Entain PLC on Thursday reported an increase in net gaming revenue in the third quarter of 2023.
Entain is a sports betting and gambling company, which owns brands such as bwin, Coral, Ladbrokes, PartyPoker and Sportingbet. STS is Poland’s leading sports-betting operator.
The company said net gaming revenue rose 7% year-on-year in the three months to September 30, while performance in retail improved 4% but fell 4% on a proforma basis.
Looking ahead, the company expects third quarter earnings before interest, tax, depreciation and amortisation between £1.00 billion and £1.05 billion, but noted a £45 million impacted on sports margins.
For 2024, Entain anticipates online net gaming revenue growth in the low single digits and an online Ebitda margin between 24% and 25%.
Chief Executive Jette Nygaard-Andersen said: ‘We have a clear plan to focus our portfolio for organic growth, drive our market share in the US, improve our operational leverage, and increase our Ebitda margins. The wide range of initiatives that are underway will cement our position as a customer-focused industry leader, enable us to achieve our strategic ambitions, and deliver enhanced returns for all our stakeholders.’
Entain shares fell 1.7% to 924.30 pence each on Thursday morning in London.
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