Key points:
- Entain's total group NGR, including its 50% share of BetMGM, was up 9%, or 11% on a constant currency (cc) basis
- Brazil online NGR was up 31%cc year-on-year
- UK and Ireland online NGR was up 22% year-on-year
Entain has released its trading update for the first quarter of 2025.
In the update, the operator revealed total net gaming revenue (NGR) was up 9% year-on-year, or 11% on a constant currency (cc) basis. This was driven in part by its online segment, up 12% or 15%cc. These figures include Entain’s 50% share of BetMGM.
Online NGR excluding US operations was up 6%, or 10%cc. Brazil was a significant factor in this growth, up 31%cc, while NGR from Entain’s UK and Ireland online segment grew 23%cc.
The trading update comes shortly after the operator confirmed Stella David as permanent CEO. David has held the role of interim CEO since Gavin Isaacs exited the role (and again previously following the departure of Jette Nygaard-Andersen) , with several shareholders having expressed a desire for David to take up the role last week.
NGR by location – UK & Ireland
While online NGR was up 23%cc, retail NGR remained relatively stagnant in Entain’s UK and Ireland segment, down 1% year-on-year. As such, overall growth remained at 10% on both a reported and cc basis.
By segment, gaming NGR led the operator’s growth, up 11%cc. Online NGR was up 24%cc in this segment, though with retail NGR down 4%cc, reducing overall growth in line with the segment as a whole.
Sports NGR was up 18%cc online and 3%cc in retail, totalling growth of 8%cc year-on-year. Despite this, sports wagers were up only 3%cc, in part due to a 3%cc decline in retail sports wagers. In line with other segments from this geo, online sports wagers were up 10%cc.
Good to know: Comparison to competitors
Company Revenue change (%) year-on-year
Entain 9
BetMGM (50% owned by Entain) 34
FDJ United -1.4
Las Vegas Sands -3.4
Boyd Gaming 3.2
Svenska Spel -4
Churchill Downs 9
NGR by location – International
On a reported basis, international NGR remained unchanged, with online NGR down 1% while retail NGR grew 7%. However, on a constant currency basis, these figures show a higher rate of growth, with overall NGR up 5%cc, with online up 4%cc and retail up 11%cc.
Sports NGR was the segment with the highest rate of growth from Entain’s international division, up 8%cc. Interestingly, this was driven in part due to a 12%cc increase in retail NGR, while online NGR was up 7%cc. This is despite retail sports wagers being down 2%cc, while online wagers were up 4%cc.
Gaming NGR remained relatively stagnant, up 1%cc, which was also reflected in online growth. However, retail NGR saw more notable growth, up 6%cc, though this seems to have had little impact on the overall growth of the segment.
NGR by location – Central and Eastern Europe (CEE)
NGR for Entain’s CEE segment was up 10% or 12%cc, with online up 11% or 13%cc and retail up 9% or 11%cc, in line with the different between the reported and constant currency basis reporting.
Gaming saw sizeable growth, up 20%cc year-on-year, with retail showing particular growth, up 25%cc. Sports NGR was up 10%cc, with online also up 10%cc while retail was up 9%cc, yet much like Entain’s international segment, this was despite little growth in sports wagering NGR. Indeed, overall sports wagering NGR saw no growth or decline year-on-year, as was also the case for its online segment.
BetMGM
BetMGM saw online NGR up 39% or 37%cc, while retail NGR saw noteable decline, down 21%. Overall, this resulted in NGR growth of 36%, or 34%cc. For a more in-depth report on BetMGMs’ Q1 results, check out Gambling Insider’s report.
Comments
On the results, CEO Stella David said: “We have made a strong start to 2025. Our improving operational execution saw us exit 2024 with clear momentum which has continued in Q1. Entain has a clear and compelling strategy with today’s results further evidence of its delivery. We are in the early stages of our journey of improvement and are driving ahead at pace.
“Entain’s portfolio of podium positions in attractive and regulated growth markets underpins the structural growth embedded in our business. We are confident that our current momentum and underlying growth will deliver quality and sustainable earnings with a clear pathway to generating over £0.5 billion of annual cashflow in the medium term.”
