Entain has today raised its annual profit forecast and reported a 12% rise in its quarterly online gaming revenue, as the British gambling firm benefited from the football World Cup.
Entain owns Ladbrokes and Coral betting shops as well as bwin and partypoker online brands.
But it said its full-year online net gaming revenue fell 1% as the company absorbed regulatory changes in the UK and Germany.
While gambling firms gained popularity during the Covid-19 pandemic as more punters placed online bets, the sector now stares at some challenges as customers look to reduce non-essential spending amid surging inflation levels.
The joint venture of Entain and MGM Resorts, BetMGM, last week said it expects to turn profitable in the second half of 2023, aided by strong gaming margins.
Entain, previously known as GVC Holdings, said that its active customers grew 14% in the quarter.
The company now expects its core profit for the year to be between £985m and £995m, up from an earlier forecast of between £925m and £975m.
