.4
4.3
Prepayments
95.5
91.1
590.9
535.0
Trade and other receivables are presented on the Balance Sheet as follows:
2024 2023
\u00a3m \u00a3m
Current
563.8
503.2
Non-current
27.1
31.8
Total
590.9
535.0
Trade and other receivables are non-interest bearing and are generally on 30-90 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 profile 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 significant. Other receivables includes interest on the Greek tax repayment of \u20ac34.9m (2023: \u20ac34.9m) which is owed from Greek tax authorities and is outstanding while the appeal is ongoing. See note 33 for more details. Other receivables also include amounts receivable from payment service providers of \u00a3136.8m (2023: \u00a3176.0m), and other smaller items such as regulatory deposits, security deposits, rent deposits and balances due from affiliates 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-620": { "value": "18 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Trade receivables
36.4
40.6
Other receivables
454.6
399.0
Finance lease receivable
4.4
4.3
Prepayments
95.5
91.1
590.9
535.0
Trade and other receivables are presented on the Balance Sheet as follows:
2024 2023
\u00a3m \u00a3m
Current
563.8
503.2
Non-current
27.1
31.8
Total
590.9
535.0
Trade and other receivables are non-interest bearing and are generally on 30-90 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 profile 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 significant. Other receivables includes interest on the Greek tax repayment of \u20ac34.9m (2023: \u20ac34.9m) which is owed from Greek tax authorities and is outstanding while the appeal is ongoing. See note 33 for more details. Other receivables also include amounts receivable from payment service providers of \u00a3136.8m (2023: \u00a3176.0m), and other smaller items such as regulatory deposits, security deposits, rent deposits and balances due from affiliates 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-599": { "value": "18 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Trade receivables
36.4
40.6
Other receivables
454.6
399.0
Finance lease receivable
4.4
4.3
Prepayments
95.5
91.1
590.9
535.0
Trade and other receivables are presented on the Balance Sheet as follows:
2024 2023
\u00a3m \u00a3m
Current
563.8
503.2
Non-current
27.1
31.8
Total
590.9
535.0
Trade and other receivables are non-interest bearing and are generally on 30-90 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 profile 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 significant. Other receivables includes interest on the Greek tax repayment of \u20ac34.9m (2023: \u20ac34.9m) which is owed from Greek tax authorities and is outstanding while the appeal is ongoing. See note 33 for more details. Other receivables also include amounts receivable from payment service providers of \u00a3136.8m (2023: \u00a3176.0m), and other smaller items such as regulatory deposits, security deposits, rent deposits and balances due from affiliates 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-558": { "value": "
19 Cash and cash equivalents
2024 2023
\u00a3m \u00a3m
Cash and short-term deposits
588.9
400.6
Cash and cash equivalents in the consolidated statement of cash flows comprises cash at bank, overdrafts net of short-term investments
and includes \u00a3198.3m (2023: \u00a3154.6m) restricted in respect of customers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-559": { "value": "
20 Trade and other payables
2024 2023
\u00a3m \u00a3m
Trade payables
108.2
56.9
Other payables
531.3
719.9
Social security and other taxes
265.8
197.6
Accruals
1
501.7
338.0
1,407.0
1,312.4
1. Includes \u00a399.4m (2023: \u00a37.2m) recognised as a potential future obligation to our joint venture investment in BetMGM. See Note 16 for further details.
Trade and other payables are presented on the Balance Sheet as follows:
2024 2023
\u00a3m \u00a3m
Current
1,120.6
878.6
Non-current
286.4
433.8
Total
1,407.0
1,312.4
In the prior year, the Group provided for \u00a3585m within other payables relating to 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. This settlement is being paid over a 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 significantly strengthen its wider compliance programme and related controls. Recognition of the
significant improvements made by the Company is an integral feature of achieving a DPA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-621": { "value": "20 Trade and other payables
2024 2023
\u00a3m \u00a3m
Trade payables
108.2
56.9
Other payables
531.3
719.9
Social security and other taxes
265.8
197.6
Accruals
1
501.7
338.0
1,407.0
1,312.4
1. Includes \u00a399.4m (2023: \u00a37.2m) recognised as a potential future obligation to our joint venture investment in BetMGM. See Note 16 for further details. Trade and other payables are presented on the Balance Sheet as follows:
2024 2023
\u00a3m \u00a3m
Current
1,120.6
878.6
Non-current
286.4
433.8
Total
1,407.0
1,312.4
In the prior year, the Group provided for \u00a3585m within other payables relating to 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. This settlement is being paid over a 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 significantly strengthen its wider compliance programme and related controls. Recognition of the significant improvements made by the Company is an integral feature of achieving a DPA.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-600": { "value": "20 Trade and other payables
2024 2023
\u00a3m \u00a3m
Trade payables
108.2
56.9
Other payables
531.3
719.9
Social security and other taxes
265.8
197.6
Accruals
1
501.7
338.0
1,407.0
1,312.4
1. Includes \u00a399.4m (2023: \u00a37.2m) recognised as a potential future obligation to our joint venture investment in BetMGM. See Note 16 for further details. Trade and other payables are presented on the Balance Sheet as follows:
2024 2023
\u00a3m \u00a3m
Current
1,120.6
878.6
Non-current
286.4
433.8
Total
1,407.0
1,312.4
In the prior year, the Group provided for \u00a3585m within other payables relating to 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. This settlement is being paid over a 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 significantly strengthen its wider compliance programme and related controls. Recognition of the significant improvements made by the Company is an integral feature of achieving a DPA.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-601": { "value": "
21 Discontinued operations
During the prior 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 reflects legal costs associated with historic matters as well as a liability for
a potential settlement with the former owners of the business following a long-running legal dispute. The charge was recognised within
separately disclosed items in the prior year (Note 6).
29.2 Cash flows arising from discontinued operations:
2024 2023
\u00a3m \u00a3m
Cash used in operating activities
\u2013
(57.8)
Cash used in investing activities
\u2013
\u2013
Net cash outflow arising from discontinued operations
\u2013
(57.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-560": { "value": "
22 Lease liabilities
2024 2023
\u00a3m \u00a3m
Current
Lease liabilities
77.2
65.7
Non-current
Lease liabilities
247.3
210.2
Total lease liabilities
324.5
275.9
The Group\u2019s leasing activity consists of leases on property, cars, self-service betting terminals and office equipment. The majority of those
relate to the leasing of LBOs within the Retail estates and office buildings.
Each lease is reflected 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 classifies 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 is as follows:
Minimum lease payments due
Within
1 year 1\u20132 years 2\u20135 years > 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Net present value
77.2
64.1
122.0
61.2
324.5
2023
Net present value
65.7
57.8
106.7
45.7
275.9
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 flexibility in the event it has identified 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 benefits 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 \u00a318.5m (2023: \u00a320.8m). These are predominantly driven by VAT on rental charges not
being recoverable and held over leases.
Details of total cash outflow relating to leases, are disclosed in the consolidated statement of cash flows.
Group as lessor:
Finance lease receivables are included in the statement of financial position within trade and other receivables and are as follows:
2024 2023
\u00a3m \u00a3m
Current
0.9
1.1
Non-current
3.5
3.2
The maturity analysis of lease receivables, including the undiscounted lease payments to be received, is as follows:
Within
1 year 1\u20132 years 2\u20135 years > 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Lease payments receivable
1.2
0.9
1.6
2.1
5.8
Interest
(0.3)
(0.2)
(0.5)
(0.4)
(1.4)
Present value of lease payments receivable
0.9
0.7
1.1
1.7
4.4
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
Operating lease commitments \u2013 Group as lessor
A number of the sublease agreements for unutilised space in the UK shop estate are not classified as finance leases within IFRS 16.
These non-cancellable leases have remaining lease terms of between one and ten years. The future minimum rentals receivable under
these non-cancellable operating leases at 31 December are as follows:
2024 2023
\u00a3m \u00a3m
Within one year
0.3
0.4
After one year but not more than five years
0.8
0.6
After five years
0.4
0.1
1.5
1.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-561": { "value": "
23 Interest-bearing loans and borrowings
2024 2023
\u00a3m \u00a3m
Current
Euro-denominated loans
2.3
0.4
USD-denominated loans
22.4
23.4
Sterling-denominated loans
0.6
295.4
25.3
319.2
Non-current
Euro-denominated loans
1,037.1
869.4
USD-denominated loans
2,568.8
2,172.1
Sterling-denominated loans
\u2013
(2.7)
3,605.9
3,038.8
As at 31 December 2024 there were \u00a3560m (2023: \u00a3515.0m) of committed bank facilities of which \u00a3nil (2023: \u00a3295m) were drawn down
and \u00a37.6m (2023: \u00a35.2m) of facilities which have been utilised for letters of credit.
On 1 March 2024, the Group raised an additional \u00a3300m of borrowings under a bank loan facility which was used to repay all amounts
drawn on the Groups revolving credit facility. On 1 March 2024, the commitments available under the Group\u2019s revolving credit facility were
increased by \u00a345m to \u00a3635m.
On 29 April 2024, the Group announced the successful re-pricing of the existing $1,740m loan with a margin reduction of 75bps and the
removal of the 10bps credit adjustment spread. Additionally $500m was added on to increase the loan to $2,240m. There was no change
in the maturity date of October 2029. It was also announced that the \u20ac1,030m loan was re-priced with a margin reduction of 50bps to
325bps and this loan was also increased by \u20ac235m to \u20ac1,265m. There was no change in the maturity date of June 2028.
The proceeds of the extended term loans were used to immediately repay the \u00a3300m bank loan borrowed earlier in Q1 2024 with the
remaining funds used to improve the Groups liquidity.
The Group\u2019s senior facilities agreement contains a single financial covenant: a springing leverage covenant (subject to customary cure
rights) and solely for the benefit of the lenders under the revolving credit facility (\u201cRCF\u201d). The financial 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 finance 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 financial instruments comprise term loans, bank facilities, overdrafts, loan notes, bonds, financial guarantee
contracts, and cash and short-term deposits, together with certain derivative financial instruments. The main purpose of these financial
instruments is to raise finance for the Group\u2019s operations. The Group has various other financial 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 financial 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 significant.
The main financial 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
financial 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 financial instruments such as interest rate swaps to hedge its interest rate risk. At 31 December 2024, 58%
(2023: 65%) of the Group\u2019s post-swap gross debt (excluding leases) was at fixed interest rates.
Interest on financial instruments at floating rates is repriced at intervals of less than six months. Interest on financial instruments at fixed
rates is fixed 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 financial liabilities:
Profit before tax
Effect on:
2024
2023
25 basis points decrease
3.8
1.1
100 basis points increase
(15.2)
(4.6)
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 financing facilities. The primary currencies that the Group is
exposed to fluctuations in are the Euro, Australian Dollar, New Zealand Dollar and US Dollar.
Whilst the Group does not actively hedge the foreign exposure on its trading cash flows, it continuously monitors exposures to
individual currencies, taking remediating actions as necessary to manage any significant 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 financing 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 flows of the business.
The Group has financing 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
financing 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 profit by \u00a329.1m (2023: \u00a321.6m) and net assets by \u00a331.9m (2023: \u00a322.0m)
when applied to the results of the year in question.
A 5% weakening in the Australian Dollar would reduce Group operating profit by \u00a32.5m (2023: \u00a33.4m) and net assets by \u00a36.6m
(2023: \u00a37.1m) when applied to the results of the year in question.
A 5% weakening in the US Dollar would increase Group operating profit by \u00a35.0m (2023: \u00a32.0m) arising from the share of loss of joint
venture. There are no material net assets held in US Dollar as at 31 December 2024 and 31 December 2023.
Credit risk
The Group is not subject to significant 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 financial 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 defined 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 flexibility through the use of borrowings with a range of
maturities. The Group\u2019s policy on liquidity is to ensure that there are sufficient medium-term and long-term committed borrowing facilities
to meet the medium-term funding requirements. At 31 December 2024, there were undrawn committed borrowing facilities of \u00a3560.0m
(2023: \u00a3220.0m). Total committed facilities had an average maturity of 3.5 years (2023: 4.5 years).
The total gross contractual undiscounted cash flows of financial liabilities, including interest payments, fall due as follows. Cash flows in
respect of financial guarantee contracts reflect the probability weighted cash flows.
On demand
or within
1 year 1\u20132 years 2\u20135 years > 5 years Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest-bearing loans and borrowings
265.5
1,341.5
3,027.1
\u2013
4,634.1
Other financial liabilities
223.7
107.6
848.3
2,354.4
3,534.0
Trade and other payables
618.9
151.3
151.3
\u2013
921.5
Lease liabilities
91.6
75.7
145.5
78.8
391.6
Total
1,199.7
1,676.1
4,172.2
2,433.2
9,481.2
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 financial 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
Details of discounted contractual cash flows 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 2024 was 3.1 times (2023: 3.3 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 refinancing 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 financial instruments into their relevant categories:
Assets/
Assets at
(liabilities)
fair value
at fair value
through other
Amortised
through
comprehensive
cost
profit and loss
income Total
31 December 2024 \u00a3m
\u00a3m
\u00a3m \u00a3m
Assets
Non-current:
Other investments (Note 17)
1.1
2.8
7.2
11.1
Derivative financial instruments
\u2013
19.1
\u2013
19.1
Trade and other receivables
27.1
\u2013
\u2013
27.1
Current:
Trade and other receivables
468.3
\u2013
\u2013
468.3
Derivative financial instruments
\u2013
67.3
\u2013
67.3
Cash and short-term investments (including customer funds)
588.9
\u2013
\u2013
588.9
Total
1,085.4
89.2
7.2
1,181.8
Liabilities
Current:
Customer balances
(196.6)
\u2013
\u2013
(196.6)
Interest-bearing loans and borrowings
1
(25.3)
\u2013
\u2013
(25.3)
Trade and other payables
(854.8)
\u2013
\u2013
(854.8)
Derivative financial instruments
\u2013
(8.5)
\u2013
(8.5)
Deferred and contingent consideration
(78.9)
(120.3)
\u2013
(199.2)
Other financial liabilities
2
\u2013
(15.9)
\u2013
(15.9)
Lease liabilities (Note 22)
(77.2)
\u2013
\u2013
(77.2)
Non-current:
Interest-bearing loans and borrowings
(3,605.9)
\u2013
\u2013
(3,605.9)
Trade and other payables
(286.4)
\u2013
\u2013
(286.4)
Derivative financial instruments
\u2013
(11.1)
\u2013
(11.1)
Deferred and contingent consideration
(195.4)
(766.3)
\u2013
(961.7)
Other financial liabilities
2
(512.9)
\u2013
\u2013
(512.9)
Lease liabilities (Note 22)
(247.3)
\u2013
\u2013
(247.3)
Total
(6,080.7)
(922.1)
\u2013
(7,002.8)
Net financial (liabilities)/assets
(4,995.3)
(832.9)
7.2
(5,821.0)
1. The fair value of interest-bearing loans and borrowings at 31 December 2024 and 31 December 2023 is not materially different to their original cost. 2. Other financial liabilities include a put liability of \u00a3509.1m (2023: \u00a3536.3m), \u00a33.8m of other financial liabilities (2023: \u00a39.6m) and \u00a315.9m of ante-post liabilities (2023: \u00a317.1m).
Assets/
Assets at
(liabilities)
fair value
at fair value
through other
Amortised
through
comprehensive
cost
profit 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 financial 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
1
(319.2)
\u2013
\u2013
(319.2)
Trade and other payables
(681.0)
\u2013
\u2013
(681.0)
Derivative financial instruments
\u2013
(117.5)
\u2013
(117.5)
Other financial liabilities
3
\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 financial liabilities
3
(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 financial (liabilities)/assets
(5,005.4)
(1,067.5)
7.2
(6,065.7)
3. Prior year other financial liabilities include \u00a31,335.5m deferred and contingent consideration, a put liability of \u00a3536.3m, \u00a39.6m of other financial liabilities and \u00a317.1m of
ante-post liabilities.
Fair value hierarchy
IFRS 13 requires financial 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 financial assets and liabilities measured at fair value after initial recognition at 31 December
2024 and 31 December 2023:
2024
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value
Derivative financial instruments
\u2013
86.4
\u2013
86.4
Other investments
2.1
2.7
5.2
10.0
2.1
89.1
5.2
96.4
Liabilities measured at fair value
Derivative financial instruments
\u2013
(19.6)
\u2013
(19.6)
Deferred and contingent consideration
\u2013
\u2013
(886.6)
(886.6)
Other financial liabilities
\u2013
\u2013
(15.9)
(15.9)
\u2013
(19.6)
(902.5)
(922.1)
Net assets/(liabilities) measured at fair value
2.1
69.5
(897.3)
(825.7)
2023
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value
Derivative financial 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 financial instruments
\u2013
(117.5)
\u2013
(117.5)
Other financial 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)
There have been no transfers of assets or liabilities recorded at fair value between the levels of the fair value hierarchy.
Movements in the Group\u2019s level 3 financial assets and liabilities were as follows:
2024 2023
\u00a3m \u00a3m
Net liabilities at the start of the year
(984.3)
(273.5)
Settlements
39.9
228.9
Business combinations \u2013 contingent consideration
\u2013
(867.9)
Business combinations \u2013 other
\u2013
(7.0)
Purchase of investment
\u2013
3.1
Transfers to liabilities
6.4
6.4
Other
1.2
0.1
Profit and loss account \u2013 realised losses
(3.2)
(13.8)
Profit and loss account \u2013 unrealised losses
(39.8)
(46.9)
Other comprehensive income - unrealised gains/(losses) on foreign exchange
82.5
(13.7)
Net liabilities at the end of the year
(897.3)
(984.3)
Included within other financial assets and derivative financial instruments measured at fair value are: the Group\u2019s currency swaps held
against debt instruments as an asset of \u00a386.4m (2023: asset of \u00a331.9m) and a liability of \u00a319.6m (2023: \u00a3117.5m), investment in RAS
Technology, designated as fair value through other comprehensive income for \u00a32.1m (2023: \u00a32.1m), an investment in Scout Gaming of
\u00a30.1m (2023: \u00a30.3m), convertible equity instruments with Visa Inc. for \u00a32.7m (2023: \u00a32.5m) and Greenrun Inc. for \u00a3nil (2023: \u00a33.1m),and
an investment fund of \u00a3nil (2023:\u00a35.0m), all designated as fair value through profit and loss. During the prior year, the Group disposed of
its investment in Hui10 as a share-for-share exchange with Intuitive Investment Group plc (\u201cIIG\u201d) at a \u00a3nil profit 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 2024 and
31 December 2023 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 financial forecasts of each respective business. As at 31 December 2024
contingent and deferred consideration included within other financial liabilities was \u00a31,161.0m (2023: \u00a31,335.5m), including \u00a31,056.8m
on Tab NZ as well as from the Group\u2019s acquisitions of SuperSport, ASF Limited and 365 Scores in the prior years.
The valuation of the contingent element of consideration is subject to estimation uncertainty as the amount payable is based on various
factors, including future profitability. With the exception of Tab NZ, based on the current profit 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 financial
statements. For Tab NZ 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
2024 was \u00a3782.4m (2023: \u00a3788.3m). The valuation technique used for calculating the contingent consideration was a discounted cash
flow model. The key unobservable inputs for this calculation are revenue growth rates, adjusted gross profit margin and discount rate.
A 5% movement in forecast cash flows, both positive and negative, would impact the contingent consideration liability by approximately
\u00a335m, whereas the 0.5pp movement in the discount rate would affect the liability by approximately \u00a340m.
During the year, the Group paid \u00a3120.5m (2023: \u00a3266.7m) of deferred and contingent consideration in relation to the
aforementioned acquisitions.
Put option liability
Put option liabilities are recognised for potential cash payments related to put options issued by the Group over the equity of subsidiary
companies with changes in the value being recorded in the separately disclosed items. As at 31 December 2024 a put option liability of
\u00a3509.1m was included within financial liabilities in relation to the minority holding in Entain CEE (2023: \u00a3536.3m).
Put option liabilities are recorded at amortised cost.
The valuation of the put option liability is subject to estimation uncertainty as the amount payable is based on various factors, including
future profitability, timing of payments and market conditions.
The valuation technique used for calculating the value of the put option liability was a discounted cashflow model with a weighted
average probability of a number of scenarios relating to the various inputs. There are a number of key unobservable inputs used for the
valuation with the most sensitive being comparable company EBITDA multiples. Other key inputs include profit growth forecast, discount
rates and estimated timing of payments.
A 0.5pp movement in the discount rate, either way, would affect the liability by approximately \u00a37m, where as a 1.0x change in the
EBITDA multiple would impact the liability by approximately \u00a348m. A 5% adjustment to profit, in both directions, would result in a
movement in the put option liability of approximately \u00a320m. Estimating the timing of payments is judgemental and could have various
outcomes as the put option has no expiry date but current views model scenarios between 2025 and 2027.
The amortised cost 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 final value will be determined by future sporting results.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-602": { "value": "23 Interest-bearing loans and borrowings
2024 2023
\u00a3m \u00a3m
Current
Euro-denominated loans
2.3
0.4
USD-denominated loans
22.4
23.4
Sterling-denominated loans
0.6
295.4
25.3
319.2
Non-current
Euro-denominated loans
1,037.1
869.4
USD-denominated loans
2,568.8
2,172.1
Sterling-denominated loans
\u2013
(2.7)
3,605.9
3,038.8
As at 31 December 2024 there were \u00a3560m (2023: \u00a3515.0m) of committed bank facilities of which \u00a3nil (2023: \u00a3295m) were drawn down and \u00a37.6m (2023: \u00a35.2m) of facilities which have been utilised for letters of credit. On 1 March 2024, the Group raised an additional \u00a3300m of borrowings under a bank loan facility which was used to repay all amounts drawn on the Groups revolving credit facility. On 1 March 2024, the commitments available under the Group\u2019s revolving credit facility were increased by \u00a345m to \u00a3635m. On 29 April 2024, the Group announced the successful re-pricing of the existing $1,740m loan with a margin reduction of 75bps and the removal of the 10bps credit adjustment spread. Additionally $500m was added on to increase the loan to $2,240m. There was no change in the maturity date of October 2029. It was also announced that the \u20ac1,030m loan was re-priced with a margin reduction of 50bps to 325bps and this loan was also increased by \u20ac235m to \u20ac1,265m. There was no change in the maturity date of June 2028. The proceeds of the extended term loans were used to immediately repay the \u00a3300m bank loan borrowed earlier in Q1 2024 with the remaining funds used to improve the Groups liquidity. The Group\u2019s senior facilities agreement contains a single financial covenant: a springing leverage covenant (subject to customary cure rights) and solely for the benefit of the lenders under the revolving credit facility (\u201cRCF\u201d). The financial 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-562": { "value": "
24 Provisions
Litigation and
Property Restructuring regulation
provisions
1
provisions
2
provisions
3
Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
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
Provided
12.0
3.1
45.0
60.1
Utilised
(3.9)
(3.3)
(39.4)
(46.6)
Released
(0.5)
\u2013
\u2013
(0.5)
Foreign exchange
(0.1)
\u2013
(0.3)
(0.4)
At 31 December 2024
12.8
3.1
21.8
37.7
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 flows to settle the Group\u2019s obligations, considering the risks associated with
each obligation, discounted at a risk-free interest rate of 4.1%. The periods of vacant property commitments range from 1 to 10 years (2023: 1 to 12 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 2024, \u00a334.8m (2023: \u00a320.9m) is current and \u00a32.9m (2023: \u00a34.2m) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-603": { "value": "25 Financial risk management objectives and policies The Group\u2019s treasury function provides a centralised service for the provision of finance 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 financial instruments comprise term loans, bank facilities, overdrafts, loan notes, bonds, financial guarantee contracts, and cash and short-term deposits, together with certain derivative financial instruments. The main purpose of these financial instruments is to raise finance for the Group\u2019s operations. The Group has various other financial 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 financial 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 significant. The main financial 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 financial 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 financial instruments such as interest rate swaps to hedge its interest rate risk. At 31 December 2024, 58% (2023: 65%) of the Group\u2019s post-swap gross debt (excluding leases) was at fixed interest rates. Interest on financial instruments at floating rates is repriced at intervals of less than six months. Interest on financial instruments at fixed rates is fixed 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 financial liabilities:
Profit before tax
Effect on:
2024
2023
25 basis points decrease
3.8
1.1
100 basis points increase
(15.2)
(4.6)
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 financing facilities. The primary currencies that the Group is exposed to fluctuations in are the Euro, Australian Dollar, New Zealand Dollar and US Dollar. Whilst the Group does not actively hedge the foreign exposure on its trading cash flows, it continuously monitors exposures to individual currencies, taking remediating actions as necessary to manage any significant 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 financing 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 flows of the business. The Group has financing 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 financing 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 profit by \u00a329.1m (2023: \u00a321.6m) and net assets by \u00a331.9m (2023: \u00a322.0m) when applied to the results of the year in question. A 5% weakening in the Australian Dollar would reduce Group operating profit by \u00a32.5m (2023: \u00a33.4m) and net assets by \u00a36.6m (2023: \u00a37.1m) when applied to the results of the year in question. A 5% weakening in the US Dollar would increase Group operating profit by \u00a35.0m (2023: \u00a32.0m) arising from the share of loss of joint venture. There are no material net assets held in US Dollar as at 31 December 2024 and 31 December 2023. Credit risk The Group is not subject to significant 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 financial 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 defined 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 flexibility through the use of borrowings with a range of maturities. The Group\u2019s policy on liquidity is to ensure that there are sufficient medium-term and long-term committed borrowing facilities to meet the medium-term funding requirements. At 31 December 2024, there were undrawn committed borrowing facilities of \u00a3560.0m (2023: \u00a3220.0m). Total committed facilities had an average maturity of 3.5 years (2023: 4.5 years). The total gross contractual undiscounted cash flows of financial liabilities, including interest payments, fall due as follows. Cash flows in respect of financial guarantee contracts reflect the probability weighted cash flows.
On demand
or within
1 year 1\u20132 years 2\u20135 years > 5 years Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest-bearing loans and borrowings
265.5
1,341.5
3,027.1
\u2013
4,634.1
Other financial liabilities
223.7
107.6
848.3
2,354.4
3,534.0
Trade and other payables
618.9
151.3
151.3
\u2013
921.5
Lease liabilities
91.6
75.7
145.5
78.8
391.6
Total
1,199.7
1,676.1
4,172.2
2,433.2
9,481.2
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 financial 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
Details of discounted contractual cash flows 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 2024 was 3.1 times
(2023: 3.3 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 refinancing risk. The Board reviews the Group\u2019s capital structure and liquidity periodically.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-622": { "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 financial instruments such as interest rate swaps to hedge its interest rate risk. At 31 December 2024, 58% (2023: 65%) of the Group\u2019s post-swap gross debt (excluding leases) was at fixed interest rates. Interest on financial instruments at floating rates is repriced at intervals of less than six months. Interest on financial instruments at fixed rates is fixed 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 financial liabilities:
Profit before tax
Effect on:
2024
2023
25 basis points decrease
3.8
1.1
100 basis points increase
(15.2)
(4.6)
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 financing facilities. The primary currencies that the Group is exposed to fluctuations in are the Euro, Australian Dollar, New Zealand Dollar and US Dollar. Whilst the Group does not actively hedge the foreign exposure on its trading cash flows, it continuously monitors exposures to individual currencies, taking remediating actions as necessary to manage any significant 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 financing 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 flows of the business. The Group has financing 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 financing 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 profit by \u00a329.1m (2023: \u00a321.6m) and net assets by \u00a331.9m (2023: \u00a322.0m) when applied to the results of the year in question. A 5% weakening in the Australian Dollar would reduce Group operating profit by \u00a32.5m (2023: \u00a33.4m) and net assets by \u00a36.6m (2023: \u00a37.1m) when applied to the results of the year in question. A 5% weakening in the US Dollar would increase Group operating profit by \u00a35.0m (2023: \u00a32.0m) arising from the share of loss of joint venture. There are no material net assets held in US Dollar as at 31 December 2024 and 31 December 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-623": { "value": "Credit risk The Group is not subject to significant 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 financial 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 defined minimum credit rating and by setting an exposure ceiling per bank. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-624": { "value": "Liquidity risk The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of borrowings with a range of maturities. The Group\u2019s policy on liquidity is to ensure that there are sufficient medium-term and long-term committed borrowing facilities to meet the medium-term funding requirements. At 31 December 2024, there were undrawn committed borrowing facilities of \u00a3560.0m (2023: \u00a3220.0m). Total committed facilities had an average maturity of 3.5 years (2023: 4.5 years). The total gross contractual undiscounted cash flows of financial liabilities, including interest payments, fall due as follows. Cash flows in respect of financial guarantee contracts reflect the probability weighted cash flows.
On demand
or within
1 year 1\u20132 years 2\u20135 years > 5 years Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest-bearing loans and borrowings
265.5
1,341.5
3,027.1
\u2013
4,634.1
Other financial liabilities
223.7
107.6
848.3
2,354.4
3,534.0
Trade and other payables
618.9
151.3
151.3
\u2013
921.5
Lease liabilities
91.6
75.7
145.5
78.8
391.6
Total
1,199.7
1,676.1
4,172.2
2,433.2
9,481.2
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 financial 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
Details of discounted contractual cash flows of leasing liabilities are set out in Note 22. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-625": { "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 2024 was 3.1 times (2023: 3.3 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 refinancing risk. The Board reviews the Group\u2019s capital structure and liquidity periodically.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-604": { "value": "
26 Financial instruments and fair value disclosures
The table below analyses the Group\u2019s financial instruments into their relevant categories:
Assets/
Assets at
(liabilities)
fair value
at fair value
through other
Amortised
through
comprehensive
cost
profit and loss
income Total
31 December 2024 \u00a3m
\u00a3m
\u00a3m \u00a3m
Assets
Non-current:
Other investments (Note 17)
1.1
2.8
7.2
11.1
Derivative financial instruments
\u2013
19.1
\u2013
19.1
Trade and other receivables
27.1
\u2013
\u2013
27.1
Current:
Trade and other receivables
468.3
\u2013
\u2013
468.3
Derivative financial instruments
\u2013
67.3
\u2013
67.3
Cash and short-term investments (including customer funds)
588.9
\u2013
\u2013
588.9
Total
1,085.4
89.2
7.2
1,181.8
Liabilities
Current:
Customer balances
(196.6)
\u2013
\u2013
(196.6)
Interest-bearing loans and borrowings
1
(25.3)
\u2013
\u2013
(25.3)
Trade and other payables
(854.8)
\u2013
\u2013
(854.8)
Derivative financial instruments
\u2013
(8.5)
\u2013
(8.5)
Deferred and contingent consideration
(78.9)
(120.3)
\u2013
(199.2)
Other financial liabilities
2
\u2013
(15.9)
\u2013
(15.9)
Lease liabilities (Note 22)
(77.2)
\u2013
\u2013
(77.2)
Non-current:
Interest-bearing loans and borrowings
(3,605.9)
\u2013
\u2013
(3,605.9)
Trade and other payables
(286.4)
\u2013
\u2013
(286.4)
Derivative financial instruments
\u2013
(11.1)
\u2013
(11.1)
Deferred and contingent consideration
(195.4)
(766.3)
\u2013
(961.7)
Other financial liabilities
2
(512.9)
\u2013
\u2013
(512.9)
Lease liabilities (Note 22)
(247.3)
\u2013
\u2013
(247.3)
Total
(6,080.7)
(922.1)
\u2013
(7,002.8)
Net financial (liabilities)/assets
(4,995.3)
(832.9)
7.2
(5,821.0)
1. The fair value of interest-bearing loans and borrowings at 31 December 2024 and 31 December 2023 is not materially different to their original cost.
2. Other financial liabilities include a put liability of \u00a3509.1m (2023: \u00a3536.3m), \u00a33.8m of other financial liabilities (2023: \u00a39.6m) and \u00a315.9m of ante-post liabilities (2023: \u00a317.1m).
Assets/
Assets at
(liabilities)
fair value
at fair value
through other
Amortised
through
comprehensive
cost
profit 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 financial 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
1
(319.2)
\u2013
\u2013
(319.2)
Trade and other payables
(681.0)
\u2013
\u2013
(681.0)
Derivative financial instruments
\u2013
(117.5)
\u2013
(117.5)
Other financial liabilities
3
\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 financial liabilities
3
(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 financial (liabilities)/assets
(5,005.4)
(1,067.5)
7.2
(6,065.7)
3. Prior year other financial liabilities include \u00a31,335.5m deferred and contingent consideration, a put liability of \u00a3536.3m, \u00a39.6m of other financial liabilities and \u00a317.1m of ante-post liabilities. Fair value hierarchy IFRS 13 requires financial 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 financial assets and liabilities measured at fair value after initial recognition at 31 December 2024 and 31 December 2023:
2024
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value
Derivative financial instruments
\u2013
86.4
\u2013
86.4
Other investments
2.1
2.7
5.2
10.0
2.1
89.1
5.2
96.4
Liabilities measured at fair value
Derivative financial instruments
\u2013
(19.6)
\u2013
(19.6)
Deferred and contingent consideration
\u2013
\u2013
(886.6)
(886.6)
Other financial liabilities
\u2013
\u2013
(15.9)
(15.9)
\u2013
(19.6)
(902.5)
(922.1)
Net assets/(liabilities) measured at fair value
2.1
69.5
(897.3)
(825.7)
2023
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value
Derivative financial 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 financial instruments
\u2013
(117.5)
\u2013
(117.5)
Other financial 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)
There have been no transfers of assets or liabilities recorded at fair value between the levels of the fair value hierarchy. Movements in the Group\u2019s level 3 financial assets and liabilities were as follows:
2024 2023
\u00a3m \u00a3m
Net liabilities at the start of the year
(984.3)
(273.5)
Settlements
39.9
228.9
Business combinations \u2013 contingent consideration
\u2013
(867.9)
Business combinations \u2013 other
\u2013
(7.0)
Purchase of investment
\u2013
3.1
Transfers to liabilities
6.4
6.4
Other
1.2
0.1
Profit and loss account \u2013 realised losses
(3.2)
(13.8)
Profit and loss account \u2013 unrealised losses
(39.8)
(46.9)
Other comprehensive income - unrealised gains/(losses) on foreign exchange
82.5
(13.7)
Net liabilities at the end of the year
(897.3)
(984.3)
Included within other financial assets and derivative financial instruments measured at fair value are: the Group\u2019s currency swaps held against debt instruments as an asset of \u00a386.4m (2023: asset of \u00a331.9m) and a liability of \u00a319.6m (2023: \u00a3117.5m), investment in RAS Technology, designated as fair value through other comprehensive income for \u00a32.1m (2023: \u00a32.1m), an investment in Scout Gaming of \u00a30.1m (2023: \u00a30.3m), convertible equity instruments with Visa Inc. for \u00a32.7m (2023: \u00a32.5m) and Greenrun Inc. for \u00a3nil (2023: \u00a33.1m),and an investment fund of \u00a3nil (2023:\u00a35.0m), all designated as fair value through profit and loss. During the prior year, the Group disposed of its investment in Hui10 as a share-for-share exchange with Intuitive Investment Group plc (\u201cIIG\u201d) at a \u00a3nil profit 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 2024 and 31 December 2023 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 financial forecasts of each respective business. As at 31 December 2024 contingent and deferred consideration included within other financial liabilities was \u00a31,161.0m (2023: \u00a31,335.5m), including \u00a31,056.8m on Tab NZ as well as from the Group\u2019s acquisitions of SuperSport, ASF Limited and 365 Scores in the prior years. The valuation of the contingent element of consideration is subject to estimation uncertainty as the amount payable is based on various factors, including future profitability. With the exception of Tab NZ, based on the current profit 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 financial statements. For Tab NZ 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 2024 was \u00a3782.4m (2023: \u00a3788.3m). The valuation technique used for calculating the contingent consideration was a discounted cash flow model. The key unobservable inputs for this calculation are revenue growth rates, adjusted gross profit margin and discount rate. A 5% movement in forecast cash flows, both positive and negative, would impact the contingent consideration liability by approximately \u00a335m, whereas the 0.5pp movement in the discount rate would affect the liability by approximately \u00a340m. During the year, the Group paid \u00a3120.5m (2023: \u00a3266.7m) of deferred and contingent consideration in relation to the aforementioned acquisitions. Put option liability Put option liabilities are recognised for potential cash payments related to put options issued by the Group over the equity of subsidiary companies with changes in the value being recorded in the separately disclosed items. As at 31 December 2024 a put option liability of \u00a3509.1m was included within financial liabilities in relation to the minority holding in Entain CEE (2023: \u00a3536.3m). Put option liabilities are recorded at amortised cost. The valuation of the put option liability is subject to estimation uncertainty as the amount payable is based on various factors, including future profitability, timing of payments and market conditions. The valuation technique used for calculating the value of the put option liability was a discounted cashflow model with a weighted average probability of a number of scenarios relating to the various inputs. There are a number of key unobservable inputs used for the valuation with the most sensitive being comparable company EBITDA multiples. Other key inputs include profit growth forecast, discount rates and estimated timing of payments. A 0.5pp movement in the discount rate, either way, would affect the liability by approximately \u00a37m, where as a 1.0x change in the EBITDA multiple would impact the liability by approximately \u00a348m. A 5% adjustment to profit, in both directions, would result in a movement in the put option liability of approximately \u00a320m. Estimating the timing of payments is judgemental and could have various outcomes as the put option has no expiry date but current views model scenarios between 2025 and 2027. The amortised cost 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 final value will be determined by future sporting results.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-626": { "value": "26 Financial instruments and fair value disclosures The table below analyses the Group\u2019s financial instruments into their relevant categories:
Assets/
Assets at
(liabilities)
fair value
at fair value
through other
Amortised
through
comprehensive
cost
profit and loss
income Total
31 December 2024 \u00a3m
\u00a3m
\u00a3m \u00a3m
Assets
Non-current:
Other investments (Note 17)
1.1
2.8
7.2
11.1
Derivative financial instruments
\u2013
19.1
\u2013
19.1
Trade and other receivables
27.1
\u2013
\u2013
27.1
Current:
Trade and other receivables
468.3
\u2013
\u2013
468.3
Derivative financial instruments
\u2013
67.3
\u2013
67.3
Cash and short-term investments (including customer funds)
588.9
\u2013
\u2013
588.9
Total
1,085.4
89.2
7.2
1,181.8
Liabilities
Current:
Customer balances
(196.6)
\u2013
\u2013
(196.6)
Interest-bearing loans and borrowings
1
(25.3)
\u2013
\u2013
(25.3)
Trade and other payables
(854.8)
\u2013
\u2013
(854.8)
Derivative financial instruments
\u2013
(8.5)
\u2013
(8.5)
Deferred and contingent consideration
(78.9)
(120.3)
\u2013
(199.2)
Other financial liabilities
2
\u2013
(15.9)
\u2013
(15.9)
Lease liabilities (Note 22)
(77.2)
\u2013
\u2013
(77.2)
Non-current:
Interest-bearing loans and borrowings
(3,605.9)
\u2013
\u2013
(3,605.9)
Trade and other payables
(286.4)
\u2013
\u2013
(286.4)
Derivative financial instruments
\u2013
(11.1)
\u2013
(11.1)
Deferred and contingent consideration
(195.4)
(766.3)
\u2013
(961.7)
Other financial liabilities
2
(512.9)
\u2013
\u2013
(512.9)
Lease liabilities (Note 22)
(247.3)
\u2013
\u2013
(247.3)
Total
(6,080.7)
(922.1)
\u2013
(7,002.8)
Net financial (liabilities)/assets
(4,995.3)
(832.9)
7.2
(5,821.0)
1. The fair value of interest-bearing loans and borrowings at 31 December 2024 and 31 December 2023 is not materially different to their original cost. 2. Other financial liabilities include a put liability of \u00a3509.1m (2023: \u00a3536.3m), \u00a33.8m of other financial liabilities (2023: \u00a39.6m) and \u00a315.9m of ante-post liabilities (2023: \u00a317.1m).
Assets/
Assets at
(liabilities)
fair value
at fair value
through other
Amortised
through
comprehensive
cost
profit 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 financial 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
1
(319.2)
\u2013
\u2013
(319.2)
Trade and other payables
(681.0)
\u2013
\u2013
(681.0)
Derivative financial instruments
\u2013
(117.5)
\u2013
(117.5)
Other financial liabilities
3
\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 financial liabilities
3
(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 financial (liabilities)/assets
(5,005.4)
(1,067.5)
7.2
(6,065.7)
3. Prior year other financial liabilities include \u00a31,335.5m deferred and contingent consideration, a put liability of \u00a3536.3m, \u00a39.6m of other financial liabilities and \u00a317.1m of ante-post liabilities. Fair value hierarchy IFRS 13 requires financial 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 financial assets and liabilities measured at fair value after initial recognition at 31 December 2024 and 31 December 2023:
2024
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value
Derivative financial instruments
\u2013
86.4
\u2013
86.4
Other investments
2.1
2.7
5.2
10.0
2.1
89.1
5.2
96.4
Liabilities measured at fair value
Derivative financial instruments
\u2013
(19.6)
\u2013
(19.6)
Deferred and contingent consideration
\u2013
\u2013
(886.6)
(886.6)
Other financial liabilities
\u2013
\u2013
(15.9)
(15.9)
\u2013
(19.6)
(902.5)
(922.1)
Net assets/(liabilities) measured at fair value
2.1
69.5
(897.3)
(825.7)
2023
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value
Derivative financial 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 financial instruments
\u2013
(117.5)
\u2013
(117.5)
Other financial 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)
There have been no transfers of assets or liabilities recorded at fair value between the levels of the fair value hierarchy. Movements in the Group\u2019s level 3 financial assets and liabilities were as follows:
2024 2023
\u00a3m \u00a3m
Net liabilities at the start of the year
(984.3)
(273.5)
Settlements
39.9
228.9
Business combinations \u2013 contingent consideration
\u2013
(867.9)
Business combinations \u2013 other
\u2013
(7.0)
Purchase of investment
\u2013
3.1
Transfers to liabilities
6.4
6.4
Other
1.2
0.1
Profit and loss account \u2013 realised losses
(3.2)
(13.8)
Profit and loss account \u2013 unrealised losses
(39.8)
(46.9)
Other comprehensive income - unrealised gains/(losses) on foreign exchange
82.5
(13.7)
Net liabilities at the end of the year
(897.3)
(984.3)
Included within other financial assets and derivative financial instruments measured at fair value are: the Group\u2019s currency swaps held against debt instruments as an asset of \u00a386.4m (2023: asset of \u00a331.9m) and a liability of \u00a319.6m (2023: \u00a3117.5m), investment in RAS Technology, designated as fair value through other comprehensive income for \u00a32.1m (2023: \u00a32.1m), an investment in Scout Gaming of \u00a30.1m (2023: \u00a30.3m), convertible equity instruments with Visa Inc. for \u00a32.7m (2023: \u00a32.5m) and Greenrun Inc. for \u00a3nil (2023: \u00a33.1m),and an investment fund of \u00a3nil (2023:\u00a35.0m), all designated as fair value through profit and loss. During the prior year, the Group disposed of its investment in Hui10 as a share-for-share exchange with Intuitive Investment Group plc (\u201cIIG\u201d) at a \u00a3nil profit 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 2024 and 31 December 2023 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 financial forecasts of each respective business. As at 31 December 2024 contingent and deferred consideration included within other financial liabilities was \u00a31,161.0m (2023: \u00a31,335.5m), including \u00a31,056.8m on Tab NZ as well as from the Group\u2019s acquisitions of SuperSport, ASF Limited and 365 Scores in the prior years. The valuation of the contingent element of consideration is subject to estimation uncertainty as the amount payable is based on various factors, including future profitability. With the exception of Tab NZ, based on the current profit 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 financial statements. For Tab NZ 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 2024 was \u00a3782.4m (2023: \u00a3788.3m). The valuation technique used for calculating the contingent consideration was a discounted cash flow model. The key unobservable inputs for this calculation are revenue growth rates, adjusted gross profit margin and discount rate. A 5% movement in forecast cash flows, both positive and negative, would impact the contingent consideration liability by approximately \u00a335m, whereas the 0.5pp movement in the discount rate would affect the liability by approximately \u00a340m. During the year, the Group paid \u00a3120.5m (2023: \u00a3266.7m) of deferred and contingent consideration in relation to the aforementioned acquisitions. Put option liability Put option liabilities are recognised for potential cash payments related to put options issued by the Group over the equity of subsidiary companies with changes in the value being recorded in the separately disclosed items. As at 31 December 2024 a put option liability of \u00a3509.1m was included within financial liabilities in relation to the minority holding in Entain CEE (2023: \u00a3536.3m). Put option liabilities are recorded at amortised cost. The valuation of the put option liability is subject to estimation uncertainty as the amount payable is based on various factors, including future profitability, timing of payments and market conditions. The valuation technique used for calculating the value of the put option liability was a discounted cashflow model with a weighted average probability of a number of scenarios relating to the various inputs. There are a number of key unobservable inputs used for the valuation with the most sensitive being comparable company EBITDA multiples. Other key inputs include profit growth forecast, discount rates and estimated timing of payments. A 0.5pp movement in the discount rate, either way, would affect the liability by approximately \u00a37m, where as a 1.0x change in the EBITDA multiple would impact the liability by approximately \u00a348m. A 5% adjustment to profit, in both directions, would result in a movement in the put option liability of approximately \u00a320m. Estimating the timing of payments is judgemental and could have various outcomes as the put option has no expiry date but current views model scenarios between 2025 and 2027. The amortised cost 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 final value will be determined by future sporting results.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-563": { "value": "
27 Net debt
The components of the Group\u2019s adjusted net debt are as follows:
2024 2023
\u00a3m \u00a3m
Current assets
Cash and short-term deposits
588.9
400.6
Current liabilities
Interest-bearing loans and borrowings
(25.3)
(319.2)
Non-current liabilities
Interest-bearing loans and borrowings
(3,605.9)
(3,038.8)
Net debt
(3,042.3)
(2,957.4)
Cash held on behalf of customers
(196.6)
(196.8)
Fair value swaps held against debt instruments (derivative financial asset/(liability))
66.8
(85.6)
Deposits
20.7
48.8
Balances held with payment service providers
136.8
176.0
Sub-total
(3,014.6)
(3,015.0)
Lease liabilities
(324.5)
(275.9)
Adjusted net debt including lease liabilities
(3,339.1)
(3,290.9)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-564": { "value": "
28 Share capital
Number of
\u20ac0.01
ordinary Total Total
shares \u20acm \u00a3m
Authorised:
At 31 December 2023 and 31 December 2024
773,000,000
7.7
6.4
Issued and fully paid:
At 1 January 2023
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
Exercise of share options
1
507,119
\u2013
\u2013
At 31 December 2024
639,307,010
6.4
5.2
1. Share options exercised in the year included 43,416 exercised from an existing share issue within share options disclosures in Note 31.
The Company\u2019s share capital consists entirely of ordinary shares, accordingly all shares rank pari passu in all respects.
In the prior year, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-605": { "value": "28 Share capital
Number of
\u20ac0.01
ordinary Total Total
shares \u20acm \u00a3m
Authorised:
At 31 December 2023 and 31 December 2024
773,000,000
7.7
6.4
Issued and fully paid:
At 1 January 2023
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
Exercise of share options
1
507,119
\u2013
\u2013
At 31 December 2024
639,307,010
6.4
5.2
1. Share options exercised in the year included 43,416 exercised from an existing share issue within share options disclosures in Note 31. The Company\u2019s share capital consists entirely of ordinary shares, accordingly all shares rank pari passu in all respects. In the prior year, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-565": { "value": "
29 Notes to the statement of cash flows
29.1 Reconciliation of loss to net cash inflow from operating activities:
2024 2023
\u00a3m \u00a3m
Loss before tax from continuing operations
(357.4)
(842.6)
Net finance expense
107.3
197.9
Loss before tax and net finance expense from continuing operations
(250.1)
(644.7)
Loss before tax and net finance expense from discontinued operations
\u2013
(57.8)
Loss before tax and net finance expense including discontinued operations
(250.1)
(702.5)
Adjustments for:
Impairment
457.4
289.0
Loss on disposal
\u2013
1.0
Depreciation of property, plant and equipment
146.4
141.0
Amortisation of intangible assets
485.4
415.1
Share-based payments charge
13.3
23.6
(Increase)/decrease in trade and other receivables
(78.2)
42.2
Increase in other financial liabilities
50.7
62.7
Increase in trade and other payables
36.9
506.0
Increase/(decrease) in provisions
12.6
(1.9)
Share of results from joint venture and associate
114.2
42.9
Other
(12.4)
(9.1)
Cash generated by operations
976.2
810.0
29.2 Cash flows arising from discontinued operations:
2024 2023
\u00a3m \u00a3m
Cash used in operating activities
\u2013
(57.8)
Cash used in investing activities
\u2013
\u2013
Net cash outflow arising from discontinued operations
\u2013
(57.8)
29.3 Reconciliation of movements of liabilities to cash flows arising from financing activities:
2024
2023
Other Other Other Other
loans and Lease financial loans and Lease financial
borrowings liabilities liabilities Total borrowings liabilities liabilities Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January
3,358.0
275.9
1,898.5
5,532.4
3,114.0
280.9
462.2
3,857.1
Changes from financing cash flows
Proceeds from borrowings, net of issue costs
591.7
\u2013
\u2013
591.7
1,780.3
\u2013
\u2013
1,780.3
Repayments
(315.9)
\u2013
(101.3)
(417.2)
(1,419.2)
\u2013
(266.7)
(1,685.9)
Repayment of borrowings on acquisition
\u2013
\u2013
\u2013
\u2013
(9.4)
\u2013
\u2013
(9.4)
Repayment of lease liabilities
1
\u2013
(68.0)
\u2013
(68.0)
\u2013
(68.5)
\u2013
(68.5)
Total changes from financing cash flows
275.8
(68.0)
(101.3)
106.5
351.7
(68.5)
(266.7)
16.5
Other changes
Business combination consideration (Note 32)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,254.4
1,254.4
Recognition of put option liability (Note 32)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
350.5
350.5
Interest expense/discount unwind
264.6
15.7
141.1
421.4
229.2
12.8
70.4
312.4
Interest paid
2
(255.3)
(15.7)
\u2013
(271.0)
(224.2)
(12.8)
\u2013
(237.0)
New lease liabilities
\u2013
132.4
\u2013
132.4
\u2013
45.6
\u2013
45.6
Finance fees (Note 6)
9.1
\u2013
\u2013
9.1
1.0
\u2013
\u2013
1.0
Re-measurement adjustments and disposals
\u2013
(11.0)
(109.7)
(120.7)
\u2013
(7.4)
1.4
(6.0)
Total other changes
18.4
121.4
31.4
171.2
6.0
38.2
1,676.7
1,720.9
Arising on business combinations
\u2013
\u2013
\u2013
\u2013
9.4
26.9
7.0
43.3
The effect of changes in foreign exchange
(21.0)
(4.8)
(138.9)
(164.7)
(123.1)
(1.6)
19.3
(105.4)
Balance at 31 December
3,631.2
324.5
1,689.7
5,645.4
3,358.0
275.9
1,898.5
5,532.4
1. In addition to the above, the Group received \u00a31.0m (2023: \u00a30.2m) in respect of lease receivables resulting in a net repayment of finance leases of \u00a367.0m (2023: \u00a368.3m).
2. In addition to the above, the Group received \u00a316.1m (2023: \u00a312.4m) of interest income resulting in a net finance expense paid of \u00a3254.9m (2023: \u00a3224.6m).
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-566": { "value": "
30 Retirement benefit schemes
Defined contribution schemes
During the year the Group charged \u00a320.3m of contributions (2023: \u00a323.1m) to the consolidated income statement in relation to the
defined contribution pension schemes.
Defined benefit 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 final salary pension plan for UK employees and closed to new employees and future accrual.
At retirement each member\u2019s pension is related to their \"career average earnings\" for the Gala Coral Pension Plan. The weighted average
duration of the expected benefit payments from the plan is around 13 years (2023: 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 deficit that arises. As at the
date of signing the financial 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 2024 by
an independent qualified actuary in accordance with IAS 19 (Revised) Employee Benefits. The value of the defined benefit 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:
2024 2023
\u00a3m \u00a3m
Present value of funded obligations
(235.6)
(262.6)
Fair value of plan assets
290.7
324.4
Net asset
55.1
61.8
Disclosed in the balance sheet as: Retirement benefit asset
55.1
61.8
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 benefit
of the Group.
The amounts recognised in the income statement are as follows:
2024 2023
\u00a3m \u00a3m
Analysis of amounts charged to the income statement
Other administrative expenses
1.4
1.3
Net interest on net asset
(2.8)
(3.0)
Total credit recognised in the income statement
(1.4)
(1.7)
The actual return on plan assets including interest over the year was a \u00a319.5m loss (2023: \u00a314.5m gain).
The amounts recognised in the statement of comprehensive income are as follows:
2024 2023
\u00a3m \u00a3m
Actual return on assets less interest on plan assets
(34.1)
(0.7)
Actuarial (losses)/gains on defined benefit obligation due to changes in demographic assumptions
(0.6)
3.8
Actuarial gains/(losses) on defined benefit obligation due to changes in financial assumptions
27.0
(3.2)
Experience adjustments on benefit obligation
(0.4)
(3.6)
Actuarial losses recognised in the statement of comprehensive income
(8.1)
(3.7)
Changes in the present value of the defined benefit obligation are as follows:
2024 2023
\u00a3m \u00a3m
At 1 January
(262.6)
(259.4)
Interest on obligation
(11.8)
(12.2)
Actuarial losses due to changes in demographic assumptions
(0.6)
3.8
Actuarial gains due to changes in financial assumptions
27.0
(3.2)
Experience adjustments on obligations
(0.4)
(3.6)
Benefits paid
12.8
12.0
At 31 December
(235.6)
(262.6)
Changes in the fair value of plan assets are as follows:
2024 2023
\u00a3m \u00a3m
At 1 January
324.4
323.2
Interest on plan assets
14.6
15.2
Administrative expenses
(1.4)
(1.3)
Actual return less interest on plan assets
(34.1)
(0.7)
Benefits paid
(12.8)
(12.0)
At 31 December
290.7
324.4
The Group did not contribute to the plan in 2024 and does not expect to in 2025. 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:
2024 2023
% %
Equities
3.0
2.0
Diversified growth funds
5.0
5.0
Liability-driven investment
47.0
48.0
Multi-asset credit
0.0
3.0
Corporate bonds
37.0
34.0
Private credit
7.0
8.0
Cash and cash equivalents
1.0
\u2013
100.0
100.0
At 31 December 2024, the plan assets were categorised as Level 1 of \u00a31.6m, Level 2 of \u00a3268.1m (2023: \u00a3297.5m) and as Level 3 of
\u00a321.0m (2023: \u00a326.9m). Definition of fair value level categories are set out in Note 26.
The plan does not invest directly in property occupied by the Group or in financial 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 2024 there were no
employer-related investments (2023: 0.1%) in 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):
2024 2023
% p.a. % p.a.
Discount rate
5.4
4.6
Price inflation (CPI)
2.2
2.0
Price inflation (RPI)
3.1
3.0
Future pension increases
\u2013 LPI 5% (CPI)
3.0
2.9
\u2013 LPI 2.5% (CPI)
2.1
2.0
Post-retirement mortality assumed for most members is based on the standard SAPS mortality table with the CMI 2023 projections
which considers future improvements, adjusted to reflect plan-specific experience.
The assumption used implies that the expected lifetime of members for the scheme is:
2024
2023
Male aged 45 for year ended
87.0
87.0
Female aged 45 for year ended
89.6
89.5
Male aged 65 for year ended
85.8
85.8
Female aged 65 for year ended 88.2 88.1
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 significant assumptions, the following sensitivity analysis provides an indication of
the impact on the defined benefit obligation for the year ended 31 December 2024:
2024 2023
% %
\u2013 0.5% p.a. decrease in the discount rate
6.5
7.1
\u2013 0.5% p.a. increase in price inflation
4.4
5.0
\u2013 One-year increase in life expectancy
3.3
3.4
These sensitivities have been calculated to show the movement in the defined benefit 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.
In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others
relating to the validity of certain historical pension changes due to the lack of actuarial confirmation required by law. In July 2024, the
Court of Appeal dismissed the appeal brought by Virgin Media Ltd against aspects of the June 2023 decision. This case may have
implications for other UK defined benefit plans. The Company and pension scheme trustees\u2019 advisors are reviewing the potential
implications of the case for the Pension and Life Assurance Scheme. The defined benefit obligation has been calculated on the basis of
the pension benefits currently being administered, and at this stage we do not consider it necessary to make any adjustments as a result
of the Virgin Media case.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-606": { "value": "Defined contribution schemes During the year the Group charged \u00a320.3m of contributions (2023: \u00a323.1m) to the consolidated income statement in relation to the defined contribution pension schemes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-607": { "value": "Defined benefit 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 final salary pension plan for UK employees and closed to new employees and future accrual. At retirement each member\u2019s pension is related to their \"career average earnings\" for the Gala Coral Pension Plan. The weighted average duration of the expected benefit payments from the plan is around 13 years (2023: 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 deficit that arises. As at the date of signing the financial 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 2024 by an independent qualified actuary in accordance with IAS 19 (Revised) Employee Benefits. The value of the defined benefit 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:
2024 2023
\u00a3m \u00a3m
Present value of funded obligations
(235.6)
(262.6)
Fair value of plan assets
290.7
324.4
Net asset
55.1
61.8
Disclosed in the balance sheet as: Retirement benefit asset
55.1
61.8
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 benefit of the Group. The amounts recognised in the income statement are as follows:
2024 2023
\u00a3m \u00a3m
Analysis of amounts charged to the income statement
Other administrative expenses
1.4
1.3
Net interest on net asset
(2.8)
(3.0)
Total credit recognised in the income statement
(1.4)
(1.7)
The actual return on plan assets including interest over the year was a \u00a319.5m loss (2023: \u00a314.5m gain). The amounts recognised in the statement of comprehensive income are as follows:
2024 2023
\u00a3m \u00a3m
Actual return on assets less interest on plan assets
(34.1)
(0.7)
Actuarial (losses)/gains on defined benefit obligation due to changes in demographic assumptions
(0.6)
3.8
Actuarial gains/(losses) on defined benefit obligation due to changes in financial assumptions
27.0
(3.2)
Experience adjustments on benefit obligation
(0.4)
(3.6)
Actuarial losses recognised in the statement of comprehensive income
(8.1)
(3.7)
Changes in the present value of the defined benefit obligation are as follows:
2024 2023
\u00a3m \u00a3m
At 1 January
(262.6)
(259.4)
Interest on obligation
(11.8)
(12.2)
Actuarial losses due to changes in demographic assumptions
(0.6)
3.8
Actuarial gains due to changes in financial assumptions
27.0
(3.2)
Experience adjustments on obligations
(0.4)
(3.6)
Benefits paid
12.8
12.0
At 31 December
(235.6)
(262.6)
Changes in the fair value of plan assets are as follows:
2024 2023
\u00a3m \u00a3m
At 1 January
324.4
323.2
Interest on plan assets
14.6
15.2
Administrative expenses
(1.4)
(1.3)
Actual return less interest on plan assets
(34.1)
(0.7)
Benefits paid
(12.8)
(12.0)
At 31 December
290.7
324.4
The Group did not contribute to the plan in 2024 and does not expect to in 2025. 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:
2024 2023
% %
Equities
3.0
2.0
Diversified growth funds
5.0
5.0
Liability-driven investment
47.0
48.0
Multi-asset credit
0.0
3.0
Corporate bonds
37.0
34.0
Private credit
7.0
8.0
Cash and cash equivalents
1.0
\u2013
100.0
100.0
At 31 December 2024, the plan assets were categorised as Level 1 of \u00a31.6m, Level 2 of \u00a3268.1m (2023: \u00a3297.5m) and as Level 3 of \u00a321.0m (2023: \u00a326.9m). Definition of fair value level categories are set out in Note 26. The plan does not invest directly in property occupied by the Group or in financial 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 2024 there were no employer-related investments (2023: 0.1%) in 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):
2024 2023
% p.a. % p.a.
Discount rate
5.4
4.6
Price inflation (CPI)
2.2
2.0
Price inflation (RPI)
3.1
3.0
Future pension increases
\u2013 LPI 5% (CPI)
3.0
2.9
\u2013 LPI 2.5% (CPI)
2.1
2.0
Post-retirement mortality assumed for most members is based on the standard SAPS mortality table with the CMI 2023 projections which considers future improvements, adjusted to reflect plan-specific experience. The assumption used implies that the expected lifetime of members for the scheme is:
2024
2023
Male aged 45 for year ended
87.0
87.0
Female aged 45 for year ended
89.6
89.5
Male aged 65 for year ended
85.8
85.8
Female aged 65 for year ended 88.2 88.1
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 significant assumptions, the following sensitivity analysis provides an indication of the impact on the defined benefit obligation for the year ended 31 December 2024:
2024 2023
% %
\u2013 0.5% p.a. decrease in the discount rate
6.5
7.1
\u2013 0.5% p.a. increase in price inflation
4.4
5.0
\u2013 One-year increase in life expectancy
3.3
3.4
These sensitivities have been calculated to show the movement in the defined benefit 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. In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others relating to the validity of certain historical pension changes due to the lack of actuarial confirmation required by law. In July 2024, the Court of Appeal dismissed the appeal brought by Virgin Media Ltd against aspects of the June 2023 decision. This case may have implications for other UK defined benefit plans. The Company and pension scheme trustees\u2019 advisors are reviewing the potential implications of the case for the Pension and Life Assurance Scheme. The defined benefit obligation has been calculated on the basis of the pension benefits currently being administered, and at this stage we do not consider it necessary to make any adjustments as a result of the Virgin Media case.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-567": { "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
2024
1
in the year in the year
in the year
2024
2024 criteria
16-Dec-2016
422p
339,338
\u2013
\u2013
\u2013
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
20,405
\u2013
\u2013
\u2013
20,405
20,405
Note c
10-Jun-2020
0p
38,486
\u2013
\u2013
(31,894)
6,592
6,592
Note d
24-Mar-2021
0p
834,975
\u2013
(691,198)
(133,695)
10,082
10,082
Note e
04-May-2021
1264p
521,415
\u2013
(205,415)
\u2013
316,000
316,000
Note f
18-Mar-2022
0p
1,038,214
\u2013
(124,956)
\u2013
913,258
\u2013
Note g
18-Mar-2022
0p
95,463
\u2013
\u2013
\u2013
95,463
\u2013
Note h
26-Apr-2022
1333p
540,185
\u2013
(182,667)
(157)
357,361
\u2013
Note f
28-Jun-2022
0p
385,466
\u2013
(32,476)
(342,958)
10,032
10,032
Note i
21-Mar-2023
0p
74,699
\u2013
\u2013
\u2013
74,699
\u2013
Note h
25-Apr-2023
1008p
885,545
\u2013
(219,054)
(16)
666,475
\u2013
Note f
04-May-2023
0p
729,406
\u2013
(145,346)
\u2013
584,060
\u2013
Note j
16-Jun-2023
0p
1,275,465
\u2013
(193,177)
\u2013
1,082,288
\u2013
Note j
11-Mar-2024
0p
\u2013
3,734,019
(207,607)
\u2013
3,526,412
\u2013
Note k
11-Mar-2024
0p
\u2013
39,346
\u2013
\u2013
39,346
\u2013
Note h
25-Apr-2024
607p
\u2013
1,986,695
(192,278)
(41,815)
1,752,602
\u2013
Note f
08-Jul-2024
0p
\u2013
27,670
\u2013
\u2013
27,670
\u2013
Note k
10-Sept-2024
0p
\u2013
584,893
\u2013
\u2013
584.893
\u2013
Note k
Total Schemes
6,782,454
6,372,623
(2,194,174)
(550,535)
10,410,368
705,841
1. Prior year numbers have been adjusted to include the Deferred Bonus Plans previously excluded.
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: Employee Sharesave Plan \u2013 From 2021 onwards, the Group set up annual Employee Sharesave plans. Under these plans employees of the Group can subscribe up to a
maximum of \u00a3100 a month per plan 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: Deferred Bonus Plan \u2013 50% of the Executive Director\u2019s annual bonus is deferred into shares. These awards normally vest at the end of three years, subject to continued
employment or approval of good leaver treatment. Further details are provided in the Directors\u2019 Renumeration Report.
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 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 k: 2024 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 2024 was \u00a313.3m
(2023: \u00a321.7m) 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
2024 2024
2023
1
2023
1
Outstanding at the beginning of the year
356p
6,782,454
323p
5,657,008
Granted during the year
189p
6,372,623
312p
3,260,512
Exercised during the year
47p
(550,535)
11p
(1,069,251)
Cancelled or forfeited in the year
383p
(2,194,174)
393p
(1,065,815)
Outstanding at the end of the year
265p
10,410,368
356p
6,782,454
Exercisable at the end of the year
769p
705,841
357p
401,621
1. Prior year numbers have been adjusted to include the Deferred Bonus Plans previously excluded.
The options outstanding at 31 December 2024 have a weighted average contractual life of 1.6 years (31 December 2023: 1.5 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
Mar-23
12.38
\u2013
41.0%
n/a
1.7%
4.68%
5.48
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
Mar-24
7.35
\u2013
38.2%
n/a
2.6%
3.92%
3.04
Apr-24
8.09
6.07
38.9%
n/a
2.4%
4.25%
3.11
Jul-24
6.32
\u2013
38.2%
n/a
2.6%
3.92%
3.04
Sep-24
6.79
\u2013
38.2%
n/a
2.6%
3.92%
3.04
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-568": { "value": "
32 Business combinations
There have been no business combinations during the year or adjustments to valuations on business combinations from prior years.
Summary of acquisitions in the prior year:
Acquisitions during the prior year relate primarily to online gaming activities. Tab NZ and 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 2023, 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 first five 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 profits. 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 significant, the discounted estimate of consideration for
the Tab NZ acquisition was \u00a31,208.7m, which was considered to be equal to the fair value.
In accordance with IFRS 3, as control had been obtained, the business was consolidated from the point of acquisition.
Details of the purchase consideration, and the values of 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 2023, 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 financial 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 was
consolidated from the point of acquisition.
Details of the purchase consideration, and the values 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 2023, 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 financial performance. Based on financial 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 had been obtained, the business was consolidated from the point of acquisition.
365Scores
On 30 March 2023, 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 financial targets capped at $10m. Based on financial
forecasts at the point of acquisition, total discounted consideration has been assessed as $161m.
In accordance with IFRS 3, as control had been obtained, the business was consolidated from the point of acquisition.
Tiidal Gaming
On 9 June 2023, 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 had been obtained, the business was consolidated from the point of acquisition.
ASF Limited (trading as Angstrom)
On 29 September 2023, 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 had been obtained, the business was consolidated from the point of acquisition.
Details of the total purchase consideration, and the values of 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 in 2023 of \u00a3357.6m and underlying profit before tax of \u00a334.9m.
Had the acquisitions occurred on the first day of 2023, the prior year revenue for the Group would have been \u00a34,990.2m with an
underlying profit before tax of \u00a3493.4m.
Included in the valuation of goodwill is the value attributed to acquired workforce, and the benefit of future trading potential including
synergies arising as part of the acquisition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-569": { "value": "
33 Commitments and contingencies
AUSTRAC
On 16 December 2024, the Australian Transaction Reports and Analysis Centre (\"AUSTRAC\") commenced civil penalty proceedings in
the Federal Court of Australia against Entain Group Pty Ltd, the Group's subsidiary in Australia (\"Entain Australia\").
The proceedings against Entain Australia relate to alleged contraventions of the Australian Anti-Money Laundering and Counter-
Terrorism Financing Act 2006 (the \"Act\"), identified as part of AUSTRAC's enforcement investigation of Entain Australia (the
\u201cInvestigation\u201d). As the Group has previously disclosed, the Investigation was announced by AUSTRAC in September 2022. The
Investigation has now concluded, with the only outcome being the civil penalty proceedings.
A Statement of Claim regarding the proceedings has not been issued as at the date of approval of the annual report and accounts and
a provision has not been recognised as it is not possible to reliably estimate the quantum or timing of any fine. Previous penalties in
AUSTRAC proceedings in the gaming sector have been material, ranging from AU$45m to AU$450m. Therefore, it is possible that the
proceedings may result in a penalty being levied which could potentially be material. All cases are different and there is inherent risk in
drawing conclusions from previously settled cases. The level of any penalty is ultimately a matter for the Federal Court of Australia.
It is expected that the Statement of Claim will be issued in mid-March and, in other cases settled with AUSTRAC, it has taken between 10
and 20 months after the issuance of the Statement of Claim for the proceedings to conclude. Another set of proceedings against another
entity has been ongoing for 26 months and is still unresolved. It is therefore difficult to predict how long the proceedings against Entain
Australia will last.
Greek Tax
In November 2021, the Athens Administrative Court of Appeal ruled in favour of the Group\u2019s appeal against the tax assessments raised
by the Greek tax authorities in respect of alleged unpaid taxes and penalties for the years 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 appeals by the Greek tax 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 and 2011 assessments plus interest, an estimated total of \u20ac300m at
31 December 2024.
The appeals were due to be heard before the Greek Supreme Administrative Court at various dates in 2024 but have been deferred to
30 April 2025 and 14 May 2025.
Shareholder Litigation
On 30 November 2024 and 2 December 2024, Entain plc was served with two claims brought by two groups of shareholders which
arise from the circumstances and disclosures relating to GVC\u2019s legacy Turkish-facing business and the investigation by HMRC into those
operations. The investigation was concluded upon the entry by Entain plc into a Deferred Prosecution Agreement with the UK Crown
Prosecution Service on 5 December 2023.
Provision has not been made against these claims as they are not considered probable to result in an economic outflow, nor is it possible
to estimate the likely quantum and timing of any possible outflow given their early stage. Consistent with any claims of this nature, there
is inherent uncertainty in the final outcome which could be material.
Player Claims
Germany
As with other operators in the industry, companies in the Group face claims initiated in Germany by German customers for a period
relating to before the Group held a German local gambling licence. In brief, the claimants seek the return of their gambling losses alleging
that the relevant underlying contracts between the claimant and the applicable Group companies are not enforceable due to the
companies not holding a local gambling licence at the relevant time. The Group\u2019s position is that it held Gibraltarian and Maltese licences
at the relevant time that entitled it to offer its services into Germany in compliance with EU law. In addition, certain German Courts have
established that the contracts are enforceable.
The claims made against the Group amount to \u20ac101.8m (\u00a384.4m) as at 31 December 2024. The Group has not made any provision for
these claims as it does not consider that the law is established in this area. Consequently, these claims are not considered to result in a
probable economic outflow and, as such, no provision has been made in the Income Statement. Consistent with any claims of this nature,
there can be uncertainty surrounding the final outcome.
Austria
As with other operators in the industry, companies in the Group face claims initiated in Austria by Austrian customers. In brief, the
claimants seek the return of their casino and poker losses, alleging that the relevant underlying contracts between the claimant and the
applicable Group companies are not enforceable because the companies do not hold a local gambling licence. The Group\u2019s position is
that it holds a Maltese licence that entitles it to offer its services into Austria and that it is compliant with EU law. The Group\u2019s approach
is to manage the claims against it as efficiently as possible, including entering into settlements where appropriate. The cost of these
settlements are not material to the Group.
Bet MGM loan guarantee
BetMGM, the Group's joint venture, took out a $150m revolving credit facility in December 2024. It was secured and undrawn as at the
year end. 50% of this facility is guaranteed by Entain Group. The likelihood of this being called upon is considered remote.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-627": { "value": "33 Commitments and contingencies AUSTRAC On 16 December 2024, the Australian Transaction Reports and Analysis Centre (\"AUSTRAC\") commenced civil penalty proceedings in the Federal Court of Australia against Entain Group Pty Ltd, the Group's subsidiary in Australia (\"Entain Australia\"). The proceedings against Entain Australia relate to alleged contraventions of the Australian Anti-Money Laundering and Counter- Terrorism Financing Act 2006 (the \"Act\"), identified as part of AUSTRAC's enforcement investigation of Entain Australia (the \u201cInvestigation\u201d). As the Group has previously disclosed, the Investigation was announced by AUSTRAC in September 2022. The Investigation has now concluded, with the only outcome being the civil penalty proceedings. A Statement of Claim regarding the proceedings has not been issued as at the date of approval of the annual report and accounts and a provision has not been recognised as it is not possible to reliably estimate the quantum or timing of any fine. Previous penalties in AUSTRAC proceedings in the gaming sector have been material, ranging from AU$45m to AU$450m. Therefore, it is possible that the proceedings may result in a penalty being levied which could potentially be material. All cases are different and there is inherent risk in drawing conclusions from previously settled cases. The level of any penalty is ultimately a matter for the Federal Court of Australia. It is expected that the Statement of Claim will be issued in mid-March and, in other cases settled with AUSTRAC, it has taken between 10 and 20 months after the issuance of the Statement of Claim for the proceedings to conclude. Another set of proceedings against another entity has been ongoing for 26 months and is still unresolved. It is therefore difficult to predict how long the proceedings against Entain Australia will last. Greek Tax In November 2021, the Athens Administrative Court of Appeal ruled in favour of the Group\u2019s appeal against the tax assessments raised by the Greek tax authorities in respect of alleged unpaid taxes and penalties for the years 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 appeals by the Greek tax 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 and 2011 assessments plus interest, an estimated total of \u20ac300m at 31 December 2024. The appeals were due to be heard before the Greek Supreme Administrative Court at various dates in 2024 but have been deferred to 30 April 2025 and 14 May 2025. Shareholder Litigation On 30 November 2024 and 2 December 2024, Entain plc was served with two claims brought by two groups of shareholders which arise from the circumstances and disclosures relating to GVC\u2019s legacy Turkish-facing business and the investigation by HMRC into those operations. The investigation was concluded upon the entry by Entain plc into a Deferred Prosecution Agreement with the UK Crown Prosecution Service on 5 December 2023. Provision has not been made against these claims as they are not considered probable to result in an economic outflow, nor is it possible to estimate the likely quantum and timing of any possible outflow given their early stage. Consistent with any claims of this nature, there is inherent uncertainty in the final outcome which could be material. Player Claims Germany As with other operators in the industry, companies in the Group face claims initiated in Germany by German customers for a period relating to before the Group held a German local gambling licence. In brief, the claimants seek the return of their gambling losses alleging that the relevant underlying contracts between the claimant and the applicable Group companies are not enforceable due to the companies not holding a local gambling licence at the relevant time. The Group\u2019s position is that it held Gibraltarian and Maltese licences at the relevant time that entitled it to offer its services into Germany in compliance with EU law. In addition, certain German Courts have established that the contracts are enforceable. The claims made against the Group amount to \u20ac101.8m (\u00a384.4m) as at 31 December 2024. The Group has not made any provision for these claims as it does not consider that the law is established in this area. Consequently, these claims are not considered to result in a probable economic outflow and, as such, no provision has been made in the Income Statement. Consistent with any claims of this nature, there can be uncertainty surrounding the final outcome. Austria As with other operators in the industry, companies in the Group face claims initiated in Austria by Austrian customers. In brief, the claimants seek the return of their casino and poker losses, alleging that the relevant underlying contracts between the claimant and the applicable Group companies are not enforceable because the companies do not hold a local gambling licence. The Group\u2019s position is that it holds a Maltese licence that entitles it to offer its services into Austria and that it is compliant with EU law. The Group\u2019s approach is to manage the claims against it as efficiently as possible, including entering into settlements where appropriate. The cost of these settlements are not material to the Group. Bet MGM loan guarantee BetMGM, the Group's joint venture, took out a $150m revolving credit facility in December 2024. It was secured and undrawn as at the year end. 50% of this facility is guaranteed by Entain Group. The likelihood of this being called upon is considered remote.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-608": { "value": "33 Commitments and contingencies AUSTRAC On 16 December 2024, the Australian Transaction Reports and Analysis Centre (\"AUSTRAC\") commenced civil penalty proceedings in the Federal Court of Australia against Entain Group Pty Ltd, the Group's subsidiary in Australia (\"Entain Australia\"). The proceedings against Entain Australia relate to alleged contraventions of the Australian Anti-Money Laundering and Counter- Terrorism Financing Act 2006 (the \"Act\"), identified as part of AUSTRAC's enforcement investigation of Entain Australia (the \u201cInvestigation\u201d). As the Group has previously disclosed, the Investigation was announced by AUSTRAC in September 2022. The Investigation has now concluded, with the only outcome being the civil penalty proceedings. A Statement of Claim regarding the proceedings has not been issued as at the date of approval of the annual report and accounts and a provision has not been recognised as it is not possible to reliably estimate the quantum or timing of any fine. Previous penalties in AUSTRAC proceedings in the gaming sector have been material, ranging from AU$45m to AU$450m. Therefore, it is possible that the proceedings may result in a penalty being levied which could potentially be material. All cases are different and there is inherent risk in drawing conclusions from previously settled cases. The level of any penalty is ultimately a matter for the Federal Court of Australia. It is expected that the Statement of Claim will be issued in mid-March and, in other cases settled with AUSTRAC, it has taken between 10 and 20 months after the issuance of the Statement of Claim for the proceedings to conclude. Another set of proceedings against another entity has been ongoing for 26 months and is still unresolved. It is therefore difficult to predict how long the proceedings against Entain Australia will last. Greek Tax In November 2021, the Athens Administrative Court of Appeal ruled in favour of the Group\u2019s appeal against the tax assessments raised by the Greek tax authorities in respect of alleged unpaid taxes and penalties for the years 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 appeals by the Greek tax 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 and 2011 assessments plus interest, an estimated total of \u20ac300m at 31 December 2024. The appeals were due to be heard before the Greek Supreme Administrative Court at various dates in 2024 but have been deferred to 30 April 2025 and 14 May 2025. Shareholder Litigation On 30 November 2024 and 2 December 2024, Entain plc was served with two claims brought by two groups of shareholders which arise from the circumstances and disclosures relating to GVC\u2019s legacy Turkish-facing business and the investigation by HMRC into those operations. The investigation was concluded upon the entry by Entain plc into a Deferred Prosecution Agreement with the UK Crown Prosecution Service on 5 December 2023. Provision has not been made against these claims as they are not considered probable to result in an economic outflow, nor is it possible to estimate the likely quantum and timing of any possible outflow given their early stage. Consistent with any claims of this nature, there is inherent uncertainty in the final outcome which could be material. Player Claims Germany As with other operators in the industry, companies in the Group face claims initiated in Germany by German customers for a period relating to before the Group held a German local gambling licence. In brief, the claimants seek the return of their gambling losses alleging that the relevant underlying contracts between the claimant and the applicable Group companies are not enforceable due to the companies not holding a local gambling licence at the relevant time. The Group\u2019s position is that it held Gibraltarian and Maltese licences at the relevant time that entitled it to offer its services into Germany in compliance with EU law. In addition, certain German Courts have established that the contracts are enforceable. The claims made against the Group amount to \u20ac101.8m (\u00a384.4m) as at 31 December 2024. The Group has not made any provision for these claims as it does not consider that the law is established in this area. Consequently, these claims are not considered to result in a probable economic outflow and, as such, no provision has been made in the Income Statement. Consistent with any claims of this nature, there can be uncertainty surrounding the final outcome. Austria As with other operators in the industry, companies in the Group face claims initiated in Austria by Austrian customers. In brief, the claimants seek the return of their casino and poker losses, alleging that the relevant underlying contracts between the claimant and the applicable Group companies are not enforceable because the companies do not hold a local gambling licence. The Group\u2019s position is that it holds a Maltese licence that entitles it to offer its services into Austria and that it is compliant with EU law. The Group\u2019s approach is to manage the claims against it as efficiently as possible, including entering into settlements where appropriate. The cost of these settlements are not material to the Group. Bet MGM loan guarantee BetMGM, the Group's joint venture, took out a $150m revolving credit facility in December 2024. It was secured and undrawn as at the year end. 50% of this facility is guaranteed by Entain Group. The likelihood of this being called upon is considered remote.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-628": { "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:
2024 2023
\u00a3m \u00a3m
Equity investment
\u2013 Joint venture
1
19.8
40.7
Sundry expenditure
\u2013 Associates
2
(50.7)
(51.4)
\u2013 Joint venture
3
(10.8)
\u2013
Sundry income
\u2013 Associates
2
\u2013
21.5
\u2013 Joint venture
3
17.3
\u2013
1. Equity investment in BetMGM. 2. Payments in the normal course of business made to Sports Information Services (Holdings) Limited. 3. Payments in the normal course of business made to Premier Greyhound Racing Limited. Details of related party outstanding balances
2024 2023
\u00a3m \u00a3m
Other amounts outstanding
\u2013 Joint venture receivables
89.6
54.7
\u2013 Joint venture payables
(10.8)
\u2013
\u2013 Associates receivables
\u2013
3.2
\u2013 Associates payables
(0.4)
(0.1)
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 2024 are unsecured and settlement occurs in cash. For the year ended 31 December 2024, the Group has not raised any provision (2023: \u00a3nil) for doubtful debts relating to amounts owed by related parties as the payment history has been good. This assessment is undertaken each financial year through examining the financial 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 123 to 126 of this report. The remuneration of key management personnel is set out below in aggregate for each of the categories specified 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.
2024 2023
\u00a3m \u00a3m
Short-term employee benefits
10.2
7.3
Redundancy/loss of office
\u2013
1.6
Pension-related costs
0.2
0.3
Share-based payments
5.2
10.7
Total compensation paid to key management personnel
15.6
19.9
The consolidated financial statements include the financial 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 flows and balance sheets of all subsidiaries listed are consolidated into the Group financial 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
2024
2023
7th Floor,
Arthur Prince (Turf Accountants) Limited
5
100.0
100.0
One Stratford Place,
Bartletts Limited
5
100.0
100.0
Westfield Stratford City,
Montfichet Road,
Birchgree Limited
4
100.0
100.0
London,
Bloxhams Bookmakers Limited
5
100.0
100.0
United Kingdom,
E20 1EJ
Brickagent Limited
5
100.0
100.0
ASF Limited
100.0
100.0
Cashcade Limited
100.0
100.0
CE Acquisition 1 Limited
4
100.0
100.0
Chas Kendall (Turf Accountant) Limited
5
100.0
100.0
Choicebet Limited
5
100.0
100.0
C L Jennings (1995) Limited
5
100.0
100.0
Competition Management Services Co. Limited
5
97.5
97.5
Coral (Holdings) Limited
4
100.0
100.0
Coral (Stoke) Limited
5
100.0
100.0
Coral Estates Limited
100.0
100.0
Coral Eurobet Limited
100.0
100.0
% equity interest
Registered address
Company
2024
2023
Coral Eurobet Holdings Limited
4
100.0
100.0
Coral Group Limited
4
100.0
100.0
Coral Group Trading Limited
4
100.0
100.0
Coral Limited
4
100.0
100.0
Coral Racing Limited
100.0
100.0
Coral Stadia Limited
4
100.0
100.0
E.F. Politt & Son Limited
5
100.0
100.0
Electraworks Maple Limited
3
100.0
100.0
Entain Holdings (UK) Limited
1,2,4
100.0
100.0
Entain Marketing (UK) Limited
4
100.0
100.0
Entain Services Limited
5
100.0
100.0
Entain Wave Limited
5
100.0
100.0
Gable House Estates Limited
5
100.0
100.0
Ganton House Investments Limited
100.0
100.0
Greatmark Limited
100.0
100.0
Hillford Estates Limited
5
75.0
75.0
Hindwain Limited
5
100.0
100.0
Impala Digital Limited
4
100.0
100.0
Interactive Sports Limited
5
100.0
100.0
J. Ward Hill & Company
5
100.0
100.0
Jack Brown (Bookmaker) Limited
5
100.0
100.0
Jerusalem Development (Mamilla) Co. Limited
5
100.0
100.0
Jerusalem Development Corporation (Holdings) Limited
4,5
100.0
100.0
Joe Jennings Limited
5
100.0
100.0
Krullind Limited
5
100.0
100.0
Ladbroke & Co., Limited
5
100.0
100.0
Ladbroke (Rentals) Limited
5
100.0
100.0
Ladbroke City & County Land Company Limited
5
100.0
100.0
Ladbroke Dormant Holding Company Limited
4,5
100.0
100.0
Ladbroke Entertainments Limited
100.0
100.0
Ladbroke Group
4
100.0
100.0
Ladbroke Group Homes Limited
5
100.0
100.0
Ladbroke Group Properties Limited
4,5
100.0
100.0
Ladbroke Land Limited
5
100.0
100.0
Ladbroke US Investments Limited
4
100.0
100.0
Ladbrokes Betting & Gaming Limited
2,3,4
100.0
100.0
Ladbrokes Coral Corporate Director Limited
5
100.0
100.0
Ladbrokes Coral Corporate Secretaries Limited
5
100.0
100.0
Ladbrokes Coral Group Life Benefits Trustee Limited
5
100.0
100.0
Ladbrokes Coral Group Limited
2,4
100.0
100.0
Ladbrokes Coral Group Pension Trustee Limited
5
100.0
100.0
Ladbrokes E-Gaming Limited
5
100.0
100.0
Ladbrokes Group Finance plc
2
100.0
100.0
Ladbrokes Investments Holdings Limited
4
100.0
100.0
Ladbrokes IT & Shared Services Limited
5
100.0
100.0
Ladbrokes Trustee Company Limited
5
100.0
100.0
Lightworld Limited
4,5
100.0
100.0
London & Leeds Estates Limited
5
100.0
100.0
Margolis and Ridley Limited
5
100.0
100.0
% equity interest
Registered address
Company
2024
2023
New Angel Court Limited
5
100.0
100.0
Reg. Boyle Limited
100.0
100.0
Reuben Page Limited
5
100.0
100.0
Romford Stadium Limited
100.0
100.0
Rousset Capital Limited
5
100.0
100.0
Sponsio Limited
5
100.0
100.0
Sporting Odds Limited
2,3
100.0
100.0
Sportingbet (IT Services) Limited
5
100.0
100.0
Sportingbet (Management Services) Limited
5
100.0
100.0
Sportingbet Holdings Limited
4
100.0
100.0
Sportingbet Limited
4
100.0
100.0
Sports (Bookmakers) Limited
5
100.0
100.0
Techno Land Improvements Limited
5
100.0
100.0
Town and County Factors Limited
100.0
100.0
Vegas Betting Limited
5
100.0
100.0
Ventmear Limited
4
100.0
100.0
Vernon Sports Data
5
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
4
100.0
100.0
Belfast, United Kingdom
Ladbrokes (Northern Ireland) Limited
5
100.0
100.0
BT11 9AH
North West Bookmakers Limited
2,3
100.0
100.0
Subsidiaries based overseas
% equity interest
Registered address
Company
2024
2023
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
2,3
100.0
100.0
Australia
Gaming Investments Pty Limited
4
100.0
100.0
Ladbrokes Racing Club Pty Limited
100.0
100.0
LB Australia Holdings Pty Limited
4
100.0
100.0
Neds International Pty Limited
4
100.0
100.0
Neds.com.au Pty Limited
4
100.0
100.0
17 Atlantic Dr, Keysborough,
VIC 3173
Australia
Full House Group Pty Limited
3
100.0
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
100.0
NSW
20
60, Australia
Marxergasse 1b,
Entain Services Australia GmbH
100.0
100.0
1030
Vienna,
100.0
100.0
Austria
100.0
100.0
Chauss\u00e9e de Wavre 1100 Box 3,
Ladbroke Belgium SA
4
100.0
100.0
1160
Auderghem,
Pari Mutuel Management Services S.A.
100.0
100.0
Belgium
N.V. Derby S.A.
2,3,4
100.0
100.0
Redsports.be SRL/BV
100.0
100.0
Tierc\u00e9 Ladbroke S.A.
3
100.0
100.0
Tilt SRL/BV
100.0
100.0
% equity interest
Registered address
Company
2024
2023
Alameda Rio Negro 111 1030,
Andar 2 Conj 206 Torre Stadium Corpor, Alphaville
365
Scores Midia Ltda
100.0
100.0
Industrial Barueri; Sao Paulo, 06454911, Brazil
Belmont Chambers,
Creative Trend Limited
5
100.0 100.0
Road Town,
CTL Holdings International Limited
5
100.0 100.0
Tor tola,
SRL Holdings International Limited
5
100.0 100.0
British Virgin Islands
Sunrise Resources Limited
5
100.0 100.0
Jayla Place, Wickhams Cay 1, Road Town,
Tortola, British Virgin Islands
Westman Holdings Limited
5
100.0
100.0
55 Nikola Vaptsarov Blvd, Office Park Expo 2000,
Building Phase 4, Floor 3, Lozenets Area, Sofia
Entain Services (Bulgaria) EOOD
100.0
100.0
14
07, Bulgaria
1565
Carling Avenue, Suite 400, Ottawa,
Entain Operations Canada Limited
100.0
100.0
Ontario K1Z 8R1, Canada
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
100.0
Vancouver
BC V6E 4N7, Canada
5B, First Floor, St Anne\u2019s House, Victoria
Interactive Sports (C.I.) Limited
4
100.0
100.0
Street, Alderney, GY9 3UF, Channel Islands
Quay House, South Esplanade
Longfrie Limited
5
100.0
100.0
St, Peter Port, Guernsey, GY1 4EJ,
PO Box 132, Channel Islands
1st Floor, Liberation House,
Ladbroke (Channel Islands) Limited
3
100.0
100.0
Castle Street, St. Helier, JE1 1GL,
Jersey, Channel Islands
Maple Court Investments (Jersey) Limited
5
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 Road, Central Hong Kong, China
GVC Technology Consulting (Asia) Co Limited
100.0
100.0
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
67.5
Zagreb, Croatia
Puni Broj d.o.o.
67.5
67.5
SuperSport d.o.o.
2,3
67.5
67.5
SuperSport marketing d.o.o.
67.5
67.5
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 B.V.
5
100.0
100.0
29, Cura\u00e7ao
Heelsumstraat 51 E-Commerce Park , Cura\u00e7ao P.O
Best Global N.V.
5
100.0
100.0
Box 422
Kaya Richard J. Beaujon Z/N Landhuls Joonchi II ,
Cura\u00e7ao PO Box 6248
Elec Games N.V.
5
100.0
100.0
15 Agion Omologiton, Nicosia, 1080, Cyprus
Bellingrath Enterprises Limited
4
100.0
100.0
Na Zatorka, 672/24, Bubene\u00ff
Sporticon Development s.r.o.
67.5
67.5
Prague,
Karolinsk\u00e1 650/1, Kral\u00edn,
18
600, Czech Republic
Betsys, s.r.o.
4
67.5
50.0
Prague,
Fruebjergvej 3, Copenhagen, 2100, Denmark
18
600, Czech Republic
Interactive Sports (Denmark) ApS
100.0
100.0
Lootsa tn 1\u00b0, Lasnamae Linnaosa,
Ninja Global OU
5
100.0
100.0
11
415, Estonia
Optiwin OU
3
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
% equity interest
Registered address
Company
2024
2023
Linden Palais, Unter den Linden 40, 10117
Entain (Germany) GmbH
100.0
100.0
Berlin, Germany
Apt. 48, N19, Vake District, Kavtaradze Str.,
Tbilisi, Georgia
Entain Georgia LLC
4
100.0
100.0
Vake District, Kavtaradze Str., No 5, Entrance 2,
Floor 2, Office Space No 2, Tbilisi, Georgia
MARS LLC
2,3
100.0
100.0
Suite 6, Atlantic Suites,
Bingo Marketing Limited
5
100.0
100.0
Europort Avenue, Gibraltar
bwin.party holdings Limited
4
100.0
100.0
bwin.party services (Gibraltar) Limited
5
100.0
100.0
Coral Interactive (Gibraltar) Limited
5
100.0
100.0
ElectraGames Limited
4
100.0
100.0
ElectraWorks Limited
2,3,4
100.0
100.0
Gala Coral Interactive (Gibraltar) Limited
4,5
100.0
100.0
Gala Interactive (Gibraltar) Limited
4,5
100.0
100.0
Greyjoy Limited
100.0
100.0
Entain Corporate Services Limited
100.0
100.0
Entain Holdings (Gibraltar) Limited
1,2,4
100.0
100.0
Entain Operations Limited
2,3,4
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
5
100.0
100.0
LC International Limited
2,3,4
100.0
100.0
PartyGaming IA Limited
5
100.0
100.0
7th Floor, Madison building, Midtown,
The Entain Foundation
100.0
100.0
Queensway, GX11 1AA, Gibraltar
Messene Enterprises Limited
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
2,3,4
100.0
100.0
3 Dublin Landings, North Wall Quay,
Fort Anne Limited
1,5
100.0
100.0
D01 C4EO Ireland
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
1,4
100.0
100.0
Menachem Begin Road 152,
Gala Interactive (Services) Limited
100.0
100.0
Tel Aviv \u2013 Jaffa, Israel
GVC Impala R&D Limited
100.0
100.0
2 Nahalat Yitchak, Tel-Aviv Yaffo,
6744 801, Israel
365
Scores Limited
100.0
100.0
Via Lungotevere Arnaldo da Brescia 12,
Entain Holding S.R.L.
4
100.0
100.0
00196
Rome, Italy
Entain Italia S.R.L.
2,3
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
3
100.0
100.0
SIA Optibet
3
100.0
100.0
Orsos g. 4-101, Vilnius, Lithuania
UAB Baltic Bet
3
100.0
100.0
UAB Party Casino
3
100.0
100.0
% equity interest
Registered address
Company
2024
2023
Unit 6 ST Business Centre,
bwin (Deutschland) Limited
100.0
100.0
120
The Strand,
bwin.gr Limited
2
100.0
100.0
Gzira GZR 1027
bwin Holdings (Malta) Limited
1,4
100.0
100.0
Malta
bwin.party services (Malta) Limited
100.0
100.0
Online-Wetten (Austria) Limited
100.0
100.0
Deis Limited
4
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
5
100.0
100.0
Entertainments Technologies Group Limited
4
100.0
100.0
Gaming VC Corporation Limited
5
100.0
100.0
Ladbrokes (Deutschland) Limited
100.0
100.0
Martingale Europe Limited
100.0
100.0
Martingale Malta 2 Limited
100.0
100.0
Sportingbet (Deutschland) Limited
100.0
100.0
Scandic Bookmakers Limited
5
100.0
100.0
Spread Your Wings Bravo Limited
100.0
100.0
STS Gaming Group Limited
67.5
67.5
STS.Bet Limited
67.5
67.5
Entain (Romania) Limited
100.0
100.0
VistaBet Limited
2
100.0
100.0
120
The Strand, Unit 6,
BestBet Limited
3
100.0
100.0
Trig Ix-Xatt,
Elec Games C1 Limited
3
100.0
100.0
Gzira GZR 1027
Elec Games Holdings Limited
4
100.0
100.0
Malta
Elec Games Limited
3
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
Lifland Holdings Limited
4
100.0
100.0
Ninja Global Limited
3
100.0
100.0
Entain Holdings (CEE) Limited
4
67.5
67.5
West African Gaming Limited
5
100.0
100.0
San Francisco 1005, Dolonia Del Valle,
Bwin Operations Mexico, S.A. de C.V.isr
5
100.0
100.0
Alcald\u00eda Benito Ju\u00e1rez, Mexico City,
C.P.
03100
, Mexico
Entain Mexico, S.A. de C.V.
5
100.0
100.0
Johan Cruijff Boulevard 61, Amsterdam
Entain Holdings (Netherlands) B.V.
4
100.0
100.0
110
1DL
Netherlands
Keurenplein 4, Unit D1442, 1069CD,
Amsterdam, Netherlands
Betent B.V.
3
100.0
100.0
106-110 Jackson Street, Petone, Lower Hutt,
5012,
New Zealand
Entain New Zealand Limited
2,3
100.0
100.0
Floor 6 Exchange Place, 5 Willeston Street,
Wellington Central, Wellington, 6011,
New Zealand
TIIDAL GAMING NZ LIMITED
100.0
100.0
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.
67.5
50.0
STS S.A.
2,3,4
67.5
67.5
% equity interest
Registered address
Company
2024
2023
UI. Taneczna 18A, 02-829 Warsaw, Poland
bwin Poland S.A.
100.0
100.0
Praceta Ant\u00f3nio Gede\u00e3o, 1 B, Pai\u00f5es, Infield \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 \u2013 Entretenimento SA
3
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
Florent Pte Limited
5
100.0
100.0
14-03/07, 098632, Singapore
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.L
100.0
100.0
Edificio Torre Diagonal Litoral, 08019
Barcelona, Spain
Calle Real Numero 74, 51001 Ceuta, Spain
Electraworks (Ceuta) S.A.
2,3
100.0
100.0
Avenida de Fuencarral 44, Edificio Tribeca 1,
Modulo B, CP 28108, Alcobendas Madrid, Spain
Winners Apuestas SA
100.0
100.0
CL Conde de Aranda 20, 28001
Sportingbet Spain S.A.
5
100.0
100.0
Madrid, Spain
San Justo Desvern, calle de la Constituci\u00f3n 1,
5\u00ba planta, local 3, 08960, Barcelona, Spain
Atlantic Version 2014 SLU
5
100.0
100.0
Suite 4 Constantia House, Steenbert Office Park,
Constantia, 7800, South Africa
SBT Software Operations (SA) (Pty)
100.0
100.0
24A 18th Street, Menlo Park, Pretoria,
0
081, South Africa
Ladbrokes (SA) (Pty) Limited
100.0
100.0
Office 519, Spaces, Dock Road Junction,
Corner of Stanley & Dock Road, Waterfront,
Cape Town, 8001, South Africa
Wave SA (Pty) Limited
85.0
85.0
Stora Gatan 46, Sigtuna
Enlabs AB
4
100.0
100.0
Kommun,
193
30, Sweden
Entraction AB
100.0
100.0
Score24 AB
3
100.0
100.0
Royal Park Serviced Office,
Frosundaviks alle 15, 16903 Solna, Sweden
Scout Gaming AB
3
100.0
100.0
c/o The Corporation Trust Company,
GVC Finance LLC
1
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.
4
100.0
100.0
7251
Amigo Street, Suite 100, Las Vegas,
Stadium Technology Group, LLC
3
100.0
100.0
NV
8911
9, United States
1013
Centre Road, Suite 403-B, Wilmington,
Angstrom Sports Inc
100.0
100.0
DE
198
05, United Estates
4445
Corporation Ln Ste 264, Virginia Beach,
Angstrom Sports Virginia LLC
100.0
100.0
VA 23462-3262, United States
Five Greentree Centre, 525 Route 72 North, STE
Angstrom Sports NJ LLC
100.0
100.0
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
100.0
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, Office 38/1,
01014
Kyiv, Ukraine
Entain (Ukraine) LLC
5
100.0
100.0
Office 13, 39 Dzhona Makkeina,
Steer
01042
Kyiv, Ukraine
LLC Bwin
5
100.0
100.0
% equity interest
Registered address
Company
2024
2023
Dr Luis Bonavita, 1294, Torre 2 WTC
Gomifer S.A.
100.0
100.0
Free Zone, Oficina 631, Montevideo,
Uruguay
34972
Longacres, Lusaka
Wave Digital Zambia Limited
100.0
100.0
Lusaka Province, Zambia
1. Company that is directly owned by Entain plc. 2. Company that forms part of the Group as at 31 December 2024 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
2024
2023
Corporation Service Company,
251
Little Falls Drive,
BetMGM, LLC
50.0
50.0
Wilmington,
Delaware 19808, United States
4th Floor, Millbank Tower, 21-24 Millbank,
London, United Kingdom, SW1P 4QP
Premier Greyhound Racing Limited
50.0
\u2013
Associates
% equity interest
Country of incorporation
Company
2024
2023
China
Asia Gaming Technologies (Beijing) Co., Ltd
1
49.0
49.0
Asia Gaming Technologies Limited
49.0
49.0
Germany
bwin E.K. Neugersdorf
\u2013
50.0
Belgium
Gran Casino de Dinant SA
20.0
20.0
Infiniti 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
41.6
40.0
Games For Good Causes PLC
36.3
36.3
Sports Information Services (Holdings) Limited
23.4
23.4
1. Subsidiary of Asia Gaming Technologies Limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-609": { "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 2024 are unsecured and settlement occurs in cash. For the year ended 31 December 2024, the Group has not raised any provision (2023: \u00a3nil) for doubtful debts relating to amounts owed by related parties as the payment history has been good. This assessment is undertaken each financial year through examining the financial 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 123 to 126 of this report. The remuneration of key management personnel is set out below in aggregate for each of the categories specified 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.
2024 2023
\u00a3m \u00a3m
Short-term employee benefits
10.2
7.3
Redundancy/loss of office
\u2013
1.6
Pension-related costs
0.2
0.3
Share-based payments
5.2
10.7
Total compensation paid to key management personnel
15.6
19.9
The consolidated financial statements include the financial 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 flows and balance sheets of all subsidiaries listed are consolidated into the Group financial 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-610": { "value": "Subsidiaries based in the United Kingdom
% equity interest
Registered address
Company
2024
2023
7th Floor,
Arthur Prince (Turf Accountants) Limited
5
100.0
100.0
One Stratford Place,
Bartletts Limited
5
100.0
100.0
Westfield Stratford City,
Montfichet Road,
Birchgree Limited
4
100.0
100.0
London,
Bloxhams Bookmakers Limited
5
100.0
100.0
United Kingdom,
E20 1EJ
Brickagent Limited
5
100.0
100.0
ASF Limited
100.0
100.0
Cashcade Limited
100.0
100.0
CE Acquisition 1 Limited
4
100.0
100.0
Chas Kendall (Turf Accountant) Limited
5
100.0
100.0
Choicebet Limited
5
100.0
100.0
C L Jennings (1995) Limited
5
100.0
100.0
Competition Management Services Co. Limited
5
97.5
97.5
Coral (Holdings) Limited
4
100.0
100.0
Coral (Stoke) Limited
5
100.0
100.0
Coral Estates Limited
100.0
100.0
Coral Eurobet Limited
100.0
100.0
% equity interest
Registered address
Company
2024
2023
Coral Eurobet Holdings Limited
4
100.0
100.0
Coral Group Limited
4
100.0
100.0
Coral Group Trading Limited
4
100.0
100.0
Coral Limited
4
100.0
100.0
Coral Racing Limited
100.0
100.0
Coral Stadia Limited
4
100.0
100.0
E.F. Politt & Son Limited
5
100.0
100.0
Electraworks Maple Limited
3
100.0
100.0
Entain Holdings (UK) Limited
1,2,4
100.0
100.0
Entain Marketing (UK) Limited
4
100.0
100.0
Entain Services Limited
5
100.0
100.0
Entain Wave Limited
5
100.0
100.0
Gable House Estates Limited
5
100.0
100.0
Ganton House Investments Limited
100.0
100.0
Greatmark Limited
100.0
100.0
Hillford Estates Limited
5
75.0
75.0
Hindwain Limited
5
100.0
100.0
Impala Digital Limited
4
100.0
100.0
Interactive Sports Limited
5
100.0
100.0
J. Ward Hill & Company
5
100.0
100.0
Jack Brown (Bookmaker) Limited
5
100.0
100.0
Jerusalem Development (Mamilla) Co. Limited
5
100.0
100.0
Jerusalem Development Corporation (Holdings) Limited
4,5
100.0
100.0
Joe Jennings Limited
5
100.0
100.0
Krullind Limited
5
100.0
100.0
Ladbroke & Co., Limited
5
100.0
100.0
Ladbroke (Rentals) Limited
5
100.0
100.0
Ladbroke City & County Land Company Limited
5
100.0
100.0
Ladbroke Dormant Holding Company Limited
4,5
100.0
100.0
Ladbroke Entertainments Limited
100.0
100.0
Ladbroke Group
4
100.0
100.0
Ladbroke Group Homes Limited
5
100.0
100.0
Ladbroke Group Properties Limited
4,5
100.0
100.0
Ladbroke Land Limited
5
100.0
100.0
Ladbroke US Investments Limited
4
100.0
100.0
Ladbrokes Betting & Gaming Limited
2,3,4
100.0
100.0
Ladbrokes Coral Corporate Director Limited
5
100.0
100.0
Ladbrokes Coral Corporate Secretaries Limited
5
100.0
100.0
Ladbrokes Coral Group Life Benefits Trustee Limited
5
100.0
100.0
Ladbrokes Coral Group Limited
2,4
100.0
100.0
Ladbrokes Coral Group Pension Trustee Limited
5
100.0
100.0
Ladbrokes E-Gaming Limited
5
100.0
100.0
Ladbrokes Group Finance plc
2
100.0
100.0
Ladbrokes Investments Holdings Limited
4
100.0
100.0
Ladbrokes IT & Shared Services Limited
5
100.0
100.0
Ladbrokes Trustee Company Limited
5
100.0
100.0
Lightworld Limited
4,5
100.0
100.0
London & Leeds Estates Limited
5
100.0
100.0
Margolis and Ridley Limited
5
100.0
100.0
% equity interest
Registered address
Company
2024
2023
New Angel Court Limited
5
100.0
100.0
Reg. Boyle Limited
100.0
100.0
Reuben Page Limited
5
100.0
100.0
Romford Stadium Limited
100.0
100.0
Rousset Capital Limited
5
100.0
100.0
Sponsio Limited
5
100.0
100.0
Sporting Odds Limited
2,3
100.0
100.0
Sportingbet (IT Services) Limited
5
100.0
100.0
Sportingbet (Management Services) Limited
5
100.0
100.0
Sportingbet Holdings Limited
4
100.0
100.0
Sportingbet Limited
4
100.0
100.0
Sports (Bookmakers) Limited
5
100.0
100.0
Techno Land Improvements Limited
5
100.0
100.0
Town and County Factors Limited
100.0
100.0
Vegas Betting Limited
5
100.0
100.0
Ventmear Limited
4
100.0
100.0
Vernon Sports Data
5
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
4
100.0
100.0
Belfast, United Kingdom
Ladbrokes (Northern Ireland) Limited
5
100.0
100.0
BT11 9AH
North West Bookmakers Limited
2,3
100.0
100.0
Subsidiaries based overseas
% equity interest
Registered address
Company
2024
2023
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
2,3
100.0
100.0
Australia
Gaming Investments Pty Limited
4
100.0
100.0
Ladbrokes Racing Club Pty Limited
100.0
100.0
LB Australia Holdings Pty Limited
4
100.0
100.0
Neds International Pty Limited
4
100.0
100.0
Neds.com.au Pty Limited
4
100.0
100.0
17 Atlantic Dr, Keysborough,
VIC 3173
Australia
Full House Group Pty Limited
3
100.0
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
100.0
NSW
20
60, Australia
Marxergasse 1b,
Entain Services Australia GmbH
100.0
100.0
1030
Vienna,
100.0
100.0
Austria
100.0
100.0
Chauss\u00e9e de Wavre 1100 Box 3,
Ladbroke Belgium SA
4
100.0
100.0
1160
Auderghem,
Pari Mutuel Management Services S.A.
100.0
100.0
Belgium
N.V. Derby S.A.
2,3,4
100.0
100.0
Redsports.be SRL/BV
100.0
100.0
Tierc\u00e9 Ladbroke S.A.
3
100.0
100.0
Tilt SRL/BV
100.0
100.0
% equity interest
Registered address
Company
2024
2023
Alameda Rio Negro 111 1030,
Andar 2 Conj 206 Torre Stadium Corpor, Alphaville
365
Scores Midia Ltda
100.0
100.0
Industrial Barueri; Sao Paulo, 06454911, Brazil
Belmont Chambers,
Creative Trend Limited
5
100.0 100.0
Road Town,
CTL Holdings International Limited
5
100.0 100.0
Tor tola,
SRL Holdings International Limited
5
100.0 100.0
British Virgin Islands
Sunrise Resources Limited
5
100.0 100.0
Jayla Place, Wickhams Cay 1, Road Town,
Tortola, British Virgin Islands
Westman Holdings Limited
5
100.0
100.0
55 Nikola Vaptsarov Blvd, Office Park Expo 2000,
Building Phase 4, Floor 3, Lozenets Area, Sofia
Entain Services (Bulgaria) EOOD
100.0
100.0
14
07, Bulgaria
1565
Carling Avenue, Suite 400, Ottawa,
Entain Operations Canada Limited
100.0
100.0
Ontario K1Z 8R1, Canada
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
100.0
Vancouver
BC V6E 4N7, Canada
5B, First Floor, St Anne\u2019s House, Victoria
Interactive Sports (C.I.) Limited
4
100.0
100.0
Street, Alderney, GY9 3UF, Channel Islands
Quay House, South Esplanade
Longfrie Limited
5
100.0
100.0
St, Peter Port, Guernsey, GY1 4EJ,
PO Box 132, Channel Islands
1st Floor, Liberation House,
Ladbroke (Channel Islands) Limited
3
100.0
100.0
Castle Street, St. Helier, JE1 1GL,
Jersey, Channel Islands
Maple Court Investments (Jersey) Limited
5
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 Road, Central Hong Kong, China
GVC Technology Consulting (Asia) Co Limited
100.0
100.0
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
67.5
Zagreb, Croatia
Puni Broj d.o.o.
67.5
67.5
SuperSport d.o.o.
2,3
67.5
67.5
SuperSport marketing d.o.o.
67.5
67.5
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 B.V.
5
100.0
100.0
29, Cura\u00e7ao
Heelsumstraat 51 E-Commerce Park , Cura\u00e7ao P.O
Best Global N.V.
5
100.0
100.0
Box 422
Kaya Richard J. Beaujon Z/N Landhuls Joonchi II ,
Cura\u00e7ao PO Box 6248
Elec Games N.V.
5
100.0
100.0
15 Agion Omologiton, Nicosia, 1080, Cyprus
Bellingrath Enterprises Limited
4
100.0
100.0
Na Zatorka, 672/24, Bubene\u00ff
Sporticon Development s.r.o.
67.5
67.5
Prague,
Karolinsk\u00e1 650/1, Kral\u00edn,
18
600, Czech Republic
Betsys, s.r.o.
4
67.5
50.0
Prague,
Fruebjergvej 3, Copenhagen, 2100, Denmark
18
600, Czech Republic
Interactive Sports (Denmark) ApS
100.0
100.0
Lootsa tn 1\u00b0, Lasnamae Linnaosa,
Ninja Global OU
5
100.0
100.0
11
415, Estonia
Optiwin OU
3
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
% equity interest
Registered address
Company
2024
2023
Linden Palais, Unter den Linden 40, 10117
Entain (Germany) GmbH
100.0
100.0
Berlin, Germany
Apt. 48, N19, Vake District, Kavtaradze Str.,
Tbilisi, Georgia
Entain Georgia LLC
4
100.0
100.0
Vake District, Kavtaradze Str., No 5, Entrance 2,
Floor 2, Office Space No 2, Tbilisi, Georgia
MARS LLC
2,3
100.0
100.0
Suite 6, Atlantic Suites,
Bingo Marketing Limited
5
100.0
100.0
Europort Avenue, Gibraltar
bwin.party holdings Limited
4
100.0
100.0
bwin.party services (Gibraltar) Limited
5
100.0
100.0
Coral Interactive (Gibraltar) Limited
5
100.0
100.0
ElectraGames Limited
4
100.0
100.0
ElectraWorks Limited
2,3,4
100.0
100.0
Gala Coral Interactive (Gibraltar) Limited
4,5
100.0
100.0
Gala Interactive (Gibraltar) Limited
4,5
100.0
100.0
Greyjoy Limited
100.0
100.0
Entain Corporate Services Limited
100.0
100.0
Entain Holdings (Gibraltar) Limited
1,2,4
100.0
100.0
Entain Operations Limited
2,3,4
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
5
100.0
100.0
LC International Limited
2,3,4
100.0
100.0
PartyGaming IA Limited
5
100.0
100.0
7th Floor, Madison building, Midtown,
The Entain Foundation
100.0
100.0
Queensway, GX11 1AA, Gibraltar
Messene Enterprises Limited
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
2,3,4
100.0
100.0
3 Dublin Landings, North Wall Quay,
Fort Anne Limited
1,5
100.0
100.0
D01 C4EO Ireland
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
1,4
100.0
100.0
Menachem Begin Road 152,
Gala Interactive (Services) Limited
100.0
100.0
Tel Aviv \u2013 Jaffa, Israel
GVC Impala R&D Limited
100.0
100.0
2 Nahalat Yitchak, Tel-Aviv Yaffo,
6744 801, Israel
365
Scores Limited
100.0
100.0
Via Lungotevere Arnaldo da Brescia 12,
Entain Holding S.R.L.
4
100.0
100.0
00196
Rome, Italy
Entain Italia S.R.L.
2,3
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
3
100.0
100.0
SIA Optibet
3
100.0
100.0
Orsos g. 4-101, Vilnius, Lithuania
UAB Baltic Bet
3
100.0
100.0
UAB Party Casino
3
100.0
100.0
% equity interest
Registered address
Company
2024
2023
Unit 6 ST Business Centre,
bwin (Deutschland) Limited
100.0
100.0
120
The Strand,
bwin.gr Limited
2
100.0
100.0
Gzira GZR 1027
bwin Holdings (Malta) Limited
1,4
100.0
100.0
Malta
bwin.party services (Malta) Limited
100.0
100.0
Online-Wetten (Austria) Limited
100.0
100.0
Deis Limited
4
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
5
100.0
100.0
Entertainments Technologies Group Limited
4
100.0
100.0
Gaming VC Corporation Limited
5
100.0
100.0
Ladbrokes (Deutschland) Limited
100.0
100.0
Martingale Europe Limited
100.0
100.0
Martingale Malta 2 Limited
100.0
100.0
Sportingbet (Deutschland) Limited
100.0
100.0
Scandic Bookmakers Limited
5
100.0
100.0
Spread Your Wings Bravo Limited
100.0
100.0
STS Gaming Group Limited
67.5
67.5
STS.Bet Limited
67.5
67.5
Entain (Romania) Limited
100.0
100.0
VistaBet Limited
2
100.0
100.0
120
The Strand, Unit 6,
BestBet Limited
3
100.0
100.0
Trig Ix-Xatt,
Elec Games C1 Limited
3
100.0
100.0
Gzira GZR 1027
Elec Games Holdings Limited
4
100.0
100.0
Malta
Elec Games Limited
3
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
Lifland Holdings Limited
4
100.0
100.0
Ninja Global Limited
3
100.0
100.0
Entain Holdings (CEE) Limited
4
67.5
67.5
West African Gaming Limited
5
100.0
100.0
San Francisco 1005, Dolonia Del Valle,
Bwin Operations Mexico, S.A. de C.V.isr
5
100.0
100.0
Alcald\u00eda Benito Ju\u00e1rez, Mexico City,
C.P.
03100
, Mexico
Entain Mexico, S.A. de C.V.
5
100.0
100.0
Johan Cruijff Boulevard 61, Amsterdam
Entain Holdings (Netherlands) B.V.
4
100.0
100.0
110
1DL
Netherlands
Keurenplein 4, Unit D1442, 1069CD,
Amsterdam, Netherlands
Betent B.V.
3
100.0
100.0
106-110 Jackson Street, Petone, Lower Hutt,
5012,
New Zealand
Entain New Zealand Limited
2,3
100.0
100.0
Floor 6 Exchange Place, 5 Willeston Street,
Wellington Central, Wellington, 6011,
New Zealand
TIIDAL GAMING NZ LIMITED
100.0
100.0
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.
67.5
50.0
STS S.A.
2,3,4
67.5
67.5
% equity interest
Registered address
Company
2024
2023
UI. Taneczna 18A, 02-829 Warsaw, Poland
bwin Poland S.A.
100.0
100.0
Praceta Ant\u00f3nio Gede\u00e3o, 1 B, Pai\u00f5es, Infield \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 \u2013 Entretenimento SA
3
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
Florent Pte Limited
5
100.0
100.0
14-03/07, 098632, Singapore
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.L
100.0
100.0
Edificio Torre Diagonal Litoral, 08019
Barcelona, Spain
Calle Real Numero 74, 51001 Ceuta, Spain
Electraworks (Ceuta) S.A.
2,3
100.0
100.0
Avenida de Fuencarral 44, Edificio Tribeca 1,
Modulo B, CP 28108, Alcobendas Madrid, Spain
Winners Apuestas SA
100.0
100.0
CL Conde de Aranda 20, 28001
Sportingbet Spain S.A.
5
100.0
100.0
Madrid, Spain
San Justo Desvern, calle de la Constituci\u00f3n 1,
5\u00ba planta, local 3, 08960, Barcelona, Spain
Atlantic Version 2014 SLU
5
100.0
100.0
Suite 4 Constantia House, Steenbert Office Park,
Constantia, 7800, South Africa
SBT Software Operations (SA) (Pty)
100.0
100.0
24A 18th Street, Menlo Park, Pretoria,
0
081, South Africa
Ladbrokes (SA) (Pty) Limited
100.0
100.0
Office 519, Spaces, Dock Road Junction,
Corner of Stanley & Dock Road, Waterfront,
Cape Town, 8001, South Africa
Wave SA (Pty) Limited
85.0
85.0
Stora Gatan 46, Sigtuna
Enlabs AB
4
100.0
100.0
Kommun,
193
30, Sweden
Entraction AB
100.0
100.0
Score24 AB
3
100.0
100.0
Royal Park Serviced Office,
Frosundaviks alle 15, 16903 Solna, Sweden
Scout Gaming AB
3
100.0
100.0
c/o The Corporation Trust Company,
GVC Finance LLC
1
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.
4
100.0
100.0
7251
Amigo Street, Suite 100, Las Vegas,
Stadium Technology Group, LLC
3
100.0
100.0
NV
8911
9, United States
1013
Centre Road, Suite 403-B, Wilmington,
Angstrom Sports Inc
100.0
100.0
DE
198
05, United Estates
4445
Corporation Ln Ste 264, Virginia Beach,
Angstrom Sports Virginia LLC
100.0
100.0
VA 23462-3262, United States
Five Greentree Centre, 525 Route 72 North, STE
Angstrom Sports NJ LLC
100.0
100.0
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
100.0
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, Office 38/1,
01014
Kyiv, Ukraine
Entain (Ukraine) LLC
5
100.0
100.0
Office 13, 39 Dzhona Makkeina,
Steer
01042
Kyiv, Ukraine
LLC Bwin
5
100.0
100.0
% equity interest
Registered address
Company
2024
2023
Dr Luis Bonavita, 1294, Torre 2 WTC
Gomifer S.A.
100.0
100.0
Free Zone, Oficina 631, Montevideo,
Uruguay
34972
Longacres, Lusaka
Wave Digital Zambia Limited
100.0
100.0
Lusaka Province, Zambia
1. Company that is directly owned by Entain plc. 2. Company that forms part of the Group as at 31 December 2024 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-570": { "value": "
35 Non-controlling interests
The principal non-controlling interests at 31 December 2024 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 \u00a31,667.0m (2023: \u00a32,024.0m) of which there were related
liabilities of \u00a3219.7m (2023: \u00a3412.2m).
The loss attributable to non-controlling interests was \u00a38.3m (2023: loss of \u00a37.9m).
The balance attributable to non-controlling interest is disclosed in the table below:
Total
\u00a3m
As at January 2023
183.8
Profit attributable to non-controlling interests \u2013 underlying items
35.0
Separately disclosed items attributable to non-controlling interests
(42.9)
Minority interest contribution to SuperSport earnout (Note 32)
42.6
Minority interest in STS acquisition (Note 32)
313.5
Dividends paid
(7.4)
Other
(6.2)
Foreign exchange
6.3
As at January 2024
524.7
Profit attributable to non-controlling interests \u2013 underlying items
43.9
Separately disclosed items attributable to non-controlling interests
(52.2)
New minority interest
1.4
Purchase of minority interest
(7.6)
Dividends paid
(12.5)
Foreign exchange
(24.0)
As at 31 December 2024
473.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-571": { "value": "
36 Subsequent events
On 11th February 2025 it was announced by mutual agreement that Gavin Isaacs, Chief Executive Officer, was stepping down with
immediate effect.
Stella David, who was in the role of Entain's non-executive Chair, again assumed the role of Chief Executive Officer (CEO) on an interim
basis until a permanent replacement has been found. Pierre Bouchut, who was in the role of Senior Independent Director, became non-
executive Chair on an interim basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "Entain plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "Entain plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-8": { "value": "2a Lord Street Douglas Isle of Man IM1 2BD", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800GNI3K45LQR8L28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }