Strong Performance
Entain, the global sports betting and iGaming group, has reported strong growth in the first half of 2025. The growth appears to be driven by recovering core online markets and a sharp increase in performance from BetMGM.
The company behind brands like Ladbrokes, Coral, and Bwin, took in a total net gaming revenue (NGR) of £2.63 billion for the six months ending 30 June, a rise of 7% year-on-year. On a constant currency basis, the increase is more like 10%.
The standout performance came from Entain’s UK and Ireland online division, which reported a 21% rise in NGR. The company attributes this to improvements they’ve made in player experiences, customer journeys, and their management of regulatory restrictions that previously affected engagement.
BetMGM Shines
BetMGM, Entain’s 50/50 joint venture with MGM Resorts in the United States, posted a remarkable improvement. This area of Entain’s business experienced a 35% increase in net revenue and turned a profit in the process. The EBITDA reported for H1 2025, in this area of Entain’s business, is $109 million. It marks a significant step forward from a $123 million loss in the same period last year. The joint venture experienced a 61% increase in online sports betting revenue from the US, and iGaming rose by 28%. These increases helped the enterprise move into a profitable position for the first time.
Entain’s overall underlying EBITDA increased by 11% to £583.4 million, with a group operating profit that rose by 52% to £437.6 million. However, the company posted a loss after tax of £116.9 million, significantly more than the £5.6 million loss in H1 2024.
International Reports
Beyond the UK and the US, Entain’s international performance varied by region. Brazil, which launched regulated sports betting and iGaming in January 2025, delivered a 21% increase in online NGR. Italy recorded a 7% growth across both retail and online operations. While New Zealand, supported by the new Betcha brand, saw a 12% increase. On the other hand, Australia experienced a 7% decline in revenue, which may be attributable to customer-friendly racing results and market softness.
Central and Eastern Europe delivered a 7% increase in NGR in part thanks to the SuperSport platform in Croatia growing 14% online, and STS in Poland showing a modest growth of 2%.
Looking Ahead
In response to largely strong results, Entain has raised its 2025 guidance. The company now expects a constant-currency online NGR growth of approximately 7%. The total group EBITDA, including BetMGM, is forecast between £1.10 billion and £1.15 billion. This updated forecast accounts for gaming tax costs in Brazil and marketing investments expected during the second half of the year.
These figures were announced alongside the confirmation of leadership changes. Pierre Bouchut, who has been serving as interim Chair since February, was officially appointed non-executive Chair. Stella David, named interim CEO in December 2024, was confirmed as the permanent CEO in April 2025.
The company will continue to pursue growth in what it describes as key must-win markets such as the UK, Brazil and the US.
