Jan 20, 2022
Entain tightens full-year guidance despite tougher regulation
Entain, owner of Ladbrokes and Bwin, has raised the lower end of its earnings guidance even as the betting company faces tighter regulation and tough comparatives from a surge in online gaming during lockdowns in 2020. The company on Thursday narrowed its guidance for full-year earnings before interest, tax, depreciation and amortisation from between £850m to £900m to a range of £875m to £885m. The betting group has benefited from "Strong growth" in all its markets online during 2021, excluding Germany where new gambling laws require players to adhere to limits on how much they deposit and curbs on the amount that can be staked in online slots. Entain's latest forecast comes a day after it announced that BetMGM, its US joint venture with the casino group MGM, would turn profitable in 2023 despite the hefty marketing costs incurred by operators there as they fight for customers in newly regulated states. Chief executive Jette Nygaard-Andersen said that BetMGM was "a particular highlight". The company continued "To see significant growth opportunities ahead of us, with a total addressable market of around $160bn across our new and existing markets, as well as in emerging areas of interactive entertainment", she said.
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