Ladbrokes owner Entain cuts online revenue outlook after Brazil online betting ban
A person stands inside a Ladbrokes betting shop in London, Britain, March 4, 2023. REUTERS/Henry Nicholls/File Photo
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(Corrects headline to say company cuts online revenue outlook, not revenue outlook)
Sept 28 : Ladbrokes owner Entain cut its online net gaming revenue growth forecast on Monday to 4 per cent to 6 per cent on a constant currency basis after Brazil’s move to ban online sports betting and gaming.
Brazilian President Luiz Inacio Lula da Silva’s executive order bans online betting operations in Brazil, less than two years after the government kicked off a legal framework allowing the industry to operate.
The company expects its 2026 group underlying core profit to be at the lower end of its previous forecast of £910 million to £960 million ($1.20 billion to $1.27 billion). Its online underlying core profit margin forecast is also expected to come in at the bottom end of its 21 per cent to 22 per cent outlook.
($1 = 0.7557 pounds)
Source: Reuters
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