Welcome to the Weekend Report, where iGB looks at the news that you may have missed across Friday, Saturday and Sunday. This week: Entain confident on FY24 EBITDA guidance, Betfred exits Nevada and Concacaf seeks first betting partner.
Entain reiterates EBITDA guidance for FY24
Entain said it remains confident of EBITDA guidance for FY24 despite taking a hit in the latter part of the year from customer-friendly sports results in the US.
Entain set out full-year targets during its Q3 trading update in October. Here, it said group EBITDA would be at the upper end of a range between £1.04 billion (€1.24 billion/$1.26 billion) and £1.09 billion.
Now, Entain has repeated this guidance despite its BetMGM joint venture in the US being impacted in Q4. Unfavourable sports results meant players won more during the period, which in turn impacted performance.
Entain said BetMGM still expects to post EBITDA of negative $250 million for the full year. This is in line with earlier guidance issue..