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.
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