(AsiaGameHub) –   The banking giant briefly held an increased 7 per cent state in the UK gambling giant.

UK.- JP Morgan Chase has reduced its holding in the London-listed gambling operator Entain to under 3 per cent merely 10 days after increasing its position to 7 per cent. A filing confirmed that the US banking giant had dropped below the 3 per cent reporting threshold.

The rise in the stake occurred after another shareholder, Ricky Sandler’s Eminence Capital announced plans to liquidate. Sandler resigned as a non‑executive director last month and sold his 5.8 per cent interest in Entain on May 7.

JP Morgan soon began lowering its position with sales executed on May 12, 13, 14 and 15. Entain’s share price remained stable during this period, closing at 532.4p on May 15.

Entain’s challenges

It has been a difficult period for Entain’s stock price, worsened by the recent rise in Remote Gaming Duty in Britain and Ireland, which has also impacted the business, leading to plans to close a third of Ladbrokes shops in Ireland. Shares closed higher at 535p today but remain down by 30 per cent year‑to‑date.

Entain is maintaining its full‑year 2026 outlook with a target of 5 to 7 per cent growth in online net gaming revenue (NGR). It expects £1.13bn in group EBITDA (excluding BetMGM fees) and at least £500m in adjusted annual cash flow by 2028.

Q1 revenue increased by 3 per cent year‑on‑year, driven by an 8 per cent rise in volume. Online NGR grew by 5 per cent, with igaming revenue up 9 per cent while sports betting revenue declined by 1 per cent due to weaker margins.

The quarter ending March 31 showed strong results for the UK and Ireland online business, where NGR rose 13 per cent while retail NGR slipped 1 per cent. In the CEE region, NGR fell 6 per cent, with online down 1 per cent and retail plummeting 30 per cent. BetMGM, Entain’s joint venture with MGM Resorts, reported Q1 net revenue of $696m, up 6 per cent.