Citi has tweaked its revenue forecasts for Entain PLC (LSE:ENT) for the final quarter of 2025, citing weaker sports betting trends in key markets, though it still expects solid results from the company and its US joint venture BetMGM.
Analysts at the bank now expect BetMGM’s net revenue to grow 29% at constant currency in the quarter, down from a previous estimate of 33%, following a reduction in projected betting volumes.
Expected handle growth was revised to 5%, from 10%, while the net win margin was held at 5.2%. Forecast growth in BetMGM’s iGaming revenue was also trimmed to 17% from 20%.
Citi cut its expectations for Entain’s UK and Ireland online net gaming revenue growth to 2%, from 5%, citing “customer-friendly” results from proprietary trackers.
Growth projections for international markets were reduced to 0% from 3%, with Italy and Australia performing below expectations.
Group-wide, Entain’s fourth-quarter online revenue is now forecast to grow 0.2%, compared with a previous estimate of 3%, while retail revenue is expected to decline by 7%, unchanged from earlier forecasts.
Full-year estimates for 2025 were only modestly affected. Citi lowered its forecasts for group revenue, underlying earnings before interest, tax, depreciation and amortisation, and earnings per share by 0.5%, 1% and 2% respectively.
It said these remain broadly in line with market consensus.
The shares fell 1% to 598.6p.