Entain plc (LON:ENT), the global sports betting and gaming group, has reported Interim Results1 for the six-month period ended 30 June 2025.
· Total Group Net Gaming Revenue (“NGR2“), including 50% share of BetMGM3, up +7%, +10%cc4, with performance of both Entain (+3%, +6%cc4) and BetMGM (+35%cc4) better than expected
o Performance particularly pleasing as prior year Q2 comparators included Euros tournament
o Online NGR2 (exc. US): up +5%, +8%cc4, ahead of expectations, with strong volumes in sports and gaming
§ UK&I NGR2 +21%cc4, outperformance driven by stronger than expected market share recovery and growth in player values
§ Brazil NGR2 +21%cc4, performing in line with expectations in a highly competitive newly regulated market
· BetMGM’s strong H1 performance supports upgraded5 FY25 outlook and clear path to $500m EBITDA6 and beyond
· Margin expansion: H1 Online EBITDA6 margin ahead of expectations, driven by NGR2 mix and better than anticipated operational efficiencies; FY25 guidance7 increased to 25-26%
· H1 Group EBITDA6 of £583m, ahead of expectations, up +11% year on year
o Total Group EBITDA6 including 50% share of BetMGM3 at £625m, up +32% vs prior year
· FY25 guidance upgraded: H1 performance supports upgraded8 expectation of approximately 7% Online NGR2 growth on a constant currency basis; mid-single-digit growth on a reported basis:
o Introducing FY25 Group EBITDA6 guidance in the range of £1,100m to £1,150m
· Appointments of non-executive Chair and CEO provide consistency and continuity of proven leadership
Stella David, CEO of Entain, 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.”
H1 2025 Trading performance:
| Net Gaming Revenue (NGR2) | ||||||
| Q1 | Q2 | H1 | ||||
| YoY Rpt1 | YoY cc4 | YoY Rpt1 | YoY cc4 | YoY Rpt1 | YoY cc4 | |
| UK & Ireland | 10% | 10% | 8% | 8% | 9% | 9% |
| International | 0% | 5% | (4%) | 1% | (2%) | 3% |
| CEE | 10% | 12% | 0% | 1% | 5% | 7% |
| Total Group (exc. US) | 5% | 8% | 1% | 4% | 3% | 6% |
| Total Online | 6% | 10% | 3% | 7% | 5% | 8% |
| Total Retail | 1% | 2% | (4%) | (3%) | (1%) | 0% |
| Total Group inc.50% of BetMGM3 | 9% | 11% | 5% | 8% | 7% | 10% |
H1 performance highlights:
· Total Group NGR2 including 50% share of BetMGM3, up +7%, +10%cc4
o Group NGR2 (exc. US) up +3%, +6%cc4, lapping prior year Q2 which included Euros tournament
o Online NGR2 (exc. US) up +5%, +8%cc4, better than expected, particularly in the UK
o Retail NGR2 (exc. US) down -1%, flat cc4, as anticipated
· UK & Ireland NGR2 +9%cc4 ahead of expectations, reflecting improving product and player journeys
o UK&I Online +21%cc4, regaining market share with strong growth in volume and player values, following the levelling of regulatory restrictions
o UK&I Retail -2%cc4, -1%cc4 LFL, broadly in line with expectations
· International NGR2 up +3%cc4
o Brazil continued to perform in line with expectations in a highly competitive market, up +21%cc4
o Australia -7%cc4 with continued softness in underlying market, whilst New Zealand grew +12%cc4
o Italy +7%cc4 (Online +5%cc4, Retail +10%cc4) with stable market share since Q3 2024
o Double-digit Online NGR growth in Georgia, Spain, Canada and Greece more than offsetting expected declines in Netherlands and Belgium
· Entain CEE NGR2 up +7%cc4 despite football-heavy market lapping strong prior year comparators
o Croatia +11%cc4 continued to perform particularly strongly
· BetMGM net revenue of $1,349m, up 35%cc4 YoY, ahead of expectations with ongoing strategic execution delivering strong and profitable growth
o iGaming +28%cc4, driven by leading offering, exclusive content and differentiated engagement
o Online sports +61%cc4, with strengthened product and refined player engagement delivering KPI’s ahead of expectations
o H1 EBITDA6 of $109m (up $232m YoY), underpinned by positive contribution from both iGaming and Online Sports
H1 financial highlights
· Group EBITDA6 at £583m, up 11% vs H1 2024
o Online EBITDA6 £502m, +13%, and Retail EBITDA6 £141m, flat
o Total Group EBITDA6 including 50% share of BetMGM3 at £625m, up +32% vs prior year
· Group loss after tax was £117m after charging separately disclosed items, finance charges, exchange differences and tax. In line with IAS 37 accounting requirements, the Directors have resolved to make a provision of approximately £50m in connection with the AUSTRAC proceedings. Please see Note 15 for further details
· Continuing adjusted diluted EPS9 of 31.3p, +154% year on year
· Declared interim dividend of 9.8p per share, +5% year on year
· Robust balance sheet with net debt of £3,550.2m, leverage of 3.1x (3.4x including DPA) and available cash of £964m, as at 30 June 2025
· Successful allocation for repricing and extension of $1,100m term loan and repricing of $2,218m term loan on 30 July 2025. These refinancing actions are net debt neutral, extend the Group’s debt maturity profile and reduce annual interest costs by approximately £10m10
· Introducing FY25 Group EBITDA6 guidance in the range of £1,100 to £1,150m, including H2 absorbing Brazil taxes and additional marketing investment
H1 summary: 1 January to 30 June 2025
| Total Group (ex US) | Reported1 | |||
| 2025 | 2024 | Change | CC4 | |
| Six months to 30 June | £m | £m | % | % |
| Net gaming revenue (NGR2) | 2,626.9 | 2,555.7 | 3% | 6% |
| Revenue | 2,595.7 | 2,520.3 | 3% | 6% |
| Gross profit | 1,587.2 | 1,534.6 | 3% | |
| Underlying EBITDA6 | 583.4 | 523.8 | 11% | |
| Underlying operating profit11 | 437.6 | 287.9 | 52% | |
| Underlying profit before tax11 | 226.4 | 248.5 | (9%) | |
| Loss after tax | (116.9) | (5.6) | ||
| Continuing diluted EPS (p) | (15.4) | (0.3) | ||
| Continuing adjusted diluted EPS9 (p) | 31.3 | 12.3 | ||
| Continuing adjusted diluted EPS9 exc. US (p) | 26.1 | 21.0 | ||
| Dividend per share (p) | 9.8 | 9.3 | ||
Q2 2025 Trading performance:
| Q2 2025: 1 April to 30 June 2025 | |||||||
| TotalNGR2 | GamingNGR2 | SportsNGR2 | SportsWagers | SportsMargin | |||
| Reported1 | CC4 | CC4 | |||||
| UK & Ireland | 8% | 8% | 11% | 3% | 5% | (0.4pp) | |
| Online UK&I | 20% | 20% | 23% | 13% | 9% | 0.0pp | |
| Retail UK&I | (3%) | (3%) | (3%) | (2%) | 1% | (0.6pp) | |
| International | (4%) | 1% | 3% | (1%) | (2%) | 0.2pp | |
| Online Int’l | (3%) | 2% | 3% | 0% | (2%) | 0.2pp | |
| Retail Int’l | (5%) | (3%) | (9%) | (3%) | (4%) | 0.1pp | |
| CEE | 0% | 1% | 14% | (2%) | (7%) | 1.3pp | |
| Online CEE | 2% | 3% | 15% | (1%) | (7%) | 1.6pp | |
| Retail CEE | (7%) | (7%) | 5% | (8%) | (6%) | (0.7pp) | |
| Group (exc. US) | 1% | 4% | 8% | 0% | 0% | 0.2pp | |
| Online | 3% | 7% | 12% | 2% | 0% | 0.3pp | |
| Retail | (4%) | (3%) | (3%) | (3%) | (1%) | (0.3pp) | |
| BetMGM | 29% | 36% | |||||
| Online | 31% | 37% | |||||
| Retail | (9%) | (5%) | |||||
| Total Group inc. 50% of BetMGM3 | 5% | 8% | |||||
| Online | 8% | 12% | |||||
| Retail | (4%) | (1%) | |||||
H1 2025 Trading performance:
| H1 2025: 1 January to 30 June 2025 | |||||||
| TotalNGR | GamingNGR | SportsNGR | SportsWagers | SportsMargin | |||
| Reported1 | CC2 | CC2 | |||||
| UK & Ireland | 9% | 9% | 11% | 6% | 4% | 0.1pp | |
| Online UK&I | 21% | 21% | 23% | 16% | 10% | 0.3pp | |
| Retail UK&I | (2%) | (2%) | (4%) | 1% | (1%) | 0.3pp | |
| International | (2%) | 3% | 2% | 3% | 0% | 0.5pp | |
| Online Int’l | (2%) | 3% | 2% | 3% | 1% | 0.4pp | |
| Retail Int’l | 1% | 4% | (11%) | 4% | (3%) | 1.4pp | |
| CEE4 | 5% | 7% | 15% | 5% | (3%) | 1.8pp | |
| Online CEE | 6% | 8% | 16% | 6% | (4%) | 2.0pp | |
| Retail CEE | 1% | 2% | 3% | 2% | (2%) | 1.0pp | |
| Group (exc. US) | 3% | 6% | 7% | 4% | 1% | 0.5pp | |
| Online | 5% | 8% | 11% | 5% | 2% | 0.5pp | |
| Retail | (1%) | 0% | (4%) | 2% | (2%) | 0.7pp | |
| BetMGM1 | 33% | 35% | |||||
| Online | 35% | 37% | |||||
| Retail | (16%) | (15%) | |||||
| Total Group inc. 50% of BetMGM1 | 7% | 10% | |||||
| Online | 10% | 13% | |||||
| Retail | (2%) | 0% | |||||
Capital Allocation Committee
The Capital Allocation Committee remains committed to delivering shareholder value, continuing to monitor the Group’s strategic progress alongside its significant capital commitments.
Appointments of non-executive Chair and CEO
As announced on 11 February 2025, Gavin Isaacs stepped down as Chief Executive Officer (CEO). Stella David was appointed as permanent CEO on 29 April 2025. On 12 August, Pierre Bouchut was appointed as permanent non-executive Chair having assumed the role on an interim basis since February 2025. Both appointments provide consistency and stability of proven leadership as the business pursues its many growth opportunities.
Dividend
In line with the Group’s progressive dividend policy, the Board has declared an interim dividend for 2025 of c£63m, (9.8p per share, up 5% year on year). The interim dividend in respect of H1 2025 results is expected to be paid on 29 September 2025 to shareholders on the register on 22 August 2025.
Guidance and current trading
The second half of the year has started well, in line with our upgraded expectations, and we anticipate delivering underlying Online NGR growth at least in line with our markets.
Our upgraded8 guidance expects FY25 Online NGR2 growth of approximately 7% on a constant currency4 basis, or mid-single-digit growth on a reported basis. As a result of our improving underlying growth and better than anticipated operational efficiencies, our FY25 Online EBITDA6 margin expectation is increased to 25-26%7.
We are introducing FY25 Group EBITDA6 guidance in the range of £1,100 to £1,150m, which includes absorbing Brazil taxes as well as additional H2 marketing investment to support our momentum through 2025 and into 2026.
Guidance and current trading (continued)
BetMGM has also performed strongly in H1 2025 and now expects5 to deliver FY25 revenue of at least $2.7bn with EBITDA6 of at least $150m. The business is as healthy as it has ever been and is well positioned for H2 and the start of the new sports season. BetMGM’s accelerating performance so far in 2025 has been ahead of expectations and provides increased confidence in its pathway to EBITDA of $500m and beyond.
Guidance for Total Group EBITDA6 including 50% share of BetMGM3 implies12 strong double-digit growth for FY25.
The Group’s continued strategic delivery reinforces our confidence in Entain’s pathway to generating over £0.5bn of annual adjusted13 cash flow in the medium term.
Notes
(1) H1 2025 reported numbers are unaudited and relate to continuing operations
(2) Net Gaming Revenue (“NGR”) is defined as Net Revenue before charging for VAT and Sales Taxes. A full reconciliation of this non-GAAP measure is provided within the Income Statement
(3) Non-GAAP measures including the Group’s 50% share of BetMGM NGR and underlying EBITDA are shown to facilitate the understanding of the Group’s performance in comparison to its peers. A reconciliation of these non-GAAP measures is shown in Financial Results and the use of non-GAAP measures
(4) Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2025 exchange rates
(5) BetMGM previous FY25 guidance of at least $2.6bn Net Revenue and at least $100m EBITDA provided on 16 June 2025
(6) Underlying EBITDA is defined as earnings before interest, tax, depreciation and amortisation, share-based payments and share of JV income. Underlying EBITDA is stated pre-separately disclosed items
(7) Previous guidance of FY25 Online EBITDA margin of c25% provided at FY24 results (6 March 2025)
(8) Previous guidance of FY25 Online NGR growth of mid-single-digit% on a constant currency basis, provided at FY24 results (6 March 2025)
(9) Adjusted for the impact of separately disclosed items, foreign exchange movements on financial indebtedness and losses/gains on derivative financial instruments (see Note 8 in the interim financial statements)
(10) Previous guidance for FY25 cash interest of approximately £240m provided at FY24 results (6 March 2025), updated guidance at Interim Results (12 August 2025)
(11) Stated pre separately disclosed items
(12) BetMGM’s guidance of at least $150m underlying EBITDA and midpoint of Entain Group underlying EBITDA guidance range of £1,100 to £1,150m
(13) Cashflow before working capital, dividends, acquisitions and associated financing; as stated at FY24 results (6 March 2025)
Entain will host our 2025 Interim Results presentation and Q&A session today, Tuesday 12th August at 9:30am BST, at Bank of America, 2 King Edward Street, City of London, London, EC1A 1HQ.
Analysts and investors are welcome to attend in person, having pre-registered via in-person registration link.
Alternatively, please join the webcast approximately 15 minutes ahead of the event: live online webcast link
The presentation slides as well as a replay and transcript will be available on our website: https://entaingroup.com/investor-relations/results-centre/
Upcoming dates:
Q3 2025 Trading Update: 15 October 2025
Dividend Timetable
Announcement date: 12 August 2025
Ex-Dividend date: 21 August 2025
Record date: 22 August 2025
Payment date: 29 September 2025
