MARKET REPORT: Bookie wins big on winter world cup betting spree

Gambling stocks made gains after Ladbrokes owner Entain cashed in on customers hoping to win big on the World Cup in Qatar.

The company, which also owns Coral and gaming websites, rose 0.8 per cent, or 12p, to 1500.5p after it said profit for 2022 should beat previous expectations following a record-breaking fourth quarter.

Champions Argentina were among the favourites to win, resulting in large payouts. But fans also piled money on Brazil, England, France and Germany – leading to a welcome windfall.

Entain said online net gaming revenue rose 12 per cent in the last three months of 2022 as active customers hit record levels. 

It expects profit for 2022 of between £985million and £995million – up from its previous forecast of £925million and £975million.

Meanwhile Bet MGM, its joint venture with MGM Resorts, delivered a positive performance and reiterated a long-term target to increase its North American market share. 

Hargreaves Lansdown analyst Matt Britzman said: ‘The real question here is how long this will remain a joint venture.

‘It seems unlikely both parties will want to continue their US gambling exposure in its current form indefinitely.

‘If we had to put money on it, a bid from MGM to take full control looks the most likely outcome.’

Speculation has mounted over whether MGM could table a bid. But there are fears over the impact of the Government’s white paper on gambling reforms.

Entain rival Flutter, which owns Paddy Power and Betfair, added 1 per cent, or 120p, to 12,670p.

But 888 fell 2.7 per cent, or 1.95p, to 70p. This week the online betting group launched an investigation into suspected money laundering on VIP customer accounts in the Middle East and chief executive Itai Pazner made a shock exit.

The FTSE 100 fell 0.1 per cent, or 10.59 points, to 7761.11 but the FTSE 250 rose 0.2 per cent, or 45.09 points, to 19898.54. 

Mining giant Glencore reported a mixed set of results following a slump in copper and zinc production, alongside an increase in cobalt, nickel and coal. It rose 0.2 per cent, or 1.3p, to 542.5p.

ITV traded higher amid reports that the broadcaster could sell a stake in its production arm, which is behind shows such as Love Island and Coronation Street.

It is believed to favour retaining majority control over ITV Studios, valued at around £3bn, but could offload a minority stake.

North Road, founded by the Hollywood producer Peter Chernin, and FL Entertainment which owns French TV production group Banijay are thought to be in the frame. 

Shares rose 2.2 per cent, or 1.78p, to 82.66p. A broker upgrade helped Currys surge. Investec raised the electronics retailer’s target price to 93p from 59p. It rose 7.8 per cent, or 5.05p, to 69.8p.

Capricorn Energy promised to review its business before investors vote this month on a merger with the Israeli gas company Newmed. 

Shareholders yesterday voted in favour of installing six directors proposed by the activist investor Palliser. Shares fell 0.8 per cent, or 2p, to 240.8p.

Halma has acquired safety equipment maker Thermocable, a Bradford developer and manufacturer of temperature-sensitive cables, for £22million. It rose 1.4 per cent, or 31p, to 2179p.

Video games developer Keywords Studios has snapped up the US-based PR and communications agency 47 – but its shares fell 0.2 per cent, or 6p, to 2834p.

Meanwhile Made Tech, which helps to digitally transform organisations in the UK public sector, saw its revenue jump 76 per cent to £20.6million for the six months to November. 

It recently won three contracts worth £27million. Shares surged 21.5 per cent, or 5.75p, to 32.5p.