Entain H1: Group NGR up despite non-US segment loss
The operator’s non-US operations reported a loss of £116.9m.
Key Points
- Entain has released its H1 & Q2 results
- Overall NGR was up 7% year-over-year, or 10% on a constant currency basis
- Non-US operations made a gross profit of £1.59bn, but a loss after tax of £116.9m
Entain has released its financial results for the first half of 2025.
In total, H1 group net gaming revenue (NGR), which includes Entain’s 50% share in BetMGM, was up 7% year-over-year, or 10% on a constant currency basis (calculated by adjusting performance to their current exchange rates).
The online segment saw growth, up 8% on a constant currency basis, while retail remained stagnant. While its international segment struggled, down 2% (or up 3% on a constant currency basis, perhaps reflective of recent global financial change), both its UK & Ireland and Central Eastern Europe (CEE) segments saw growth, with the former seeing growth of 9% – interesting, given that many other global operators are struggling in the area, with Flutter currently downsizing its UK & Ireland operations.
Moreover, Entain has stated that it expects BetMGM to achieve an EBITDA of $500m and beyond, after upgrading its FY25 guidance. It expects overall online NGR to grow by 7% by the end of the year, with a group EBITDA guidance range of £1.1bn – £1.15bn ($1.48bn – $1.55bn).
Excluding the US
Looking at figures excluding Entain’s US operations, NGR came to £2.62bn for the first half of the year, up 3%, or 6% on a constant currency basis. Of this, £2.6bn was reported as revenue, with growth figures the same as NGR, with a gross profit of £1.59bn, also up 3%. Underlying EBITDA reached £583.4m, a figure not far off what Entain hopes BetMGM will be able to achieve alone in FY25, up 11% year-over-year, while Entain’s underlying operating profit skyrocketed, up 52% to £437.6m.
Overall, non-US business operations reported a loss after tax of £116.9m, up considerably from the loss of £5.6m reported this time last year.
H1 results by segment
In the UK & Ireland, overall online NGR was up 21% on both a reported and constant currency basis. This was largely due to a 23% increase to online gaming NGR, while sports grew 16% and sports wagers 10%.
Despite this, retail was largely down, with overall NGR down 2% on both a reported and constant currency basis. This was largely due to a 4% drop in gaming NGR, with sports wagers down 1% despite sports NGR growing 1%.
Entain’s international segment saw mixed results, with online NGR down 2%, or up 3% on a constant currency basis, while retail grew 1% on a reported basis or 4% on a constant currency basis.
Online gaming NGR was up 2%, while sports NGR grew 3%, despite stagnation in sports wagers. Notably, retail gaming was down 11%, yet with sports NGR up 4%, overall retail NGR did not suffer a loss.
Entain’s CEE segment yielded impressive results, with online gaming NGR up 16% and online sports NGR up 6%, despite a 4% dip in wagers. Retail also saw growth, albeit at a slower rate, with gaming up 3% and sports up 2%, despite a 2% decline in sports wagers.
BetMGM reported NGR growth sat at 33%, or 35% on a constant currency basis. This was despite a reported 16% dip in retail NGR, with online NGR grew 35%.
With some minor differences, Q2 results were much the same. In the UK & Ireland, Q2 online NGR was up 20% on both a reported and constant currency basis, with online gaming NGR up 23%, while sports grew 13% and sports wagers 9%. Results remained mostly flat in the international segment, while CEE saw mixed results.
Comments
On the results, Entain CEO Stella David said: “I am delighted by the ongoing momentum and strong performance that both Entain and BetMGM have delivered in H1 2025. 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.
“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.”
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