Entain PLC (LSE:ENT) has predicted full-year profits will be ahead of expectations, boosted by the World Cup which helped drive 11% growth in net gaming revenues (NGR) in the fourth quarter.
The owner of Coral and Ladbrokes now expects 2022 group EBITDA between £985mln to £995mln, well ahead of the £925mln to £975mln range given in October.
This would represent growth of around 12% year-on-year with NGR also up 12%.
In a trading update, the FTSE 100-listed group said quarter four saw record online NGR, up 12% on the previous year reflecting a “successful” men's World Cup, partly offset by weather disruptions to sporting fixtures.
The quarter saw continued growth in active customers, also at record levels, and up 14% versus the prior year
For the full-year, online NGR is expected to be down 1%, reflecting strong Covid comparators and the absorption of regulatory changes, particularly in the UK and Germany, Entain said.
But retail NGR was up 66% with volumes ahead of pre-Covid levels, reflecting market share gains and a broadening customer base.
BetMGM, the group's joint venture in the US, continues to perform strongly, Entain said.
Jette Nygaard-Andersen, Entain's CEO, commented: “2022 has been another year of strong financial, operational and strategic progress for Entain.”
“We have started 2023 with good momentum across the business and remain confident in our ability to continue delivering on our growth and sustainability strategy in the year ahead."