Entain Ups 2025 Earnings Outlook on Strong Global Results in H1

Global Gaming powerhouse Entain has released its results for the first half of 2025. They show the betting group hitting higher numbers across key markets, fueled by major sporting events and shifts in customer preferences. The performance was strong enough for the company to raise its full-year EBITDA guidance to between £1.1 billion and £1.15 billion ($1.48 billion-$1.55 billion).

Good to know

• Women’s Euros became the most wagered-on edition in Entain’s history.
• Club World Cup final was the most bet-on football match of the year.
• French Open recorded the highest Grand Slam betting activity to date.

Global tournaments drove record engagement, with more punters leaning toward player-specific bets such as first goal scorers and first touchdowns. CFO Rob Wood highlighted the growing popularity of women’s sports, pointing to the British team’s win over Spain as a standout moment.

CEO Stella David said Entain’s “transformation journey is well underway,” crediting its portfolio of strong brands. She pointed to momentum in the UK, a successful Day One launch in Brazil’s regulated market, and profitable growth from BetMGM in the US.

First-Half Performance

For the six months ending June 30, group net gaming revenue (NGR) rose 3% to £2.63 billion ($3.5 billion) year-on-year, or 6% at constant currency. Total NGR was up 10% on a constant currency basis.

Underlying EBITDA climbed 11% to £583.4 million ($787.4 million). Including Entain’s 50% share in BetMGM, EBITDA grew 32% to £625.5 million ($844.3 million). The company now expects annual online NGR growth of around 7% at constant currency, up from mid-single-digit forecasts earlier in the year.

Regional Highlights

The UK and Ireland delivered £1.09 billion ($1.5 billion) in NGR, up 9%. Online revenue jumped 21%, supported by 16% growth in sports betting and 23% in gaming. Retail revenue dipped 2% across the Ladbrokes Coral network, but regional EBITDA rose 37% to £273 million.

International operations posted NGR of £1.29 billion ($1.7 billion), down 2% on a reported basis but up 3% at constant currency. Brazil grew 21% after Sportingbet’s relaunch, while Italy gained 7%. Australia fell 7%, and New Zealand rose 12% as Entain prepares to operate the exclusive TAB NZ contract, pending legislative approval. International EBITDA fell 9% to £274.6 million ($370.3 million), impacted by £29 million in Brazilian taxes.

Central and Eastern Europe saw NGR rise 5% to £253.8 million ($342.2 million), led by 11% growth in Croatia and 2% in Poland. EBITDA for the region increased 12% to £94.7 million.

BetMGM Turns a Profit

BetMGM posted a 35% revenue increase at constant currency to $1.35 billion. EBITDA swung to a $109 million profit from a $123 million loss a year earlier. iGaming revenue rose 28%, while online sports betting grew 61%, with no new state launches during the period.

One-Off Costs Lead to Loss

Despite the operational gains, Entain recorded a post-tax loss of £116.9 million ($157.7 million) compared to a £5.6 million loss last year. This was due to £322.4 million in one-off costs, including £131 million in amortization of acquired intangibles, £47.7 million related to AUSTRAC proceedings in Australia, £35.1 million in restructuring charges, £75.7 million from revaluing contingent consideration, and £87 million in foreign exchange losses — compared with a £90.4 million FX gain in 2024.

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