Ladbrokes Parent Company Makes £1bn In Profit As a Result of the Winter World Cup

The owner of the sports betting brands Ladbrokes and Coral has revised their full-year profit forecasts upwards due to the World Cup held in winter.

According to Entain, the number of customers in the last three months of 2022 reached an all-time high, up 14% compared to the year prior.

The company that owns betting shops and online brands bwin and partypoker announced an 11% increase in total gambling revenue between October and December.

As a result, Enttain said it expects a pre-tax profit of between £985m and £995m for the full year. This is higher than the previous forecast of £925m to £975m and represents an increase of around 12% compared to the previous year.

Net income from online games grew by 12% compared to the same period last year.

However, the company said online game sales for the full year were down 1% year-over-year, driven by regulatory changes in the UK and Germany.

Betting brands Ladbrokes and Coral announced that their net retail gaming revenue grew by 66% over the last year, and volumes exceeded pre-pandemic levels. Investors reacted positively to the trading report, and the FTSE 100 stock index rose more than 2%.

Entain says its efforts to reach out to a broader audience of customers have been successful.

The company noted that it started 2023 with «good momentum» and is confident that growth will continue.

The result comes less than six months after the Gambling Commission ordered the company to pay a record £17 million in settlement for failing to comply with gambling addiction prevention and anti-money laundering regulations in retail and online businesses.

Don’t forget to subscribe to our Telegram channel!