Gambling heavyweight Entain PLC (LSE:ENT) has increased its full-year guidance after reporting stronger-than-expected results for the third quarter.
The Ladbrokes and BetMGM owner’s net gaming revenue (NGR) rose by 8% on a reported basis and by 10% in constant currency, supported by growth across all key markets.
BetMGM, Entain's joint venture with MGM Resorts, saw an 18% increase in NGR during the quarter, exceeding analysts’ estimates.
As a result, Entain now expects mid-single-digit NGR growth for the full year, from low-single-digit growth previously anticipated.
It marks an encouraging start for Gavin Isaacs, who took over as chief executive from interim chief executive Stella David on 30 September.
Isaacs said: "My first few weeks as CEO of Entain have reaffirmed my view that this is a very good business operating in a highly attractive global industry.
“Entain is already on a path of strategic and operational improvement, with the strong Q3 performance demonstrating the progress achieved so far.
“We are at the beginning of the journey and I'm looking forward to accelerating our progress, leading the business in our next growth chapter and capturing the many exciting opportunities ahead."
Entain shares are up 28% year to date.