Entain raises 2025 earnings outlook as key sporting events, betting trends lift performance

Global sporting events and evolving consumer betting habits drove Entain's first-half performance, prompting the company to raise its 2025 EBITDA guidance to between £1.1 billion and £1.15 billion ($1.48 billion-$1.55 billion).

The Women’s Euros, the Club World Cup, and the 2025 French Open delivered record engagement, while more wagers shifted toward player-specific outcomes.

Entain CFO Rob Wood said the Women’s Euros became the most wagered-on edition of the tournament in company history, noting the British team’s win over world champions Spain. The Club World Cup final was the most bet-on football match of the year, while the French Open saw the highest Grand Slam betting activity to date.

"We're seeing a rise in interest in female sports," said Wood. He also pointed toward changes in betting preferences, with the most popular bets tending to be "a combination of who's going to win the match, who's going to score the first goal, or the first touchdown in the NFL."

“Our transformation journey is well underway, gathering pace and supported by our high-quality portfolio of iconic brands,” Entain CEO Stella David said. “The actions we have taken are working. We have rebuilt momentum in the UK, executed a flawless Day One launch in Brazil’s regulated market, and BetMGM is delivering strong and profitable growth in the US.

First-half results

For the six months ended June 30, group net gaming revenue (NGR) rose 3% to £2.63 billion ($3.5 billion), or 6% on a constant currency basis, from £2.56 billion in the same period last year. Total NGR increased 10% at constant currency.

Underlying EBITDA grew 11% to £583.4 million ($787.4 million), or 32% to £625.5 million ($844.3 million) when including Entain’s 50% share of BetMGM. Annual online NGR growth is now forecast at about 7% on a constant currency basis, up from earlier mid-single-digit expectations.

Regional performance

The UK and Ireland generated £1.09 billion ($1.5 billion) in NGR, up 9%, with online revenue rising 21% on sports betting growth of 16% and gaming growth of 23%. Retail revenue fell 2% across Ladbrokes Coral estates. Regional EBITDA rose 37% to £273 million.

The International division recorded NGR of £1.29 billion ($1.7 billion), down 2% reported but up 3% at constant currency. Brazil grew 21% following the relaunch of Sportingbet, while Italy was up 7% at constant currency.

Australia fell 7%, and New Zealand rose 12% as Entain prepares to operate the exclusive TAB NZ contract, subject to legislative approval. International EBITDA declined 9% to £274.6 million ($370.3 million), in part due to £29 million in Brazilian taxes.

Central and Eastern Europe NGR rose 5% to £253.8 million ($342.2 million), with Croatia up 11% and Poland up 2%. EBITDA for the region grew 12% to £94.7 million.

BetMGM turnaround

BetMGM reported a 35% rise in net revenue at constant currency to $1.35 billion, with EBITDA moving to a $109 million profit from a $123 million loss in the prior-year period. iGaming rose 28% at constant currency, and online sports betting increased 61%, with no new state launches.

Loss from one-off costs

Entain reported an after-tax loss of £116.9 million ($157.7 million), compared with a £5.6 million loss last year, due to £322.4 million in separately disclosed costs. These included £131 million in amortization of acquired intangibles, £47.7 million related to AUSTRAC proceedings in Australia, £35.1 million in restructuring charges, £75.7 million from revaluing contingent consideration, and £87 million in foreign exchange losses, compared with a £90.4 million gain in 2024.