ntain, the owner of bookmakers Ladbrokes and Coralhas cut some of its guidance for the fiscal year as gamblers are austere online gamble of inflation eat into consumer purchasing power.
The company said it no longer expected net revenue growth from its online business for the year, having previously forecast an increase in mid-to-high single digits. Shares fell 9.5 percent to 1031p in morning trading, making it the biggest faller on the London market. FTSE 100 stock index.
There was a better showing on his bets storeswhere retail sales exceeded expectations, driving second-quarter volumes “ahead of pre-Covid levels, driven by slots and cash-and-carry machines”.
Jette Nygaard-Andersen, CEO of Entain, said the “macroeconomic outlook is uncertain”, but the “underlying performance of our company remains strong”.
Entain’s online brands include Foxy Bingo, Gala and Ninja Casino. It has a 50/50 joint venture with MGM Resorts International to run BetMGM in the US.