Ladbrokes owner Entain narrows losses after Euro 2024 boost

The company, which is one of the world’s biggest sports betting and gaming firms, also upgraded its outlook for the year.

Bookies reopened during the period but closures meant retail revenues were down. (Entain / PA)

Ladbrokes and Coral owner Entain has slashed its losses and upgraded its outlook, as the bookmaker benefited from football scores during the Euro 2024 tournament.

The company, which is one of the world’s biggest sports betting and gaming firms, said work to improve its financial performance was “bearing fruit”.

It reported a pre-tax loss of £27.6 million for the first half of the year, narrowed significantly from the hefty £448.1 million loss reported the prior year.

Gaming revenues, at constant currency, were up 8% to £2.6 billion for the half-year.

Entain said it benefited from the Euros tournament where sports betting results helped it generate more cash.

Bookmakers typically profit from low scoring games and draws.

Furthermore, Entain said a stronger-than-expected performance in recent months means it was now expecting online gaming revenues to rise about 1% to 5% this year, having previously predicted a decline.

It is also predicting its earnings, before measures like tax and interest, to be between £1.04 billion and £1.09 billion for the full year.

Interim chief executive Stella David said: “Entain’s first-half results are clear evidence that our hard work improving the group’s operational performance is bearing fruit.

“Whilst there is more work to do, we are pleased with the progress so far and look forward to building further on these solid foundations in the second half and beyond.”