Ladbrokes and Coral owner Entain gambles on men’s World Cup boosting its earnings

Entain, the gambling giant behind Ladbrokes and Coral, has raised it earnings guidance after a strong final quarter of 2022.

The sports betting and gaming group said net gaming revenues increased by 11 per cent in the quarter to December 31, compared with a year earlier, as it witnessed a “record” number of active customers.

The group said this was buoyed by a “successful men’s World Cup”, although this was slightly offset by disruption to sports fixtures from cold weather and heavy winds.

Entain said earnings 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.

Jette Nygaard-Andersen, Entain’s chief executive officer, 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.”

Press Association