Entain’s share price dropped by more than 10% this morning, amid concerns its slowing online performance may continue through the rest of the year and beyond, before a rebound late in the day.
The business reported an 18% year-on-year increase in net gaming revenue for the first half of the year.
However, online revenue was down 7% year-on-year.
Entain said this was due to a weaker macroeconomic environment, leading to customers spending on average 5% less during the period than they had the year before.
“As a business, we are relatively resilient to cyclical macroeconomic effects,” chief executive Jette Nygaard-Andersen said. “However, no business is completely immune.
“We’ve seen some moderation in the rate of spend by customers, resulting in lower underlying growth across many of our markets versus our expectations earlier in the year.”
Chief financial officer Rob Wood noted that online revenue was “ultimately behind our expectations from earlier in the year, due to a couple ..
