Entain raises financial guidance after trading jump

Finance News

Entain increased its guidance for full-year earnings after a strong performance from the gambling group in the first half.

Total net gaming revenue rose 11% in the six months to the end of June from a year earlier and 42% in the second quarter as markets reopened from pandemic restrictions.

The FTSE 100 company, which owns Ladbrokes in the UK, said it expected earnings before interest, tax, depreciation and amortisation between £850m and £900m for the year to the end of December – ahead of analysts’ consensus estimate.

Online net gaming revenue rose 22% in the second quarter and excluding Germany revenue rose 32%. Net gaming revenue at the BetMGM US business was about $350m.

Jette Nygaard-Andersen, Entain’s chief executive, said: “Following our strong first half, we are upgrading our expectations for the full year and we remain confident and excited by the breadth and scale of the long-term sustainable growth opportunities ahead of us.”