Entain reports steady revenue growth despite September sports challenges
Table of contents
- Net gaming revenue increases 6% year-on-year to support BetMGM cash distributions
- UK and Ireland online operations deliver robust 15% growth in third quarter
- Company maintains annual earnings guidance of £1.10-£1.15 billion for 2025
Entain delivered a solid Q3 performance with net gaming revenue rising 6% year-on-year, bolstered by strong momentum in its online business and a standout performance from US joint venture BetMGM.
The Ladbrokes and Coral owner posted total group net gaming revenue growth of 6%, or 7% at constant currency, for the three months ending September 2025. Excluding the US market, revenue climbed 4%, or 5% at constant currency, despite adverse sports results in September that impacted performance by one to two percentage points year-on-year.
Strong UK performance in online
Online net gaming revenue outside the US grew 5%, or 6% at constant currency, demonstrating continued underlying momentum despite customer-friendly sports margins in September. UK and Ireland operations delivered particularly strong results, with net gaming revenue rising 8% year-on-year at constant currency.
The UK and Ireland region benefited from impressive online growth of 15% and retail growth of 2%, marking a return to positive performance in the retail segment. International markets presented a mixed picture, with Italy posting 6% growth at constant currency but Brazil declining 11% and Australia falling 6%.
BetMGM, exceptional US results
BetMGM provided the quarter’s standout performance, reporting net revenue of $667 million, up 23% year-on-year. The joint venture’s strong results prompted management to raise full-year guidance to at least $2.75 billion in net revenue and approximately $200 million in EBITDA, up from previous targets of $2.7 billion and $150 million respectively.
“We are delighted that BetMGM is achieving sustainable profitable growth and expects to begin distributing cash to parents later this year,” said Chief Executive Officer Stella David.
The joint venture now anticipates returning at least $200 million to parent companies Entain and MGM Resorts in 2025.
“With Entain becoming ever stronger and BetMGM growing profitably, we are increasingly confident in delivering consistent underlying growth and generating more than £0.5 billion of annual cash from 2028,” David added.
Full-year outlook remains unchanged
Entain maintained its 2025 guidance, expecting 7% online net gaming revenue growth at constant currency with mid-single-digit growth on a reported basis. The company continues to target earnings before interest, tax, depreciation and amortisation between £1.10 billion and £1.15 billion, compared to £1.09 billion in 2024.
Shares fell 1.7% to 825.27 pence in London trading on Wednesday morning, with the broader FTSE 100 down 0.1%. However, the stock had gained 1.8% on Tuesday following the positive BetMGM update.
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