BetMGM continues to drive profit growth for Entain plc in 2025.
Key Takeaways
- BetMGM is “achieving sustainable profitable growth” for Entain.
- Online sports betting grew by over 20% in Q3.
- Entain’s International sector struggled due to customer-friendly results in September.
The U.K.-based gaming company that owns 50% of the U.S. online sports betting and iGaming operator announced on Wednesday that BetMGM generated $667 million in net revenue during the third quarter, a 23% year-over-year increase.
“BetMGM’s continued success and strong year-to-date performance is driven by our strengthened sports product and leading iGaming offering, coupled with refined player engagement,” Entain CEO Stella David said. “We are delighted that BetMGM is achieving sustainable profitable growth and expects to begin distributing cash to parents later this year.”
BetMGM’s sports betting sector grew by 36% from the previous third quarter, while iGaming was up 21% during the period from July 1 through Sept. 30. The online operator has now generated over $2 billion in net revenue for Entain in 2025, leading the British company to plan to distribute at least $200 million to parents.
Q3 Group update
Including BetMGM, Entain’s group net gaming revenue grew by 6% in Q3. Ex-U.S. profits were up 4%, while online NGR was 6% despite “customer-friendly sports margins in September” outside of BetMGM, the company said.
The U.K./Ireland sector grew by 8%, with online growth reaching 15% behind strong player values and further market share gains, Entain said. The International sector felt the burn of strong customer outcomes, reporting just a 1% year-over-year increase because of revenue lost in Brazil (-11%) and Australia (-6%).
Double-digit online NGR growth across multiple European jurisdictions and Canada helped balance out the ex-U.S. losses.
Looking ahead
Following the third quarter, Entain announced that it is reiterating its “expectation for FY25 Online NGR growth of approximately 7% on a constant currency basis, or mid-single-digit on a reported basis, and our expectation of FY25 Online EBITDA margin of 25-26%.”
Despite bettors’ September success, the gaming operator still expects Group EBITDA in the £1,100 million to £1,150 million range.
BetMGM’s strong margins have led Entain to raise full-year guidance to net revenue of at least $2.75 billion and $200 million in EBITDA.
“With Entain becoming ever stronger and BetMGM growing profitably, we are increasingly confident in delivering consistent underlying growth and generating more than £0.5bn of annual cash from 2028,” David said.
