Entain cuts revenue guidance for the year as cost of living hits UK internet betting

Entain cuts revenue guidance for the year as cost of living hits UK internet betting

Article brief provided by Evening Standard
  • Michael Hunter, Evening Standard
July 7, 2022 10:59 PM
  • Michael Hunter, Evening Standard

    Entain, the owner of bookmakers Ladbrokes and Coral, has reduced part of its guidance for the financial year as punters cut back on online gambling with inflation eating away at consumers’ spending power.

    The company said it no longer expected net revenue growth from its online operations for the year, having previously forecast a rise the mid-to-high single digits. Its shares fell 9.5 per cent to 1031p in morning trade, making it the biggest single faller on London’s FTSE 100 stock index.

    There was a better showing at its betting shops, where retail trading surpassed expectations, helping volumes in the second quarter move “ahead of pre-Covid levels, driven by gaming and self-service betting terminals”.