Shares in Ladbrokes owner Entain jumped as much as 7.6 per cent in early trade after investors were cheered by news that a sport-heavy summer drew in extra punters.
Online net gaming revenue (NGR7 ) has continued to grow faster than expected, the London-listed gambling firm said in a trading update on Monday, as the Paris Olympics and Euro 2024 boosted its coffers.
Entain’s UK and Ireland business returned to year-on-year growth ahead of forecasts after “accelerated recovery” in its gaming and sports divisions, with stronger volumes and margins from sports NGR.
Although management has not raised guidance, it “may indicate that marketing and product development efforts are bearing fruit which have helped drive more players to Entain’s online betting and gaming websites,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
