Entain sees softer online net gaming revenue in Q3

(Sharecast News) - Ladbrokes owner Entain said third-quarter net gaming revenue (NGR) had been softer than expected, driven by adverse sporting results during September and tighter gambling regulation around the world. 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.

It added that growth had been slow than expected in Australia and Italy.

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.

"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