Entain reports ‘softer than anticipated’ online gaming results

Entain, a global sports-betting operator, reported ‘softer than anticipated’ online net gambling revenue in the third quarter and now anticipates ‘high single-digit percent’ growth for the period.

In a note released on Monday, the company cites “adverse sporting results impacting sports margins in September,” as well as “a move to implement safer gambling measures and ongoing regulatory headwinds persisting longer than anticipated.”

The group also observes that development in Australia and Italy was weaker than anticipated.

Entain now anticipates its EBITDA for FY23 to be between £1 billion and £1.05 billion, supported by robust operational controls.

Ahead of the group’s November trading update, the group announces plans for further simplification of operations, cost reduction, integration of acquired businesses onto the group’s tech platform, optimization of capital allocation, and review of market strategy.

Entain CEO Jette Nygaard-Andersen said that, despite the results, the company continues to garner an ever-increasing number of consumers who appreciate our products and services.

“We continue to see good underlying growth in our online business and are reiterating our EBITDA guidance for the year despite weaker-than-expected revenue growth in the third quarter and the ongoing rollout of industry-leading safer gambling measures,” she said.

Original story by: Asia Gaming Brief