Entain demonstrates continuing strength, reveals robust results in the first half of 2025
Entain Plc Delivers Strong H1 2025 Performance
Entain Plc, a global sports betting and gaming group, has reported impressive financial and operational results for the first half of 2025. The company's Interim Results, published on July 29, 2025, show a robust performance that has exceeded expectations, prompting an upgrade in full-year guidance.
Entain's CEO, Stella David, expressed her excitement about the latest results, stating that the company's transformation journey is well underway and supported by its high-quality portfolio of iconic brands. The results are a testament to the success of Entain's strategy, as the company continues to grow stronger.
The total group net gaming revenue (NGR) reached £3.15 billion, a 7% increase year-on-year, or a 10% rise on a constant currency basis, including Entain’s 50% share of BetMGM. Excluding the US, NGR grew 3% (6% constant currency) to £2.63 billion, outperforming management expectations despite tough comparatives from UEFA European Championship in 2024.
Online NGR outside the US climbed 8% (constant currency) to £1.88 billion. Significant contributors were double-digit growth in UK & Ireland online revenue (up 21% cc), Brazil’s newly regulated market (also +21% cc), Italy (+7% cc), New Zealand (+12% cc), and Central and Eastern Europe (+7% cc), with Croatia up 11% cc.
BetMGM's performance was outstanding, with net revenue up 35% to $1.35 billion and EBITDA increasing by $232 million year-on-year to $109 million. Group EBITDA rose 18% (cc) to £583 million, and including BetMGM’s contribution, total group EBITDA was £625 million, representing a 40% (cc) increase year-on-year.
Regarding operational highlights, Entain has regained market share in UK & Ireland online markets following regulatory impacts. The company has also continued its expansion and strong performance in regulated international markets such as Brazil and several European countries. The focus on transformation driven by technology was evident, with the Chief Product and Technology Officer outlining progress and future plans during the earnings presentation.
Entain's transformation journey is not without challenges, as the company's International business segment reported a 2% dip in revenue year-over-year for the first half of 2025. However, the company's Central and Eastern Europe (CEE) operations recorded a revenue increase of 5% year-over-year.
Additional financial metrics include an adjusted earnings per share that rose substantially by 154%, and the interim dividend was increased by 5% to 9.8p per share. Despite strong results, forecasts indicated that a loss was still expected for the full year, with a 2026 price-to-earnings ratio forecast of 49, making valuation cautious but still with a positive broker consensus and share price targets above current levels.
In summary, Entain plc delivered a robust H1 2025 with strong revenue growth, operational advancements, and raised full-year guidance, largely propelled by BetMGM's standout growth and recovery in the UK & Ireland online market. The company continues to prioritize technology-enabled transformation and market expansion while managing regulatory risks.
Sports betting and gambling contributed significantly to Entain Plc's robust performance in H1 2025, as the company's total group net gaming revenue increased by 7%, with online NGR outside the US climbing 8%. Notably, BetMGM's net revenue soared 35%, highlighting the success of sports betting within Entain's portfolio.
