Ladbrokes owner raises profit guidance after World Cup boost

Entain, the gambling giant behind Ladbrokes and Coral, has raised its profit forecasts after receiving a boost from the men’s football World Cup.
By Greg Wright
Published 1st Feb 2023, 12:02 BST

The firm, which also runs the bwin and Partypoker online brands, said it had witnessed “record” customer numbers over the final quarter of 2022 as a result.

The group hailed the “successful” World Cup tournament but highlighted that this was slightly offset by disruption to sports fixtures from cold weather and heavy winds.

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Total net gaming revenues increased by 11 per cent in the quarter to December 31, compared with a year earlier.

Library image of England manager Gareth Southgate. Entain has raised its profit forecasts after receiving a boost from the men’s football World Cup, which was held in late 2022.Library image of England manager Gareth Southgate. Entain has raised its profit forecasts after receiving a boost from the men’s football World Cup, which was held in late 2022.
Library image of England manager Gareth Southgate. Entain has raised its profit forecasts after receiving a boost from the men’s football World Cup, which was held in late 2022.

Entain said earnings before interest and tax for 2022 were “ahead of expectations” and are now due to be within a range of between £985m and £995m for the year.

The company had previously predicted earnings between £925m and £975m. Online net gaming revenues were up 12 per cent year on year; however, the group reported that full-year figures were down 1 per cent as it was hit by regulatory changes in the UK and Germany.

Related topics:Germany