Ladbrokes owner Entain's profit rises on Euro 2020 boost

The betting firm said profits soared 190 per cent to £131m in the first six months of the year following the return of sporting events after a year of Covid restrictions.

The company is also benefiting from strong growth in the US, where gambling laws have been relaxed on a state-by-state basis, and expects to be operating in 20 states over the next year.

After a year marred by cancelled sporting events and closed retail betting shops, an increase in online gambling during lockdowns have helped bookmakers.

Entain said the Euro 2020 was its biggest ever sports betting event.

The company, which has kept its dividend suspended, has launched a new cost savings programme to help it invest in its platforms and fuel expansion. Entain expects to save £100m in 2023.

The firm has maintained its forecast for 2021 profit and said underlying core profit for the six months to June 30 was £401m, compared with £359m a year earlier.