Entain plc’s strong first quarter continued through the second quarter as the global sports betting and iGaming company reported 7% revenue growth during the first six months of 2025.
Key Takeaways
- Entain’s first-half growth came from the online segment as retail experienced little growth and some declines
- BetMGM’s revenue spiked 35% year-over-year for the company that owns 50% of the U.S. sports betting and iGaming operator
- Second-quarter growth of 5% for all regions led to improved full-year guidance
The U.K.-based gaming operator reported a 10% year-over-year increase on a first-half constant currency basis when Entain announced quarterly and mid-point figures on Tuesday.
The 50% owners of BetMGM announced “better than expected” results from the U.S. sportsbook and online casino. BetMGM generated $1.35 million in net revenue, a 35% year-over-year spike, due to “ongoing strategic execution delivering strong and profitable growth,” the company said about the period ending June 30.
A stronger product and improved player engagement helped Entain’s online sports profits from BetMGM soar 61% on a constant currency basis, while iGaming increased by 28%. MGM Resorts owns the other half of BetMGM.
Higher sports betting and iGaming volumes for Entain’s other brands led to an 8% ex-U.S. increase, which also exceeded H1 expectations.
“I am delighted by the ongoing momentum and strong performance that both Entain and BetMGM have delivered in H1 2025,” Entain CEO Stella David said.
“Entain’s transformation journey is well underway, gathering pace and is supported by our high-quality portfolio of iconic brands with podium positions in attractive markets.”
Outside the U.S.
Entain also operates several popular European and international brands, including Ladbrokes, bwin, Coral, Crystalbet, PartyPoker, and PartyCasino. Ex-U.S. net gross revenue of £6.26 billion in H1 was up from £2.55 billion in the first half of 2024, which included soccer’s UEFA European Championships.
Much of the ex-U.S. revenue increases stemmed from online gaming (5%) as retail produced flat numbers. Online NGR rose 21% in the U.K. and Ireland segment, due to a leveling of regulatory restrictions, a 16% profit increase from sports, and a 10% handle rise. Central Eastern Europe segment revenue grew by 7%, with Croatia’s 11% year-over-year increase leading the way in the region.
Internationally, Brazil rose 21%, while Italy jumped 7%. Double-digit online growth in Georgia, Spain, Greece, and Canada offset declines in the Netherlands and Belgium.
Ex-U.S. gross profit during the first six months was also up 3%, and the Underlying EBITDA of £583 million spiked 11% from H1 2024. However, Entain reported a £116.9 million loss after tax, a significant increase from the £5.6 million loss in the previous year’s period.
Online thrives in Q2
After Q1 2025 produced 11% growth, Entain reported a 5% year-over-year increase for the second quarter, including BetMGM. Online NGR was up 8%, while retail profits fell 4%.
Behind BetMGM’s 31% year-over-year increase in Q2 online revenue, the U.S. operator’s profits rose 29%. Retail slipped 9%.
The highlight outside of the U.S. in Q2 came from the U.K./Ireland segment, which grew its online revenue by 20%. Overall, though, ex-U.S. profits fell by 1% in the second quarter, partially due to retail declines in every region.
Looking ahead
Entain’s H1 success led to increased expectations for the rest of 2025 in certain areas. Full-year online revenue growth is now approximated at 7%, with Online EBITDA margin expectation increased to 25%-26% because of “improving underlying growth and better than anticipated operational efficiencies,” the company said.
Group EBITDA for full-year guidance is now between £1.1 billion and £1.15 billion, including an absorption of Brazilian taxes and H2 marketing investments.
BetMGM is expected to deliver at least $2.7 billion in FY revenue and EBITDA of at least $150 million, with the bulk of 2025’s betting action coming from football season. These promising figures from the U.S. gaming operator have Entain confident that BetMGM’s EBITDA can reach $500 million or more.
“Our business is getting stronger, fitter and faster, with these results reinforcing our confidence in driving sustainable underlying growth and generating more than £0.5bn of cash annually in the medium term,” David said.
