MARKET REPORT: Ladbrokes owner Entain shrugs off American football woe

The company, which offers equity, commodity and options trading services in more than 60 countries, said there was a peak in activity during the US elections.

Bookies tend to lose heavily when favourites win because of vast numbers of punters betting on them. 

Russ Mould, investment director at broker AJ Bell, said: ‘Entain has dodged a bullet in terms of punters cleaning up on NFL bets over the past few months. 

The company said its latest guidance came ‘despite customer-friendly’ sports results in the US where its BetMGM tie-up with MGM Resorts International operates.

But it did little for the airlines with British Airways owner IAG down 3.6 per cent, or 11.3p, to 304.6p and Easyjet off by 2.7 per cent, or 13.6p, to 494.2p.

Flutter shares – which are listed in New York and London – rose 2 per cent, or 410p, to 20880p yesterday.

Flutter last week flagged a hit to profits after the highest rate of favourites winning NFL American football matches in almost 20 years. 

Shares later closed up 1.3 per cent, or 34p, at 2670p.

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Although it did not mention Paddy Power and Betfair owner Flutter by name, the statement did pointedly note ‘updated guidance from industry peers’.

Engine maker Rolls-Royce was also caught in the sell-off – down 2.2 per cent, or 12.6p, to 567.4p – even as analysts at Berenberg raised their price target on the stock to 630p from 550p.

The surge in the price of crude lifted oil stocks. BP gained 1.4 per cent, or 6.1p, to 431.2p and Shell rose 1.5 per cent, or 38p, to 2663p. 

‘Entain might have scored the winning goal in recent months, but its share price has more than halved since 2021 which implies something drastic needs to be done to revive its fortunes and win back the market’s favour. 

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