Gambling firm Entain lifts profit view on sports betting
July 8 (Reuters) - Ladbrokes owner Entain raised its 2021 profit view and reported a jump in first-half net gaming revenue on Thursday, as the resumption of sporting events including the Euro 2020 boosted betting volumes.
The company said annual core earnings will be between 850 million pounds and 900 million pounds, ahead of current market consensus, and better than the 843.1 million pounds reported in 2020.
Before the pandemic, Entain reported a 2019 profit of 761.4 million pounds. The company said volumes at its retail shops were back at levels that were 10% lower than pre-covid, since the easing of restrictions.
The FTSE 100-listed company, which also owns bwin and Coral brands, said it was doubling investment in its game development studios as it steps up its focus on online betting.
Entain's online net gaming revenue jumped 22% in the three months to June, marking 22 consecutive quarters of double-digit growth.
Online betting firm 888 Holdings said earlier this week it saw average daily revenue in the UK drop by 20% year-on-year since the reopening of restaurants and other leisure venues in May. (Reporting by Muvija M in Bengaluru; Editing by Shounak Dasgupta)
