Entain shares jump after reiterating FY24 guidance

Investing.com -- Shares of Entain plc (LON:ENT ) climbed over 4% on Monday after the global sports betting and gaming company reaffirmed its full-year 2024 EBITDA guidance. 

In a statement, Entain reiterated its expectation that Group EBITDA for the financial year will land at the upper end of its previously announced range of £1,040 million to £1,090 million. 

This comes despite a mixed trading environment in the final quarter of 2024, with favorable operator results balancing out earlier challenges.

Entain attributed its positive outlook to strong operational performance and strong results during the closing months of the year. 

The company also addressed the performance of BetMGM, its U.S. joint venture with MGM Resorts (NYSE:MGM ). 

In its FY24 EBITDA guidance, BetMGM reiterated that it will incur a loss of $250 million, emphasizing the year as one of investment. 

In October and December, BetMGM maintained its focus on building for long-term profitability, in spite of customer-friendly sports results in the United States.

Despite changing regulatory environments and shifting market conditions, Entain's statement comes at a time when the sports betting industry is undergoing increased scrutiny.

Source: Investing.com