Entain shares slump after warning on Q3 net gaming revenue

Shares in Ladbrokes owner Entain slumped on Monday as it said third-quarter net gaming revenue (NGR) would be down by by high single-digit percent, driven by adverse sporting results during September, tighter gambling regulation and weaker growth in Australia and Italy.

Entain

677.00p

17:15 27/12/24

-0.65%

-4.40p

FTSE 100

8,149.78

16:54 27/12/24

n/a

FTSE 350

4,495.62

16:29 27/12/24

n/a

FTSE All-Share

4,453.14

17:05 27/12/24

n/a

Travel & Leisure

9,137.16

16:29 27/12/24

0.00%

9,137.16

The company on Monday said online NGR growth was now expected to be up high single-digit percent, and down high single digit percent on a proforma basis. Shares fell more than 12% in London trade on the news.

BetMGM in the US continued to perform well and was on track to deliver positive core earnings in the second half of 202, with full-year 2023 NGR at the upper end of $1.8-$2.0bn guidance, it added.

"We now expect group online NGR for 2023 to be up low double-digit percent with proforma NGR down low single digit percent. We reiterate our expectations for 2023 EBITDA to be in the range of £1.00bn-£1.05bn supported by robust operational controls," Entain said.

Reporting by Frank Prenesti for Sharecast.com