Entain lifts full-year guidance on strong third quarter

17th Oct 2024 07:00

(Sharecast News) - Gambling and gaming group Entain boosted its full-year outlook on Thursday, after third-quarter numbers came in ahead of expectations.

The owner of Ladbrokes, Coral and SportingBet, among others, said total net gaming revenues in the three months to 30 September had jumped 8%, or by 10% on a constant currency basis.

Including its 50% partnership with MGM Resorts International, BetMGM, reported NGR rose 10%.

Within that, UK & Ireland reported NGR rose 2%, with a 6% jump in online revenues helping to offset a 2% decline in retail.

International online NGR improved 7%, also in contrast to a fall in retail, down 1%.

The blue chip said the results were ahead of forecasts.

It continued: "As a results of a stronger-than-expected third-quarter performance, and increased confidence for the balance of the year, full-year online proforma NGR growth is now expected to be mid-single digit positive on a constant currency basis.

"As such, group earnings before interest, tax, depreciation and amortisation is expected to be towards the top end of our £1.04bn to £1.09bn guidance range."

New chief executive Gavin Isaacs, who joined last month, said: "Entain is already on a path of strategic and operational improvement, with the strong third-quarter performance demonstrating the progress achieved so far."