Ladbrokes-owner Entain on Thursday lowered its online profit margin forecast for the year after it posted a drop in third-quarter gaming revenue, sending its shares down to a three-year low in early trade.
Entain, which also owns Coral betting shops and online brands bwin and partypoker, said it expected online core profit margin to be about 25% in 2023, down from 27.1% last year.
Gambling firms, which gained from a rise in online betting during the pandemic, are dealing with stiffer regulations and a cost-of-living crisis.
The company, however, anticipated limited impact from regulatory headwinds by the second half of next year, Entain’s Chief Financial Officer Rob Wood told Reuters, as it expects most of its revenue to be regulated by then.
