Entain plc reported higher-than-expected results for the first half of 2025, with total group net gaming revenue (NGR) including its 50% share of BetMGM rising 7% year-on-year, or 10% on a constant currency basis. The group’s NGR excluding BetMGM increased 3% (6% cc) to £2.63 billion, marking the first time Entain has provided separate figures for its US and non-US operations.
Online operations excluding the US delivered an 8% increase on a constant currency basis, outpacing expectations thanks to strong sports and gaming volumes. UK and Ireland online revenue surged 21% cc, recovering market share after the easing of regulatory restrictions. CEO Stella David credited this to improved product offerings, including faster app performance and a new bet builder, as well as stronger player values.
Spain delivered one of the standout results of the period, with NGR up 39%. David described this as “awakening a sleeping giant,” citing the 2024 executive reshuffle in the region and renewed promotion of the Bwin brand. Mikel López de Torre, formerly of JDigital and Sportium, took over leadership of Entain’s Iberia operations in mid-2024.
Brazil, which entered its regulated phase on January 1, recorded 21% growth in its first six months. While re-registering Sportingbet players to meet compliance standards proved challenging, the market benefited from record engagement during the Club World Cup. CFO Rob Wood said the business was performing in line with full-year targets despite fierce competition.
Elsewhere, performance was mixed: Australia saw a 7% cc decline, while New Zealand climbed 12% cc. Italy recorded 7% cc growth, with online and retail both contributing. Double-digit online gains in Georgia, Canada, Greece and Spain offset expected declines in the Netherlands and Belgium. In CEE, NGR grew 7% cc, supported by an 11% cc increase in Croatia, though Poland remained flat amid intense competition and uncertain iGaming regulation.
BetMGM Momentum and Financial Performance
BetMGM reported H1 net revenue of $1.35 billion, up 35% cc, with both iGaming (+28% cc) and online sports (+61% cc) performing ahead of plan. EBITDA reached $109 million, an improvement of $232 million year-on-year, and the JV now expects to post at least $2.7 billion in revenue and $150 million in EBITDA for FY25. Wood indicated that returns to Entain could be gauged by deducting capex from BetMGM’s EBITDA guidance, halving the figure, and converting to GBP, though no agreement has been finalised.
At group level, EBITDA for the half rose 11% to £583 million, with online contributing £502 million and retail £141 million. Including the BetMGM share, total EBITDA was £625 million, up 32% from last year. Gross profit reached £1.59 billion, a 3% increase.
Entain declared an interim dividend of 9.8p per share, up 5% year-on-year, to be paid on September 29 to shareholders on record as of August 22. Net debt stood at £3.55 billion, with available cash of £964 million at June 30. The group refinanced and extended term loans in July, reducing annual interest costs by about £10 million.
Outlook, AUSTRAC Proceedings and Leadership
The company upgraded its FY25 guidance, now targeting approximately 7% online NGR growth on a constant currency basis and an online EBITDA margin of 25–26%. Group EBITDA is projected at £1.1–£1.15 billion, factoring in Brazilian taxes and increased H2 marketing spend to maintain momentum into 2026.
David reiterated confidence in BetMGM’s trajectory toward $500 million in EBITDA in the longer term. She also addressed ongoing legal proceedings with AUSTRAC over alleged AML and CTF compliance breaches in Australia. Rejecting speculation, David stated: “The provision is purely accounting driven.” Mediation began in July and remains underway, with no updates expected until discussions conclude.
Leadership changes during the period included David’s permanent appointment as CEO in April and Pierre Bouchut’s move from interim to permanent non-executive chair in August. Both were described as bringing stability and proven leadership as Entain pursues further growth.
Source:
H1 ahead of expectations with accelerating strategic progress; FY25 guidance upgraded, entaingroup.com, August 12, 2025
