(Reuters) -Ladbrokes owner Entain forecast its annual core profit outlook above market expectations on Tuesday, banking on strong performance in its largest market, the UK and Ireland.
The British gambling firm saw a stronger-than-expected recovery in market share across its core regions, as increased betting and online player spending offset the tough comparison with last year’s second quarter, which had been boosted by the Euros tournament.
The company also raised its annual online net gaming revenue growth to about 7% on a constant-currency basis, from previous expectations of a mid-single-digit percentage growth.
Entain expects full-year core profit to be between 1.10 billion pounds and 1.15 billion pounds ($1.48 billion-$1.55 billion), above market expectations of 1.11 billion pounds.
Net gaming revenue for the six-month period ended June 30 rose 10% at constant currency.
($1 = 0.7440 pounds)
(Reporting by Yamini Kalia and Unnamalai L in Bengaluru; Editing by Sherry Jacob-Phillips)
