Penn Entertainment expects third-quarter loss for its online business By Investing.com

Investing.com – PENN Entertainment Inc (NASDAQ:) said on Monday it expected a narrower third-quarter loss from its online gaming business, citing better industry conditions and lower costs.

Penn forecast adjusted earnings before interest, taxes, depreciation and amortization for its Interactive unit to be a loss of between $90 million and $100 million, compared with previous expectations of a loss of $115 million to $135 million.

The Interactive unit is the parent company of ESPN Bet, one of the largest sports betting platforms in the US

Penn cited a “higher profit mix” of its product and lower advertising costs as reasons for the smaller loss.

Shares of the gaming company rose as much as 13% in aftermarket trading before sharply paring gains and trading slightly higher.