Companies BetMGM and Entain confirm their 2024 projections despite contrasting financial outcomes.
Entain Plc Reaffirms 2024 EBITDA Guidance Amidst Industry Uncertainty
In the ever-evolving world of sports betting and gaming, Entain Plc, one of the largest groups globally in this sector, has reaffirmed its full-year 2024 EBITDA guidance. This announcement comes amidst a period of industry-wide uncertainty and recent market volatility.
Despite Flutter, a rival company, announcing a revised revenue forecast due to poor NFL betting results, Entain's 2024 EBITDA guidance remains unchanged. The reaffirmation was made ahead of the company's upcoming financial results report.
Entain's group EBITDA for 2024 is expected to reach the upper end of its previously announced $1.27 billion to $1.33 billion guidance range. The Q3 trading update also suggests that Entain's strong performance is due to more operator-friendly sports betting results.
BetMGM, a joint venture between Entain and MGM Resorts International, has also provided insights into its financial performance. BetMGM's EBITDA for H2 2024 is expected to remain at a similar level as the first half, with the Second Half EBITDA for 2024 estimated to be similar to a $123 million EBITDA loss from the First Half, totaling an estimated full-year EBITDA loss of approximately $250 million.
Both companies, Entain and BetMGM, will provide more details on their trading performance and outlook for 2025. Entain will share its update on 6 March 2025, while BetMGM will provide more details on 4 February 2025.
The recent volatility in Entain's stock, which has shed almost 10% over the past few days, was not related to poor NFL betting results but rather due to market fluctuations. It's important to note that the article does not provide any information about the impact of the news on Entain's stock price.
The inclusion of significant international and non-sports betting operations has aided Entain in diversifying its portfolio, helping it navigate through the current uncertain times in the global betting industry.
As we move forward, both Entain and BetMGM will continue to monitor the market conditions closely and adjust their strategies as necessary to ensure sustainable growth and profitability.
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