Entain posts trading update, with US a particular focus
The company expects its BetMGM brand to achieve between $1.8bn–$2bn in net gaming revenue.
Entain has released its trading and guidance update for FY23, showing that the company expects online net gaming revenue (NGR) to be up by a high single-digit percentage, while group online NGR should be up a low-double-digit percentage. The company will publish its third quarter trading update on November 2.
Entain CEO Jette Nygaard-Andersen said, “We continue to see good underlying growth in our online business and are reiterating our EBITDA guidance for the year despite softer than expected revenue growth in Q3 and the ongoing roll-out of industry-leading safer gambling measures.
“BetMGM remains on track to deliver positive EBITDA in H2 and a full-year NGR performance at the top end of our expectations, and we are particularly excited about the product improvements that we are rolling out over the NFL season.”
The operator’s online EBITDA margin target is 30%. Entain plans to implement a comprehensive market review, simplify group operations, migrate acquired businesses to its platform and take advantage of opportunities within the US.
Entain’s US sports betting brand, BetMGM, is predicted to generate NGR of $1.8bn-$2bn. One addition to the sports betting product have been the launch of Single Account Single Wallet.
However, the company did report that ‘adverse sporting results’ affected sports margins during the month of September. Entain also stated that its growth in Australia and Italy has not been as fast as expected.
Nygaard-Andersen added, “We remain confident in our ability to deliver on the vast opportunities ahead of us, and look forward to sharing more detail about the changes that we are making alongside our Q3 trading update in November.”
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