Entain H1 NGR up 7% as UK & Ireland online climbs 21%

Key points:

– Group NGR rises to £2.63bn, up 7% year-on-year, or 10% on a constant currency basis

– UK & Ireland online NGR rises 21%, with strong gains in sports and gaming

– BetMGM delivers 35% NGR growth and turns profitable in H1

Entain has posted a 7% year-on-year increase in group net gaming revenue (NGR) for the first half of 2025 to £2.63bn ($3.34bn), or 10% on a constant currency basis, including its 50% share in BetMGM. 

The performance, which included double-digit gains in core markets, has led the operator to raise its full-year earnings guidance. 

Revenue for the period was £2.60bn, up 3%, while gross profit increased 3% to £1.59bn. Underlying EBITDA rose 11% to £583.4m, with underlying operating profit up 52% to £437.6m. However, the group recorded a loss after tax of £116.9m, compared with a £5.6m loss in the prior year, reflecting separately disclosed costs.

The UK & Ireland market was a major contributor to the group’s growth, with online NGR up 21%. Sports NGR in the region rose 16%, while gaming NGR increased 23%. 

The company attributed the rise to improved player experiences, a more streamlined customer journey and the levelling of regulatory restrictions that had previously impacted engagement.

Marketing initiatives played a role in the uplift, with Entain strengthening brand visibility through partnerships with Liverpool and Birmingham City football clubs. Despite the online gains, retail NGR in the region fell 1%, in line with company expectations.

International performance mixed

Brazil, which launched its regulated sports betting and gaming market in January 2025, reported a 21% increase in online NGR during the half-year. Italy also posted growth of 7%, with retail up 10% and online up 5%.

Australia recorded a 7% decline in online NGR due to ongoing market softness and customer-friendly racing results in Q1. New Zealand grew 12%, with the recent addition of a second local brand, Betcha, helping to build momentum.

Central and Eastern Europe (CEE) saw NGR rise 7%, driven by Croatia’s SuperSport brand, which grew online NGR by 14% and Poland’s STS brand, which increased 2% despite heightened competition and regulatory uncertainty around potential iGaming liberalisation. 

BetMGM delivers record results

BetMGM, Entain’s 50/50 joint venture with MGM Resorts in the US, reported a 35% rise in net revenue for the half-year. Online sports revenue increased 61%, while iGaming was up 28%. 

The business posted $109m in EBITDA, compared with a $123m loss in the same period last year. Entain attributed the improvement to product enhancements, refined player engagement strategies and a focus on high-value customer segments.  

The company now expects BetMGM to generate at least $2.7bn in revenue and $150m in EBITDA for the full year.

Financial performance and guidance upgrade

Group EBITDA excluding BetMGM rose 11% to £583m ($784m), while total EBITDA including the JV share was £625m, up 32%. An interim dividend of 9.8p per share was declared, an increase of 5% on 2024.

Entain has upgraded its full-year 2025 guidance, forecasting online NGR growth of around 7% on a constant currency basis and total group EBITDA between £1.1bn and £1.15bn. The updated forecast accounts for Brazilian gaming taxes in the second half of the year and additional marketing investment.

Leadership changes and strategic outlook

The results were announced alongside the appointment of Pierre Bouchut as permanent non-executive chair. Bouchut has served on Entain’s board since 2018 and was interim chair from February 2025. He replaces Gavin Isaacs, who stepped down earlier this year. Stella David was confirmed as CEO in April 2025.

Both appointments are intended to provide stability as the company pursues growth in its key “must-win” markets of the UK, Brazil and the US.

Sustainability and cost efficiency

The operator reaffirmed its commitment to its £100m annual cost-saving target from 2026. Sustainability initiatives in H1 included updated environmental targets, governance enhancements and the launch of a Women in Leadership apprenticeship programme.

Recognition in 2025 included retaining Tier 1 status in the CCLA Corporate Mental Health Benchmark and multiple awards at the Women in Gaming Diversity Awards.

Past performance

The H1 results follow a strong first quarter in which group NGR rose 9%, UK & Ireland online grew 22% and Brazil’s online business expanded 31%. BetMGM reported 34% growth in Q1, continuing its trajectory from 2024, when Entain returned to organic growth after a challenging 2023.

Entain has not had an easy time with financial results in recent years. While revenue has found steady growth since 2021, net profit and underlying EBITDA have not fared so well. Jette Nygaard-Andersen led the company for many years and when she departed, she left big shoes to fill – and a bigger M&A portfolio to oversee. When Gavin Isaacs joined, many were surprised, but not nearly as surprised as when he left a few months later. As mentioned earlier, Entain has had a turbulent time recently. Now with David at the helm, there’s a chance for Entain to enter calmer waters.

MGM, the other company driving BetMGM, published its results in late July. While these focused on MGM Resorts International, as BetMGM figures are released separately, they still record net revenue amounts of $4.4bn. These were boosted by growth in MGM China properties, a jurisdiction Entain has not branched out as much in. 

Flutter’s net income was down 88%, but revenue increased 16% to $4.19bn – placing the operator in a very close second place. FanDuel brought in $1.8bn alone, meaning that the US portion of the company is doing exceptionally. Southern Europe and Africa grew 68% to $657m, while Brazil jumped 144% to $44m – but the UK and Ireland fell 5% on a constant currency basis to $936m. 

Brightstar, the former lottery division of IGT, is still freshly operating after its split from the rest of the company after IGT went private as part of a $6.3bn acquisition from Apollo. This makes it slightly more difficult to compare against, as Brightstar is probably still finding its feet somewhat, but the operator is part of the Italian Lottery licence consortium – so business in Europe may still be Bright for this company.