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Ladbrokes owner Entain’s profit rises on online gambling growth -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is a pedestrian walking past Ladbrokes branches in London. December 22, 2017. REUTERS/Simon Dawson

(Reuters] -Entain seized on the appeal of online betting in lockdowns to report better annual core earnings Thursday. But the British gambling giant resisted paying dividends to shareholders.

Entain which is owner Ladbrokes The company’s core earnings increased by 4.6%, to 881.7m pounds ($1.18billion) in 2021. Coral and (LON) betting shops were included. According to data from Refinitiv, analysts had predicted 874.4 millions pounds.

Online net gaming revenue grew by 12% in the past year.

London-listed gambling group said that it will review the reinstatement of dividends after having halted payments to dividends in the past year, due to uncertainties from the coronavirus pandemic.

Entain stated in a statement that retail is moving towards pre-COVID levels, and online performance will be in line with our expectations, compared to the tough comparables of previous years.

Entain experienced a boom online gambling but it has been slowing down. After 23 quarters that saw double-digit growth, online betting revenue fell by 33% in the third month of 2021.

These latest results come after a year during which U.S. rival DraftKings and MGM casino operator made approach for Entain. However, neither of these approaches led to any deal.

($1 = 0.7454 pounds)

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