Entain Lowers Online Revenue Growth Forecast After Brazil Ban
Entain's Revised Financial Outlook Following Brazilian Online Betting Ban
(Corrects headline to say company cuts online revenue outlook, not revenue outlook)
Background on the Brazil Ban
Sept 28 (Reuters) - Ladbrokes owner Entain cut its online net gaming revenue growth forecast on Monday to 4% to 6% on a constant currency basis after Brazil's move to ban online sports betting and gaming.
Details of the Executive Order
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.
Impact on Entain's Financial Projections
Profit Forecast Adjustments
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% to 22% outlook.
Currency Exchange Rate
($1 = 0.7557 pounds)
Reporting Credits
(Reporting by Anushka Chourasia in Bengaluru; Editing by Nivedita Bhattacharjee and Rashmi Aich)
