Entain said online gaming revenue would be flat in the current year, as customers started to cut back on spending amid soaring inflation and prices.

The owner of the Ladbrokes and Coral betting shop chains as well as the bwin and partypoker online brands, said online net gaming revenue fell 7% for the three months to June 30.

A weaker macro-economic environment was also reducing customers’ rate of spend during the first half of the year, moderating overall online growth versus previous expectations, Entain said.

However, group net gaming revenue was up 18% in the first half of the year, with retail figures ahead of expectations.

Jette Nygaard-Andersen, Entain’s CEO, commented: “I am very pleased to see that more customers are choosing to play with us, reflecting our focus on recreational players and putting the customer at the heart of everything we do. We continue to expand our growth opportunities through complementary acquisitions with four transactions so far this year. Underpinned by the Entain Platform, BetMGM continues to demonstrate its leadership in the US with a 24%^2,3 market share.

Our leadership in responsibility and sustainability has seen us implement further player safety measures alongside ARC^TM, particularly in the UK, as well as respond to regulatory changes as markets implement regulation.

The macro-economic outlook is uncertain, however the underlying performance of our business remains strong. With an increasingly recreational customer base and relatively resilient revenue, we remain confident that our customer focus, diversification and proven ability to grow both organically and through M&A will enable us to deliver further progress against our strategy.”