Entain PLC (LSE:ENT) has upped its forecast for profits the year just ended after a strong end to the final quarter especially from its bookmaking shops as they re-opened again.
Profits for the 2021 financial year are now expected to be in a range of £875mln-£885mln, said the Ladbrokes, Coral and Gala Bingo owner.
The group, which rejected takeover bids last year from partner MGM and DraftKings, added it remained confident it could treble its size on its own.
Jette Nygaard-Andersen, chief executive, said: “We continue to see significant growth opportunities ahead of us, with a total addressable market of around $160bn across our new and existing markets, as well as in emerging areas of interactive entertainment.“
All of its major markets have performed well in 2021, he added.
“BetMGM, our hugely exciting business in the US, has been a particular highlight with FY21 net gaming revenue ahead of expectations and an upgraded outlook for 2022.”
Gaming revenues in the final three months of 2021 rose by 4% across the group with a 60% jump from its retail business offsetting a 9% drop online as the boost from the previous lockdown eased.
Over the full year, net gaming revenues rose by 7% year on year with online up by 18% and helped by increased betting from its core of active customers.
NGR was up 14% including Entain’s 50% share of BetMGM, which yesterday raised its revenue forecast for 2022 by a third.
The bookmaker added it was allocating another £25m to support the launch of the first esports skill-based wagering products.
“We believe these opportunities will enable us to at least treble the size of our business. As a result, we remain confident in our prospects for the year ahead and beyond," said Nygaard-Andersen.