Entain cuts online gaming revenue outlook

UK gambling firm Entain on Thursday said online gaming revenue would be flat in the current year, as customers started to cut back on spending amid soaring inflation and prices.

The owner of the Ladbrokes and Coral betting shop chains as well as the bwin and partypoker online brands, said online net gaming revenue fell 7% for the three months to June 30.

A weaker macro-economic environment was also reducing customers’ rate of spend during the first half of the year, moderating overall online growth versus previous expectations, Entain said.

However, group net gaming revenue was up 18% in the first half of the year, with retail figures ahead of expectations.