Entain Plc shares erased their rally from the pandemic following a warning of a sales slowdown and fading takeover speculation for the owner of Ladbrokes bookmakers.

The stock slid as much as 15% Monday, the most since January 2021, as London-based Entain said in a statement that it had seen a “softening” in online gaming revenue since the summer. The firm cited adverse sports results, safer gambling measures and slower growth in Australia and Italy.

The slump — which briefly triggered a trading halt due to volatility — left the stock about 60% below a record high reached in 2021, when Covid-19 lockdowns spurred a jump in digital wagers.

A cooling of buyout speculation has also weighed on the stock, with analysts previously highlighting potential for a second bid from joint venture partner MGM Resorts International.

“We sense confidence around the prop of a further MGM approach has ebbed in recent weeks,” Jefferies analyst James Wheatcroft wrote in a note Monday. He added that Entain’s trading update implies a cut to consensus earnings expectations of as much as 5%.

Entain sank 14% to 907.80p at 4:02 p.m. in London, heading for its lowest close since September 2020. Rivals Flutter Entertainment Plc — owner of Paddy Power — and William Hill parent 888 Holdings Plc fell 3.8% and 7.0%, respectively. French lottery operator La Francaise des Jeux SAEM dropped 3.1% in Paris.

--With assistance from Alexandra Muller.

(Updates share price.)