Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

  • ENT's H1 Group EBITDA rose 11% year-on-year to £583 million, with total EBITDA including BetMGM up 32% to £625 million.

  • Online NGR excluding the US increased by 8% on a constant currency basis, with UK & Ireland and Brazil both delivering 21% constant currency growth.

  • FY25 Group EBITDA guidance set at £1,100 million to £1,150 million.

Entain plc (LSE:ENT), a global sports betting and gaming group, has announced its interim results for the six-month period ended 30 June 2025 (H1), delivering higher revenue, improved margins, and an upgraded full-year outlook.

Revenue and Market Performance

Total Group Net Gaming Revenue (NGR), including a 50% share of BetMGM, increased by 7% year-on-year, or 10% on a constant currency basis. Both Entain (+3%, +6% constant currency) and BetMGM (+35% constant currency) performed ahead of expectations. This growth came despite prior-year comparators that included the Euros football tournament.

Online NGR, excluding the US, rose by 5% year-on-year, or 8% on a constant currency basis. UK & Ireland operations saw a 21% constant currency increase in NGR, driven by market share recovery and higher player values. In Brazil, NGR also grew by 21% constant currency, in line with expectations for the newly regulated and highly competitive market.

BetMGM’s performance has led to an upgraded FY25 outlook, with the company outlining a clear path to achieving $500 million EBITDA and beyond.

Profitability and Margins

The Group reported H1 EBITDA of £583 million, an 11% increase compared to H1 2024. Online EBITDA reached £502 million, up 13%, while Retail EBITDA remained flat at £141 million. When including the 50% share of BetMGM, total Group EBITDA was £625 million, up 32% year-on-year.

The Online EBITDA margin in H1 exceeded expectations, supported by the NGR mix and operational efficiencies. Full-year guidance for the Online EBITDA margin has been increased to 25–26%.

Group loss after tax for the period was £117 million, which included separately disclosed items, finance charges, exchange differences, and tax. In accordance with IAS 37 accounting requirements, the Directors have made a provision of approximately £50 million related to the AUSTRAC proceedings.

Continuing adjusted diluted earnings per share were 31.3 pence, an increase of 154% year-on-year. An interim dividend of 9.8 pence per share has been declared, up 5% from the prior year.

Balance Sheet and Outlook

As at 30 June 2025, the Group reported net debt of £3,550.2 million, representing a leverage ratio of 3.1x, or 3.4x including deferred payment arrangements (DPA). Available cash stood at £964 million.

Entain has introduced FY25 Group EBITDA guidance in the range of £1,100 million to £1,150 million. This forecast incorporates the impact of new taxes in Brazil and additional marketing investment in the second half of the year to support ongoing momentum into 2026.

The company expects FY25 Online NGR growth of approximately 7% on a constant currency basis, or mid-single-digit growth on a reported basis, with performance in the second half starting in line with upgraded expectations.