UK Gaming Firm Entain Bolsters Full-Year Projections Following 21% Surge in Online Revenue in its UK & I Markets
Entain's Strong H1 Performance Boosts 2025 Outlook
Entain, a leading online betting and gaming group, has reported a significant boost in its full-year 2025 revenue and EBITDA outlook, driven by the standout performance of its US joint venture, BetMGM, and growth in other core markets.
BetMGM's net revenue for the first half of 2025 soared 35% to $1.35 billion, with EBITDA rising by $232 million year-on-year to $109 million. This accelerated performance has exceeded expectations and underpins confidence in BetMGM’s contribution to Entain’s overall growth and profitability.
Entain’s group net gaming revenue (NGR), including its 50% share of BetMGM, rose 7% year-on-year (10% constant currency) to £3.15 billion in H1 2025. Excluding the US, NGR grew 3% (6% cc), driven by strong gains in the UK & Ireland (online revenue +21% cc) and Brazil (+21% cc), highlighting broad geographic growth beyond the US.
Group EBITDA including BetMGM’s results increased 40% (cc) year-on-year to £625 million in H1 2025, reflecting cost discipline and digital strategies. BetMGM’s EBITDA target for 2025 is at least $150 million, with potential to scale toward $500 million EBITDA in future years, indicating strong growth prospects within Entain’s scalable US operations.
Entain’s new CEO, Stella David, expressed optimism about BetMGM's future and its potential to return significant value to both parents. David was appointed on a permanent basis in April. Pierre Bouchut, who has been serving as interim chair since February 2025, has been confirmed as the permanent non-executive chair of Entain, effective immediately. Bouchut joined the Entain board in 2018 and served as senior independent director since 2023.
David reaffirmed the company’s pursuit of growth opportunities and the operator's first-half results were ahead of expectations. Entain enters the second half of 2025 with "consistency and stability of proven leadership".
However, investors were less convinced of Entain's future trajectory, and shares were trading nearly 4% lower at the time of writing. Entain's senior independent director, David Satz, expressed delight at Bouchut continuing as chair. Entain now expects online NGR to grow about 7% for the full year on a constant currency basis.
Despite the temporary dip in share price, analysts at Peel Hunt have reiterated their Buy recommendation and 1,100p target price for Entain, reflecting confidence in the company's growth prospects. Entain's full-year 2025 guidance has been raised, with total group EBITDA guidance now between £1.1 billion and £1.15 billion.
In summary, Entain’s raised 2025 outlook for revenue and EBITDA is driven significantly by BetMGM’s standout H1 performance, alongside growth in other core markets and effective margin management under new CEO Stella David’s leadership.
- Entain's new CEO, Stella David, who was appointed on a permanent basis in April, has expressed optimism about BetMGM's future, indicating the potential for significant value return for both parents.
- Under Stella David's leadership, Entain has reaffirmed its pursuit of growth opportunities, with the operator's first-half results exceeding expectations, offering consistency and stability.
- Analysts at Peel Hunt have shown confidence in Entain's growth prospects, reiterating their Buy recommendation and setting a target price of 1,100p for the company, despite a temporary dip in share price.
- BetMGM, a joint venture with a significant role in Entain's operations, has achieved impressive growth, with its EBITDA target for 2025 set at least at $150 million, and potential to scale toward $500 million EBITDA in future years, reflecting the company's technology-driven and finance-focused business in the iGaming and betting sector.
