Entain, a sports betting giant that co-owns BetMGM, is adjusting its full-year revenue expectations for fiscal year 2023 amid a strategy to accelerate performance and improve shareholder value.
and online net gaming revenue guidance for FY2023 amid a strategy to accelerate performance and improve shareholder value. The company projects full-year online net gaming revenue in FY2023 to be up a low double-digit percent, while proforma revenue will be down a low single-digit percent.
Entain attributes the lowered expectations to adverse sporting results impacting margins, safer gambling measures, regulatory costs, and slower growth than expected in Australia and Italy. The company anticipates an EBITDA guidance of between $1.2 billion and $1.28 billion in 2023. Group revenue, which Despite the lower-than-expected guidance, Entain has benefited from the strong performance of its SuperSport acquisition in Croatia and the continued growth of the BetMGM betting platform.
“We continue to attract more customers than ever before to enjoy our products and services. 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,” said CEO Jette Nygaard-Andersen.
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