The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Joseph Philip Thomas - HSBC, Research Division - Analyst
: A couple from my side, please. The first thing is just on the EBITDA margin guidance that you're talking about, Rob. You're talking about 26%. You've
previously flagged that you're expecting it to be down year-on-year. I just wanted to clarify exactly why you think it's moving? I think I heard, and
I may be wrong, that it was to do with some of the market withdrawals, I think the nonregulated markets, but that's different to prior messaging.
So perhaps you could just clarify, help me with my confusion there?
And then secondly, just returning to the point about Slide 10, can you tell us what you're doing on the multiple when you work out the value uplift?
I'm just conscious that a lot of these businesses are being bought on relatively low multiples compared to what one would typically think of as an
online multiple in the U.K. So perhaps you could just give a bit more color around that would be helpful.
Question: Ivor Griffith Rees Jones - Peel Hunt LLP, Research Division - Analyst
: I'm trying to work out the implications of the commitment to only have revenues from nationally regulated markets by the end of the year. I can
see from the graph on Page 21 that Brazil is about 7% of online revenue. Others about 12% of online revenue. If -- how much of the other is not
domestically regulated if we try to think about what might happen if Brazil doesn't regulate and if other markets don't regulate as you're expecting,
what's the possible revenue impact?
Question: Ivor Griffith Rees Jones - Peel Hunt LLP, Research Division - Analyst
: And when you're coming up with that percentage, you're excluding BetMGM, you're talking about the online revenues reported in the group?
Question: Ivor Griffith Rees Jones - Peel Hunt LLP, Research Division - Analyst
: So it's a bigger percentage of the group's online revenue?
Question: Ivor Griffith Rees Jones - Peel Hunt LLP, Research Division - Analyst
: Okay. And given the commitment to only be domestic by the end of the year, does that -- will that commitment hold? Or if you get to the end of
the year and some of those markets have not licensed -- in giving you a license, would you then continue to operate in 2024?
Question: Ivor Griffith Rees Jones - Peel Hunt LLP, Research Division - Analyst
: Okay. So the commitment referred to in the January statement could flex beyond the end of 2023?
Question: Ivor Griffith Rees Jones - Peel Hunt LLP, Research Division - Analyst
: That's really helpful. And just one other thing. You refer in the presentation to 2,000 employees involved with MGM -- with BetMGM. How do you
think about the costs of supporting BetMGM? Can we refer back from those some of the time, of those 2,000 employees to work out a cost within
the group?
Question: Ivor Griffith Rees Jones - Peel Hunt LLP, Research Division - Analyst
: So if I wanted to project out a contribution to Entain from BetMGM net of costs required to support it. Have I got enough information to get there?
Question: Louise Wiseur - UBS Investment Bank, Research Division - Analyst
: (inaudible) I wonder if you could please go back a bit on that. And any indication of what you've seen in Q4 and maybe year-to-date? You mentioned
in the past that you expect the [area] of regulatory oversight by the regulator on noncompliant operators that should help you win back some of
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