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

Gambling stocks gained after Ladbrokes owner Entain cashed in on clients hoping to win big at the World Cup in Qatar.

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

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

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

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

Meanwhile, Bet MGM, the joint venture with MGM Resorts, delivered a positive performance and reiterated a long-term goal of increasing 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 that either side would want to continue their US gambling exposure in its current form indefinitely.

“If we had to put money on it, an offer from MGM to take full control seems like the most likely outcome.”

There has been speculation as to whether MGM could make an offer. But there are concerns about the impact of the government’s white paper on gambling reform.

Entain rival Flutter, owner of Paddy Power and Betfair, added 1 percent or 120p to 12,670p.

But 888 fell 2.7 percent, or 1.95 pence, to 70 pence. This week the online gambling group launched an investigation into suspected money laundering of VIP client accounts in the Middle East and CEO Itai Pazner made a shock exit.

Stock Watch – BSF Enterprise

Investment group BSF Enterprise credited its subsidiary for producing the UK’s first lab-grown fillet of pork.

3D Bio-Tissues (3DBT), which emerged from Newcastle University, said the process involved taking cells from a pig and placing them in a bioreactor to grow the meat.

Managers fried and ate the fillet, and hope to make another later this year.

Dr. Che Connon, the chief of 3BDT, said it was a “significant scientific breakthrough.”

Shares rose 15.7 percent, or 2.9 pence, to 21.4 pence.

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

Mining giant Glencore reported mixed results following a slump in copper and zinc production, alongside increases in cobalt, nickel and coal. It rose 0.2 percent, or 1.3 pence, to 542.5 pence.

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

It is believed to be in favor of retaining majority control of ITV Studios, worth around £3bn, but could divest a minority stake.

North Road, founded by Hollywood producer Peter Chernin, and FL Entertainment, owner of French TV production group Banijay, are said to be in the list.

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

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

Shareholders voted yesterday to install six directors at the suggestion of activist investor Palliser. Shares fell 0.8 percent, or 2 pence, to 240.8 pence.

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

Video game developer Keywords Studios acquired US-based PR and communications agency 47, but shares fell 0.2 percent, or 6p, to 2834p.

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

It recently won three contracts worth £27 million. Shares rose 21.5 percent, or 5.75 pence, to 32.5 pence.