Ladbrokes owner Entain's second half kicks off better than expected
H2 trading better than expected
UK&I online revenue returns to growth
Shares up 7%
Adds shares in paragraph 2, analyst comment in 6-7, details from statement in 9
Sept 9 (Reuters) -British gambling group Entain ENT.L said on Monday online revenue growth was running ahead of its expectations so far in the second half of its financial year, helped by betting on popular sports events.
Shares in the owner of Ladbrokes, Coral and Partypoker, which have fallen nearly 35% this year, were up 7% at 685 pence in early trade.
Entain, which has been rocked in the past year by regulatory challenges in key markets and stiff competition, has benefited from events like the European soccer championship and the Wimbledon tennis tournament, while the new English Premier League soccer season is also expected to attract more punters.
The group said online revenue in its UK & Ireland business had returned to year-over-year growth earlier than expected.
The improved performance comes as newly-appointed CEO Gavin Isaacs is set to meet investors this week.
"Meeting shareholders and confirming ongoing momentum so early in the new CEO's tenure delivers a highly constructive message, in our view," Jefferies analysts said in a note.
The brokerage added the trading momentum was likely to boost the group's annual core profit by 1-3%.
In August, the company said it expected annual core profit of about 1.04-1.09 billion pounds ($1.36-$1.43 billion), higher than the 1 billion reported in 2023.
Entain added on Monday that its retail performance across its regions had been in line with expectations.
The company last year bought U.S.-based Angstrom Sports, a sports modelling, forecasting and data analytics company, in an effort to boost BetMGM - its U.S. joint venture with MGM Resorts - by using predictive analytics.
BetMGM hopes Angstrom's pricing, enhanced betting features, and simplified betting options introduced before the 2024 American football season will draw more gamblers to its platform.
The venture has been facing stiff competition from Flutter-owned FanDuel FLTRF.L and Boston-based DraftKings DKNG.O.
($1 = 0.7635 pounds)
Reporting by Radhika Anilkumar in Bengaluru; Editing by Rashmi Aich and Mark Potter
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