Entain Group announced its financial results for the first half of 2025, with a 7% year-over-year increase in Net Gaming Revenue (NGR) reaching 2.63 billion GBP (approximately 3.34 billion USD), and a 10% increase when calculated at constant exchange rates. The group holds a 50% stake in the BetMGM joint venture, which contributed significantly to this growth. Thanks to strong performances in core markets, Entain has raised its full-year profit forecast for 2025.
Strong Growth in Core Markets
The UK and Ireland markets performed exceptionally, with online NGR growing 21% year-over-year, including a 16% increase in sports betting revenue and a 23% increase in gaming revenue. The company attributes this growth to continuous optimization of the player experience, simplification of customer journeys, and relaxation of regulatory restrictions. In terms of marketing, Entain has effectively enhanced brand awareness through partnerships with Liverpool and Birmingham City football clubs. Despite significant growth in online operations, retail net revenue in the region decreased by 1%, in line with company expectations.
Diverse Performance in International Markets
The Brazilian market launched regulated sports betting and gaming operations in January 2025, with online gaming revenue increasing 21% year-over-year. The Italian market also saw an overall growth of 7%, with retail operations growing 10% and online operations by 5%. In contrast, online NGR in Australia declined by 7%, affected by weak performance in horse racing. The New Zealand market achieved a 12% growth, with the emerging brand Betcha boosting business expansion. Central and Eastern European regions saw a 7% increase in NGR, with Croatia's SuperSport brand growing by 14% and Poland's STS brand managing a 2% growth amidst competitive and regulatory uncertainties.
Historic Performance by BetMGM
The BetMGM joint venture reported a 35% increase in net revenue for the first half of the year, with online sports betting revenue soaring by 61% and iGaming revenue up by 28%. Earnings before interest, taxes, depreciation, and amortization (EBITDA) turned from a loss of 123 million USD in the same period last year to a profit of 109 million USD. Entain attributes this success to product upgrades, refined player engagement strategies, and a focus on high-value customer segments. The company expects BetMGM's annual revenue to reach at least 2.7 billion USD, with EBITDA of 150 million USD.
Financial Data and Future Guidance
Excluding BetMGM, the group's underlying EBITDA grew by 11%, reaching 583 million GBP (approximately 784 million USD), with a total EBITDA including joint venture interests of 625 million GBP, a 32% year-over-year increase. The group announced a mid-term dividend of 9.8 pence per share, a 5% increase from the previous year. The full-year performance guidance for 2025 has been raised, with expected total online gaming revenue (NGR) growth of about 7% at constant exchange rates, and total group EBITDA projected to be between 1.1 billion and 1.15 billion GBP. This guidance takes into account the second half-year gambling tax in Brazil and additional marketing investments.
Leadership Changes and Strategic Outlook
Alongside the report, Pierre Bouchut was appointed as the permanent non-executive chairman, replacing Gavin Isaacs who stepped down earlier this year. Bouchut has been a board member since 2018 and served as interim chairman in February of this year. Stella David took over as CEO in April 2025, and together, they will provide strategic stability and growth momentum for the company in key markets such as the UK, Brazil, and the USA.
Sustainable Development and Cost Management
Entain reiterated its commitment to achieving an annual cost saving of 100 million GBP by 2026, making positive progress in environmental goals, corporate governance, and leadership training for women during the first half of the year. In 2025, the company received several recognitions including the CCLA Corporate Mental Health Benchmark Level 1 certification and multiple awards for female diversity.
Performance Review and Industry Background
The first half of the year continued the growth momentum from the first quarter, with group online gaming revenue increasing by 9%, UK and Ireland online operations growing by 22%, and Brazilian online operations by 31%. BetMGM continued its rapid growth since 2024, with first-quarter net revenue increasing by 34%. After facing challenges in 2023, Entain is achieving organic growth and looks forward to a more stable development phase under the new leadership. The performance of competitors similar to Entain also draws attention. MGM Resorts achieved a net revenue of 4.4 billion USD due to contributions from BetMGM. Flutter Group's net revenue grew by 16% to 4.19 billion USD, with FanDuel's US operations particularly standing out. IGT's Brightstar maintained stable performance in the European lottery market, with potential for future growth.
