Global betting and gaming group Entain has upgraded its full-year profit expectations after reporting results ahead of forecasts for the first six months of 2025. The company, which owns Ladbrokes, Coral and bwin, said total group net gaming revenue, including its 50% stake in US joint venture BetMGM, was up 7% on a reported basis and 10% at constant currency.
Chief executive Stella David commented: “I am delighted by the ongoing momentum and strong performance that both Entain and BetMGM have delivered in H1 2025. Entain’s transformation journey is well underway, gathering pace, and is supported by our high-quality portfolio of iconic brands with podium positions in attractive markets. Our business is getting stronger, fitter and faster, with these results reinforcing our confidence in driving sustainable underlying growth and generating more than £0.5bn of cash annually in the medium term.”
Strong performance in key markets
Online net gaming revenue, excluding the US, rose 5% (8% constant currency), driven by what Entain called “strong volumes in sports and gaming”.
David highlighted the UK as a standout: “I am delighted with our United Kingdom and Ireland business’ strong H1 performance, with +9%cc Net Gaming Revenue growth ahead of our expectations. Online growth of +21%cc was a key highlight, demonstrating that, having returned to growth during 2024, the strong momentum continues into 2025. This impressive year on year performance sees us regaining market share, with growth across both volumes and player values reflecting our improving player experience as well as the levelling of regulatory restrictions which had unevenly restricted our customers’ engagement in prior years.”
Brazil, which introduced new sports betting and gaming regulation at the start of the year, also delivered double-digit gains. David said: “Our Brazil business continues to perform well in this intensely competitive market with Online Net Gaming Revenue up +21%cc. Our encouraging performance to date, including a successful Day 1 launch, is testament to the relentless focus of our local management supported by critical end-to-end technology execution, which continues to evolve in this new regulatory regime.”
BetMGM “as healthy as it has ever been”
Entain’s US joint venture with MGM Resorts, BetMGM, reported net revenue of $1.35bn in the first half, up 35% at constant currency.
David described the brand’s progress: “BetMGM, Entain’s 50/50 joint venture with MGM Resorts, has firmly cemented its podium position in the world’s largest sports betting and gaming market. Building on momentum gained during 2024, the excellent H1 2025 performance reinforces that BetMGM is as healthy as it has ever been.”
She added: “H1’s stellar +35%cc growth in net revenue and inflection to $109m of underlying EBITDA is a result of key product improvements, particularly online sports, combined with enhanced player engagement, refined customer acquisition and retention strategies, as well as further unlocking of BetMGM’s unique omnichannel advantage.”
Margin gains and upgraded guidance
Entain’s online EBITDA margin beat expectations, helped by what David called “better than anticipated operational efficiencies”. Group underlying EBITDA rose 11% to £583m, while including BetMGM the figure was £625m, up 32%.
David said: “Our efficiency programme is on track and will generate annual savings of at least £100m from 2026. The first half of 2025 benefited from some efficiency initiatives outperforming expectations as well as the powerful operating leverage that our scaled business model enjoys. This progress is reflected in our upgraded FY25 Online underlying EBITDA margin guidance and allows us to increase marketing investment in H2 to support our strong momentum.”
The group now expects full-year EBITDA between £1.1bn and £1.15bn, compared with earlier forecasts.
