Ladbrokes owner improves guidance after Euro 2024 and NFL boost

Betting giant Entain has improved its guidance after stronger-than-expected trading in the latest quarter, boosted by the Euro 2024 football tournament and NFL matches.

The Ladbrokes and Coral owner said it was boosted by a recovery in its UK and Ireland business, which returned to year-on-year growth "sooner than expected".

It was boosted by strong betting activity around Euro 2024, with England's match in the final against Spain the most popular betting event of the period.

Entain told shareholders that it also benefited from a raft of NFL fixtures, which bolstered its BetMGM US joint venture.

The group said it now had "increased confidence" for the rest of 2024 and expected mid single-digit growth in its online net gaming revenues for the year.

It also said earnings before interest, tax, depreciation and amortization (ebitda) was set to be towards the "top end" of its £1.04 billion to £1.09 billion guidance.

It came as the company, which also runs Gala Bingo, reported that total net gaming revenues grew by 8% for the three months to September 30.

Online net gaming revenues, excluding the US, were up 9% as it was boosted by higher volumes.

In the UK, net gaming revenues grew by 2% as online trade offset a decrease from its betting shops.

The update was the first under new boss Gavin Isaacs, who was appointed as chief executive last month.

Mr Isaacs said: "My first few weeks as CEO of Entain have reaffirmed my view that this is a very good business operating in a highly attractive global industry.

"Entain is already on a path of strategic and operational improvement, with the strong Q3 performance demonstrating the progress achieved so far.

"We are at the beginning of the journey and I'm looking forward to accelerating our progress, leading the business in our next growth chapter and capturing the many exciting opportunities ahead."