Betting giant Entain has improved its guidance after stronger-than-expected trading in the latest quarter, boosted by the Euro 2024 football tournament and NFL matches.
The Ladbrokes and Coral owner said it was boosted by a recovery in its UK and Ireland business, which returned to year-on-year growth “sooner than expected”.
It was boosted by strong betting activity around Euro 2024, with England’s match in the final against Spain the most popular betting event of the period.
Entain told shareholders it also benefited from a raft of NFL fixtures, which bolstered its BetMGM US joint venture.
The group said it now has “increased confidence” for the rest of 2024 and expects mid single-digit growth in its online net gaming revenues for the year.
It also said earnings before interest, tax, depreciation and amortisation (ebitda) is set to be towards the “top end” of its £1.04 billion to £1.09 billion guidance.
It came as the company, which also runs Gala Bingo, reported that total net gaming revenues grew by 8% for the three months to September 30.
Entain is already on a path of strategic and operational improvement, with the strong Q3 performance demonstrating the progress achieved so far
Entain chief executive Gavin Isaacs
Online net gaming revenues, excluding the US, were up 9% as it was boosted by higher volumes.
In the UK, net gaming revenues grew by 2% as online trade offset a decrease from its betting shops.
The update was the first under new boss Gavin Isaacs, who was appointed chief executive last month.
Mr Isaacs said: “My first few weeks as CEO of Entain have reaffirmed my view that this is a very good business operating in a highly attractive global industry.
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 chief executive Gavin Isaacs
“Entain is already on a path of strategic and operational improvement, with the strong Q3 performance demonstrating the progress achieved so far.
“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.”
Meanwhile, fellow gambling firm Rank Group revealed that group revenues jumped over the latest quarter, buoyed by its casino business.
Rank said total like-for-like net gaming revenues grew by 12% to £197.5 million for the three months to September 30.
It said this was largely down to a 13% rise in revenues from its Grosvenor Casinos business, while online revenues rose 15%.
The company’s Mecca Bingo business saw revenues rise by 4% to £34.7 million for the quarter.
Rank chief executive John O’Reilly said: “We have continued to build on the momentum that we have generated over the past year and a half, and I am very pleased with our start to this financial year.”