Penn Entertainment sees narrower third-quarter loss for online business by Investing.com

Investing.com– PENN Entertainment Inc (NASDAQ: ) said on Monday it expects a narrower loss from its online gaming business in the third quarter, citing better conditions in the sector and lower expenses.

Penn estimated that adjusted earnings before interest, taxes, depreciation and amortization for its Interactive unit would be a loss of between $90 million and $100 million, compared with earlier expectations for a loss of $115 million by to 135 million dollars.

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

Penn cited a “higher parlay mix” from its product and lower promotional spending as a factor in the lower loss.

The gaming company’s shares rose as much as 13 percent in aftermarket trade before paring gains sharply to trade marginally higher.