Entain plc reported higher-than-expected outcomes for the primary half of 2025, with complete group web gaming income (NGR) together with its 50% share of BetMGM rising 7% year-on-year, or 10% on a continuing forex foundation. The group’s NGR excluding BetMGM elevated 3% (6% cc) to £2.63 billion, marking the primary time Entain has supplied separate figures for its US and non-US operations.
Online operations excluding the US delivered an 8% enhance on a continuing forex foundation, outpacing expectations due to robust sports activities and gaming volumes. UK and Ireland on-line income surged 21% cc, recovering market share after the easing of regulatory restrictions. CEO Stella David credited this to improved product choices, together with sooner app efficiency and a new bet builder, in addition to stronger participant values.
Spain delivered one of many standout outcomes of the interval, with NGR up 39%. David described this as “awakening a sleeping giant,” citing the 2024 govt reshuffle within the area and renewed promotion of the Bwin model. Mikel López de Torre, previously of JDigital and Sportium, took over management of Entain’s Iberia operations in mid-2024.
Brazil, which entered its regulated section on January 1, recorded 21% progress in its first six months. While re-registering Sportingbet gamers to satisfy compliance requirements proved difficult, the market benefited from report engagement through the Club World Cup. CFO Rob Wood stated the enterprise was performing consistent with full-year targets regardless of fierce competitors.
Elsewhere, efficiency was combined: Australia noticed a 7% cc decline, whereas New Zealand climbed 12% cc. Italy recorded 7% cc progress, with on-line and retail each contributing. Double-digit on-line positive factors in Georgia, Canada, Greece and Spain offset anticipated declines within the Netherlands and Belgium. In CEE, NGR grew 7% cc, supported by an 11% cc enhance in Croatia, although Poland remained flat amid intense competitors and unsure iGaming regulation.
BetMGM Momentum and Financial Performance
BetMGM reported H1 net revenue of $1.35 billion, up 35% cc, with each iGaming (+28% cc) and on-line sports activities (+61% cc) performing forward of plan. EBITDA reached $109 million, an enchancment of $232 million year-on-year, and the JV now expects to submit at the least $2.7 billion in income and $150 million in EBITDA for FY25. Wood indicated that returns to Entain may very well be gauged by deducting capex from BetMGM’s EBITDA steerage, halving the determine, and changing to GBP, although no settlement has been finalised.
At group stage, EBITDA for the half rose 11% to £583 million, with on-line contributing £502 million and retail £141 million. Including the BetMGM share, complete EBITDA was £625 million, up 32% from final 12 months. Gross revenue reached £1.59 billion, a 3% enhance.
Entain declared an interim dividend of 9.8p per share, up 5% year-on-year, to be paid on September 29 to shareholders on report as of August 22. Net debt stood at £3.55 billion, with accessible money of £964 million at June 30. The group refinanced and prolonged time period loans in July, decreasing annual curiosity prices by about £10 million.
Outlook, AUSTRAC Proceedings and Leadership
The firm upgraded its FY25 steerage, now concentrating on roughly 7% on-line NGR progress on a continuing forex foundation and a web-based EBITDA margin of 25–26%. Group EBITDA is projected at £1.1–£1.15 billion, factoring in Brazilian taxes and elevated H2 advertising and marketing spend to take care of momentum into 2026.
David reiterated confidence in BetMGM’s trajectory towards $500 million in EBITDA in the long term. She additionally addressed ongoing authorized proceedings with AUSTRAC over alleged AML and CTF compliance breaches in Australia. Rejecting hypothesis, David said: “The provision is purely accounting driven.” Mediation started in July and stays underway, with no updates anticipated till discussions conclude.
Leadership adjustments through the interval included David’s everlasting appointment as CEO in April and Pierre Bouchut’s transfer from interim to everlasting non-executive chair in August. Both have been described as bringing stability and confirmed management as Entain pursues additional progress.
Source:
H1 ahead of expectations with accelerating strategic progress; FY25 guidance upgraded, entaingroup.com, August 12, 2025
