• Entain Plc has raised its full-year 2025 earnings guidance after reporting a strong first half, with underlying EBITDA up 11% to £583.4 million.
• The performance was driven by a sharp turnaround at the BetMGM joint venture in the US, which swung to a $109 million EBITDA profit.
• Entain’s core UK & Ireland online division also showed robust momentum, with NGR up 21% and underlying EBITDA soaring by 37%.
• New CEO Stella David said the results show her transformation plan is working and the business is getting “stronger, fitter and faster.”
• Despite the strong operational performance, the group reported a statutory after-tax loss of £116.9 million due to amortisation, restructuring charges, and other one-off costs.

Global gaming giant Entain Plc has upgraded its full-year earnings forecast after a strong first-half performance, signalling that the strategic changes implemented by new CEO Stella David are taking hold. The company now projects full-year EBITDA to be in the range of £1.1bn to £1.15bn.

For the six months ending 30 June, Entain reported group Net Gaming Revenue (NGR) of £2.63 billion, a 3% increase on the prior year (or 6% in constant currency). More significantly, underlying EBITDA from continuing operations rose by 11% year-on-year to £583.4 million, demonstrating improved profitability.

“This performance reinforces our confidence in driving sustainable underlying growth,” said David. “Our business is getting stronger, fitter and faster - and we are well positioned to capitalise on the significant opportunities ahead.”

A Tale of Two Turnarounds: BetMGM and the UK

The group’s strong performance was underpinned by two key “must-win markets.” The BetMGM joint venture in the United States achieved a major milestone, swinging from a loss of $123 million in H1 2024 to a positive EBITDA contribution of $109 million. This was driven by a 35% constant currency surge in net revenue to $1.35 billion, with both iGaming and online sports betting delivering robust growth without any new state launches.

In its home market of the UK & Ireland, the business also showed renewed momentum. The division’s NGR climbed 9% to £1.09 billion, powered by a 21% jump in online revenues. This strong top-line growth, combined with effective cost management, saw the region’s underlying EBITDA soar by 37% to £273 million.

A Mixed Picture in International Markets

Performance across Entain’s other international divisions was more varied. The broader International unit saw NGR rise by 3% in constant currency, led by a 21% surge in Brazil where the Sportingbet brand is performing strongly in the newly regulated market. However, this was offset by a 7% decline in Australia, a market Entain has identified for a turnaround.

The Central and Eastern Europe (CEE) division, which includes market-leading brands SuperSport in Croatia and STS in Poland, delivered a steady 5% NGR increase to £253.8 million.

Statutory Loss Masks Underlying Improvement

Despite the positive operational results, Entain reported a statutory after-tax loss of £116.9 million, widening from a £5.6 million loss in H1 2024. The company explained that this was largely due to £322.4 million in separately disclosed items, which are not reflective of the core business’s day-to-day performance.

These costs included £131 million in amortisation on acquired intangibles, a £47.7 million provision for the ongoing AUSTRAC regulatory case in Australia, and £35.1 million in restructuring charges related to the company’s transformation plan.