British gambling group Entain has today raised its key annual forecast, encouraged by active punters cashing in on multiple high-profile football events in the second quarter.
The owner of Ladbrokes, Coral and Partypoker said it now expected a low single-digit positive growth in online net gaming revenue (NGR), from its previous forecast of low single-digit negative growth for the full year, while core profit is likely to be about £1.040-1.090 billion.
Gambling companies such as Entain have enjoyed a boom during the pandemic, as punters working from home with more time on their hands placed bets. However, increased competition and regulatory changes in key markets have weighed on the company's performance.
Entain's upbeat tone was buoyed by more sporting events including football championships such as Euro 2024, European Champions League and the English Premier League in the first half of the year.
However, it was in contrast to BetMGM, its joint venture with MGM resorts, whichwarned its annual losses would be bigger than previously expected, due to higher marketing costs amid intense competition in the industry.
Entain said the group's total net gaming revenue was up 6% at £2.56 billion in the six months ended June 30.
