Ladbrokes owner Entain has raised its forecast following a boost from Euro 2024 and NFL events. The betting giant reported stronger-than-expected trading in the latest quarter, with the Euro 2024 football tournament and NFL matches contributing to its success.
Entain, which owns Ladbrokes and Coral, saw a recovery in its UK and Ireland business that returned to year-on-year growth earlier than anticipated. The company highlighted a surge in betting activity during Euro 2024, particularly around England’s final match against Spain, which was the most popular event for betting during the period.
Additionally, Entain benefited from a series of NFL fixtures, which supported its BetMGM US joint venture. The group expressed increased confidence for the remainder of 2024 and projected mid single-digit growth in its online net gaming revenues for the year. Earnings before interest, tax, depreciation, and amortization (ebitda) are expected to be at the higher end of the £1.04 billion to £1.09 billion guidance range.
Total net gaming revenues for the three months ending on September 30 grew by 8%, with online net gaming revenues (excluding the US) increasing by 9% due to higher volumes. In the UK, net gaming revenues rose by 2%, as online trade offset a decline in betting shop revenue.
The update marks the first under new chief executive Gavin Isaacs, who expressed confidence in the company’s progress, stating, “Entain is already on a path of strategic and operational improvement, with the strong Q3 performance demonstrating the progress achieved so far.”
Isaacs added, “We are at the beginning of the journey and I’m looking forward to accelerating our progress, leading the business in our next growth chapter and capturing the many exciting opportunities ahead.” Entain also operates Gala Bingo and continues to evolve as a key player in the global betting industry.
The company’s positive outlook follows a period of strategic and operational improvements, positioning it for further growth and success in the future.