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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.

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