Entain has published fresh guidance, noting “updated guidance from industry peers” following customer-friendly results during Q4.



Key Points:

- Last week, Flutter announced it would lower its forecasts

- This was due to unfavourable US sports betting results

- Today, Entain announced it would “reiterate its previous FY24 EBITDA guidance”

Entain has published a reiteration of its FY24 EBITDA guidance today, ahead of its full-year results.

The operator reflected that, during BetMGM’s H1 report published 29 July 2024, it expected H2 EBITDA to be similar to the -$123m figure from the first half of the year.

In its fresh guidance, “BetMGM reiterates its previous FY24 EBITDA guidance of approximately -$250m.”

This is despite admittedly “customer-friendly US sports results” throughout October and December, which is what Flutter admitted when lowering its own guidance.

Due to NFL parlay and same-game parlay outcomes, Flutter lowered its expected US revenue last week by $370m to $5.78bn – admittedly not the largest fluctuation.

However, Flutter’s adjusted EBITDA was also lowered by $205m to $505m.

Following this, Flutter’s share prices dipped on both the New York and London Stock Exchanges, but have since recovered on both.

Good to know: BetMGM will publish its FY2024 results on 4 February, Flutter is due to release its Q4 earnings report on 4 March and Entain’s FY2024 is expected two days later on 6 March

Entain has walked back none of its previous estimations, even in the face of US sports betting results.

On 17 October, Entain stated that the company’s “EBITDA was expected to be towards the top of the £1,040m-£1,090m ($1.3bn) guidance range”.

In this latest update, it has confirmed that “we now expect Group EBITDA to be at the top of the £1,040m-£1,090m guidance range”.

Following this, Entain’s share prices have continued their downward trend and are currently -1.74% compared to this morning and -11.7% from the start of the month.

At the time of publication, Flutter’s share price on the London Stock Exchange is £215.40 and Entain’s is £6.13.

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