Entain cashes in as BetMGM partnership pays off
Gambling giant Entain has posted first-half year results ahead of expectations, driven by a strong recovery in its online division and an accelerating performance from its US joint venture, BetMGM.
The FTSE 100 operator behind brands like Ladbrokes and Coral reported its total Group Net Gaming Revenue (NGR), including its 50 per cent share of BetMGM, jumped 10 per cent on a constant currency basis.
This performance came despite facing a tough comparison to the same period last year, which included the Euros football tournament .
Entain’s online NGR, excluding the US, was up eight per cent, with the firm attributing the growth to “strong volumes in sports and gaming”.
Trading NGR in the UK and Ireland surged by 21 per cent as the company regained market share.
BetMGM: a major growth engine
The jewel in Entain’s crown, its joint venture BetMGM, continued to be a major growth engine.
The venture’s net revenue soared 35 per cent year on year to $1.4bn, a performance described as ahead of expectations.
BetMGM also reported strong half year results for the first half of 2025, with earnings before interest, taxes, depreciation and amortisation (EBITDA) of $109m, marking a significant turnaround from a loss in the previous year.
Entain to upgraded its full year outlook off the back of the figures. It now expects to deliver revenue of at least $2.7bn.
Chief executive Stella David, who was permanently appointed in April, said: “I am delighted by the ongoing momentum and strong performance that both Entain and BetMGM have delivered in H1 2025”.
David added that the business is “getting stronger, fitter and faster,” with the results reinforcing the company’s confidence in its ability to drive “sustainable underlying growth” and generate more than £0.5bn of cash annually in the medium term.
Overall group EBITDA for the first half was £583m, up 11 per cent year-on-year. Including BetMGM’s contribution, total group EBITDA rose by 32 per cent to £625m.