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
751.60p
17:15 12/11/24
FTSE 100
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17:14 12/11/24
FTSE 350
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Travel & Leisure
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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