Ladbrokes owner raises profit guidance after World Cup boost

Entain, the gambling giant behind Ladbrokes and Coral, has raised its profit forecasts after a boost from the men’s football World Cup.

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.

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

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

The company had previously predicted earnings between £925 million and £975 million.

Online net gaming revenues were up 12% year on year; however, the group reported that full-year figures were down 1% as it was hit by regulatory changes in the UK and Germany.

Net gaming revenues across retail stores were up 66% for the year, as it benefited from the easing of pandemic restrictions.

Chief executive Jette Nygaard-Andersen said: “2022 has been another year of strong financial, operational and strategic progress for Entain.

“We have continued to grow our revenues in a sustainable and diversified way by expanding our global footprint, broadening our customer appeal, entering new areas of entertainment, and providing a safe environment for our customers.

“All of this has led to a record number of active customers in Q4, as well as a full-year earnings performance ahead of our previous expectations.

“We have started 2023 with good momentum across the business and remain confident in our ability to continue delivering on our growth and sustainability strategy in the year ahead.”