Entain, the global sports betting and gaming group, has announced its interim results for the six months ended 30 June 2025, reporting strong growth across key segments, strategic progress and an upgraded outlook for the full year.
In H1, Group Net Gaming Revenue (NGR) —including a 50% share of BetMGM— rose 7% on a reported basis and 10% in constant currency. Entain’s business (ex-US) grew 3% reported and 6% cc, while BetMGM delivered a 35% cc increase, both exceeding expectations.
The UK & Ireland market posted particularly strong results, with online NGR up 21% cc on the back of regained market share and higher average player values. In Brazil, NGR also rose 21% cc in a newly regulated, highly competitive market. Across continental Europe, Italy (+7% cc), Georgia, Spain, Canada and Greece achieved double-digit growth, offsetting anticipated declines in the Netherlands and Belgium.
BetMGM, the US joint venture, generated $1.349bn in net revenue (+35% cc) and $109m in EBITDA, expecting to deliver at least $150m in 2025 and maintaining its $500m medium-term target. Growth was driven by a 28% cc increase in iGaming and a 61% cc surge in online sports betting, supported by exclusive content, enhanced product features and improved player engagement.
Group EBITDA reached £583m (+11%), with online margins ahead of plan (25-26% expected for FY25). Including BetMGM, total Group EBITDA was £625m (+32%). The company has upgraded its FY25 guidance, now anticipating 7% online NGR growth in constant currency and Group EBITDA between £1.1bn and £1.15bn, despite absorbing new Brazilian taxes and stepping up H2 marketing investment.
CEO Stella David highlighted that the Group’s transformation is “well underway and gathering pace,” backed by “a high-quality portfolio of iconic brands with podium positions in attractive markets.” She added that the business is now “stronger, fitter and faster,” reinforcing confidence in generating over £0.5bn of annual cash in the medium term.
On the corporate front, the company confirmed Pierre Bouchut as permanent non-executive Chair, following his interim tenure since February, ensuring stability and continuity alongside Stella David’s recent appointment as CEO.
With a robust balance sheet, leverage of 3.1x and £964m in available cash, Entain enters H2 2025 with positive momentum, confident in maintaining its growth trajectory in key markets and further expanding its global footprint in sports betting and gaming.
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