Entain Q3 results: BetMGM growth lifts gaming revenue
British gambling group Entain has reported a rise in third-quarter gaming revenue, supported by its U.S. joint venture BetMGM, even as softer sports margins in September trimmed gains. The company reaffirmed its full-year profit guidance.
Strong online and U.S. performance offsets softer sports results
Entain said total group net gaming revenue (NGR), including its 50% stake in BetMGM, rose 6% in the three months to 30 September, or 7% on a constant currency basis. Group NGR excluding the U.S. was up 4%, while online NGR climbed 5% despite “customer-friendly sports margins in September”.
Retail NGR, which includes Ladbrokes and Coral shops, grew 3%, helped by “improving performances across both sports and gaming” in the UK and Ireland.
Chief executive Stella David (pictured above) said: “Entain’s transformation continues at pace, with our strategic execution and expanding bandwidth delivering growth across our portfolio. Whilst we still have more to do, our Q3 performance is further evidence of the quality of our diverse business and its underlying momentum.”
David noted BetMGM’s continued success was “driven by our strengthened sports product and leading iGaming offering, coupled with refined player engagement”.
BetMGM’s third-quarter net revenue rose 23% on a constant currency basis to $667 million, comfortably ahead of expectations. The joint venture, co-owned with MGM Resorts, has now upgraded its full-year guidance to at least $2.75 billion in revenue and around $200 million in EBITDA, up from prior forecasts.
In a milestone for the partnership, BetMGM said it would “begin distributing cash to parents later this year” and expected to return at least $200 million in 2025.
UK and Europe remain bright spots
Entain’s UK and Ireland operations remained a standout performer, with overall NGR up 8% on a constant currency basis. Online growth reached 15%, driven by “player values driving strong volumes and further market share gains”.
Internationally, performance was mixed. Italy, Georgia, New Zealand, Spain, Canada, Austria and Greece all posted double-digit online growth, while markets such as Brazil and Australia were hit by customer-friendly sporting outcomes, explained the company. Brazil’s NGR fell 11% despite a 14% increase in player activity, and Australia declined 6%.
Entain CEE, which includes operations in Croatia and other central and eastern European markets, recorded a 10% rise in NGR. The company said Croatia “continues to perform ahead of expectations”.
Guidance reaffirmed
Entain reiterated its full-year guidance, forecasting online NGR growth of about 7% on a constant currency basis and maintaining its EBITDA outlook in the range of £1.1 billion to £1.15 billion.
David said Entain was “increasingly confident in delivering consistent underlying growth and generating more than £0.5bn of annual cash from 2028”.
In August, the company raised its full-year guidance after better-than-expected earnings. At the time, David said Entain was “getting stronger, fitter and faster”, highlighting double-digit growth across several key markets and efficiency programmes expected to generate annual savings of £100 million from 2026.
Industry headwinds
Entain’s latest figures come as the UK betting industry faces uncertainty over potential tax changes in the government’s upcoming autumn budget. However, the group’s diversified international footprint and growing U.S. earnings have helped cushion domestic pressures.
For Entain, the focus remains on execution and sustainable growth. With its online business showing resilience and BetMGM entering a phase of profitable expansion, the company appears well-positioned heading into 2026.
“With Entain becoming ever stronger and BetMGM growing profitably, we are increasingly confident in delivering consistent underlying growth and generating more than £0.5bn of annual cash from 2028,” David said.
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