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The Entain share price declined by more than 1.8% on Wednesday, becoming the worst-performing in the FTSE 100 index. It is trading at 1,830p, which is about 3.45% below its all-time high. Similarly, Flutter Entertainment’s shares have dropped by more than 1.3%. Entain stock drops ahead of earnings Entain is a leading sports betting and gambling company that is listed in the London Stock Exchange (LSE). The company owns well-known brands like Bwin, Ladbrokes, Coral, and Betboo. Its gambling brands are PartyPoker, PartyCasino, Gala Bingo, and Foxy Bingo, among others. These gambling products provide multiple games and the fastest casino payouts. The Entain share price is falling as traders prepare for the upcoming second-quarter results that will come out on Thursday, 8th July. The results are expected to show that the company’s growth accelerated even as the UK continued to reopen. Furthermore, betting opportunities have increased with the return of more physical sporting events. The previous results showed that the firm generated more than 2.7 billion pounds of online net gaming revenue in 2020. This was a 28% increase from the previous year. In the same period, the company’s BetMGM revenue increased by 59% to $178 million. Subsequently, the company generated an underlying EBITDA of more than 843 million pounds and an operating profit of 530 million pounds. Entain’s earnings come when the company’s attempt to buy Australia’s Tabcorp has failed. The company wanted to spend more than $3.5 billion as it sought to expand to Australia. Instead of being acquired, Tabcorp’s management decided to spin the company in a bid to create more value for their shareholders. They believed that Entain’s offer significantly undervalued the company. In a statement, Entain’s management said: “Based on the structural and technical challenges facing Tabcorp’s wagering business and the future risks to its earnings, Entain’s $3.5 billion all-cash proposal offered compelling value for shareholders.” Entain share price forecast The four-hour chart shows that the Entain share price has been in an overall bullish trend this year. In all, it has risen by more than 30% this year alone. Along the way, it has remained above the 50-period volume-weighted moving average (VWMA) indicator most of the time. The stock is also forming a rising wedge pattern that is shown in green. Therefore, with the wedge pattern nearing its confluence zone, there is a possibility that the stock will soon break out lower. If this happens, the next key support level to watch will be 1,730p, which is about 5% below the current level. On the flip side, a move above the resistance at 1,890p will invalidate the bearish thesis. ENT share price chart Follow Crispus on Twitter.