Entain Profits Climb as BetMGM Turns Profitable
Global gaming operator Entain reported a strong first half of 2025, with key profitability metrics showing significant growth. The performance was driven by a sharp turnaround at its U.S. joint venture, BetMGM, and a robust recovery in its UK and Ireland online division.
A Dual Engine of Growth: BetMGM and UK Online
The first-half results highlight two critical drivers for the company.
First, BetMGM delivered a standout performance, accelerating its path to profitability. The U.S.-based joint venture generated $1.35 billion in net revenue, a 35% increase year-over-year. More significantly, it posted a positive EBITDA of $109 million, a dramatic improvement from the loss recorded in the same period last year. The company is now in a position to begin returning cash to its parent companies, Entain and MGM Resorts International, for the first time.
Second, Entain’s UK and Ireland online business showed a strong resurgence. Net gaming revenue in this core market grew 21% on a constant currency basis, a sign that the company is successfully regaining market share. Entain attributed this recovery to product improvements, including faster app navigation and quicker withdrawal times, which have enhanced the customer experience.
“I am delighted by the ongoing momentum and strong performance that both Entain and BetMGM have delivered in H1 2025,” said Entain CEO Stella David. “Entain’s transformation journey is well underway.”
A Diversified Global Performance
Beyond the headline successes, Entain’s global portfolio showed steady, if more modest, growth. On a constant currency basis, excluding the U.S., total group net gaming revenue (NGR) increased by 6%.
- The International segment saw NGR grow by 3%, with strong performances in Brazil (+21%) and Italy (+7%).
- The Central and Eastern Europe (CEE) division reported a 7% increase in NGR, led by 11% growth in Croatia.
- The Retail segment’s performance was flat, which was in line with the company’s expectations, especially considering the prior year’s results were boosted by the Euro soccer tournament.
Financial Health and Strategic Progress
Entain’s overall financial health showed improvement. The company reported adjusted diluted earnings per share of 31.3p, a 154% increase from the prior year. It also successfully refinanced over $3.3 billion in debt, extending its debt maturity profile and reducing annual interest costs by approximately £10 million.
The company’s “Project Romer” cost-saving initiative is on track to exceed its £100 million savings target. These operational efficiencies, combined with top-line growth, have improved the company’s net debt leverage ratio.
“Our business is getting stronger, fitter and faster, with these results reinforcing our confidence in driving sustainable underlying growth,” David stated.
Looking ahead, Entain has raised its full-year guidance. The company now expects group EBITDA to be in the range of £1.10 billion to £1.15 billion. The forecast for BetMGM has also been upgraded, with the venture now expected to generate at least $2.7 billion in net revenue and at least $150 million in EBITDA for the full year.
Recommended