Ladbrokes owner Entain PLC (LSE:ENT) has reiterated its full-year earnings guidance and reported healthy momentum heading into the year-end which it said will be boosted by the football World Cup in Qatar.
Updating investors on trading in the third quarter, the FTSE 100-listed betting and gaming operator said it expects full-year 2022 group underlying earnings (EBITDA) to be in line with previous guidance of £925mln to £975mln, representing growth of 5%-10% year-on-year.
For the third quarter of 2022, Entain said net gaming revenue rose 2%, but was flat at constant currency while online net gaming revenue was up 1%, or down 2% at constant currency, an outturn "broadly in line with expectations and demonstrating positive underlying momentum".
Active customers hit a record level during the quarter rising by 6% year-on-year.
The company also reported progress in the US with third-quarter net gaming revenue up 90% to $400mln, helped by the start of the US National Football League (NFL) season.
The owner of bookmaker Coral, Gala Bingo and online brands such as Sportingbet and Party Poker said the fourth quarter will benefit from the FIFA World Cup, as well as easier comparatives due to COVID-19 and the temporary closure of its Dutch arm.
In the results statement, chief executive Jette Nygaard-Andersen said: “We have healthy momentum across the business and look forward to a strong finish to the year which includes the World Cup.
“Looking ahead, we remain vigilant of the economic backdrop. However, our diversified revenue base and robust business model enable us to remain confident in our ability to deliver on our growth and sustainability strategy."