Entain CEO Jette Nygaard-Andersen said the group enjoyed “softer than expected” revenue growth in the first part of Q3.
Providing an update on trading up to last Friday, the group said slower growth than expected in Italy and Australia had hampered its progress, as had group implementation of safer gambling measures.
Regulatory changes such as the UK white paper are “lasting longer than expected,” Entain added.
However, it said it has observed “robust” performance across retail and backed BetMGM, which it jointly owns alongside MGM Resorts International, to be EBITDA positive in the second half of 2023.
“We now expect group online net gaming revenue for FY2023 to be up low double-digit per cent with pro-forma NGR down low single digit per cent,” Entain said.
“We reiterate our expectations for FY2023 EBITDA to be in the range of £1bn-£1.05bn supported by robust operational controls.”
Entain said it wants to accelerate performance and delivery through a range of actions including a comprehensive market review and the simplification of group structures and operations to improve operational leverage and reduce costs.
Nygaard-Andersen said: “We have made significant changes to the group over the last three years. Our focus now is on accelerating the actions we are taking to drive sustainable organic growth, expand our margins, capitalise on the US opportunity and deliver long-term returns for our shareholders.
“We remain confident in our ability to deliver on the vast opportunities ahead of us and look forward to sharing more detail about the changes that we are making alongside our Q3 trading update in November.”
