Ladbrokes owner Entain sees annual core profit at top end of forecast
Company sees profit at high end of 1-1.1 billion pound forecast
Shares up nearly 4% after 15% slide on Monday
Group drops plans for sale of Crystalbet
Adds context about U.S. market in paragraph 3, share move in paragraph 6
Oct 17 (Reuters) -British gambling group Entain ENT.L said on Thursday it now expects annual core profit to be towards the top end of its earlier forecast of 1 billion pounds ($1.30 billion) to 1.1 billion pounds, boosted by a strong third-quarter performance.
Entain's net gaming revenue grew 8% in the most recent quarter, helped by betting on popular sports events such as the English Premier League and the National Football League.
Despite the positive results, the Ladbrokes owner is facing challenges from rising competition and regulatory scrutiny across several U.S. states, and navigating a regulatory landscape with varying requirements in different jurisdictions.
Entain shares on Monday slid 15% over speculation that Britain's finance minister Rachel Reeves would likely increase some taxes on gambling companies in her maiden budget on Oct. 30, potentially pressuring Entain by raising operational costs.
After the forecast update on Thursday, shares were up 3.6% at 737 pence. The company did not mention the possibility of new taxes on the sector.
Entain has been prioritising the rapidly growing U.S. market, its biggest, where its joint venture with MGM Resorts, BetMGM, faces stiff competition from rivals including Flutter-owned FanDuel and Boston-based DraftKings.
For the full year, underlying earnings before interest, taxes, depreciation, and amortization are expected to come in at 1.06 billion pounds, according to company-compiled consensus.
The Douglas, Isle of Man-headquartered company also said it will not pursue the sale of its Georgian brand Crystalbet following a strategic review.
($1 = 0.7702 pounds)
Reporting by DhanushVignesh Babu and Chandini Monnappa in Bengaluru; Editing by Rashmi Aich and Jan Harvey
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