Entain Improves Results Due to Increased Online Betting

• Entain reported an increase in online betting of 21% in Great Britain.
• Revenue from operations increased by 11% to £583 million sterling.
• The joint venture BetMGM showed an increase in revenue of more than a third.

The parent company Entain, which owns the brands Ladbrokes and Coral, demonstrated better-than-expected results in the first half of the year due to an increase in sports betting, such as the World Cup in football and tennis tournaments. The company's share rose by 3% and scaled nearly £2.6 billion sterling, while revenue from operations increased by 11% to £583 million sterling.

The joint venture Entain in the USA, BetMGM, reported an increase in revenue of more than a third, as betting on sports in the USA continues to grow following the lifting of the ban on gambling in 2018. Meanwhile, in Great Britain and Ireland, online betting increased by 21%, which also contributed to the overall success of the company.

The World Cup in football, which took place in the USA, became the most popular event for betting, regardless of the growing interest from viewers in Great Britain. Entain's Executive Director, Stella David, noted that the company remains "stronger, more resilient, and faster." However, the company also faced one-off expenses, which amounted to a loss of £96 million sterling.

Entain expects that sales growth this year will exceed previous forecasts, with predictions of an increase in online betting of 7%. Annual revenue is projected to be between £1.1 billion and £1.15 billion sterling.

Tags: Economy