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Entain PLC on Monday reported that online net gaming revenue in the third quarter of 2023 was weaker than anticipated.
The London-based sports betting and gambling operator - via Coral, Ladbrokes, PartyPoker and various other brands - said that its online net gaming revenue has been softer than expected during the third quarter of the year amid slower-than-expected growth in Australia and Italy, regulatory headwinds, and adverse sporting results crimping margins.
As a result, online NGR is expected to be up by a high single-digit percentage in the third quarter and up by a low double-digit percentage in the year as a whole.
However, Entain noted ‘robust’ performance across retail and ‘strong’ performance from recent acquisitions such as SuperSport in Croatia.
Further, BetMGM in the US continues to perform well, the company said, and is on track to deliver positive earnings before interest, tax, depreciation and amortisation in the second half of 2023, with net gaming revenue at the upper end of its $1.8 billion to $2.0 billion guidance for all of 2023.In the second half of 2022, BetMGM’s net gaming revenue was $1.44 billion.
Entain reiterated its expectation for full-year group Ebitda to be within the range of £1.0 billion and £1.05 billion. This would be up from $993.2 million in 2022.
Chief Executive Officer Jette Nygaard-Andersen said: ‘We continue to attract more customers than ever before to enjoy our products and services.’
Entain said it will release a third-quarter trading update in November.
Shares fell 5.7% to 995.40 pence each on Monday morning in London.
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