Entain Reaffirms 2025 Outlook Following Strong Q3 Performance
Entain plc has reported solid Q3 2025 trading results, with continued momentum across its global portfolio and strong contributions from BetMGM. The group confirmed a 6% increase in total Net Gaming Revenue (NGR), including its 50% share in BetMGM, and reiterated its full-year guidance for 2025, emphasizing underlying business strength and consistent execution.
BetMGM’s Exceeding Expectations
The US market remains a powerful engine for the Group’s growth, with BetMGM delivering Q3 Net Revenue of $667 million, marking a 23% year-on-year increase on a constant currency (cc) basis, a result that surpassed internal expectations. This strong performance led to an upgraded FY25 guidance for the US operation, now projected to achieve Net Revenue of at least $2.75 billion and EBITDA of approximately $200 million.
Furthermore, BetMGM has reached a critical milestone, moving into a position to commence the distribution of excess cash to its parents, Entain and MGM Resorts. The venture anticipates returning at least $200 million in 2025. Stella David, CEO of Entain, commented on this significant development, stating:
“Entain’s transformation continues at pace, with our strategic execution and expanding bandwidth delivering growth across our portfolio. Whilst we still have more to do, our Q3 performance is further evidence of the quality of our diverse business and its underlying momentum.”
“BetMGM’s continued success and strong year to date performance is driven by our strengthened sports product and leading iGaming offering, coupled with refined player engagement. We are delighted that BetMGM is achieving sustainable profitable growth and expects to begin distributing cash to parents later this year.”
“With Entain becoming ever stronger and BetMGM growing profitably, we are increasingly confident in delivering consistent underlying growth and generating more than £0.5bn of annual cash from 2028.”
Regional Performance Overview
Entain’s UK and Ireland operations delivered robust performance during the quarter, supported by solid growth across both online and retail channels. Online NGR increased by 15%, driven by rising player values and higher engagement, while retail NGR grew by 2%, reflecting steady customer activity and improving trends across sports and gaming segments. Together, these results contributed to strong overall volumes and continued market share gains in the region.
International operations reported a modest 1% increase at constant currency, with solid online volume growth of 5% largely offset by customer-friendly sports margins in September. Regional trends varied, highlighting the diversity of Entain’s global portfolio. In Brazil, revenue declined by 11% as adverse sports results outweighed a 14% increase in betting volume. Australia also faced similar challenges, posting a 6% decline due to margin impacts despite stable wagering levels.
In contrast, Italy recorded 6% growth overall, maintaining a stable market share with online revenue up 5% and retail up 8%. Several other markets delivered double-digit online growth, including Georgia, New Zealand, Spain, Canada, Austria, and Greece, reflecting the company’s continued expansion and product localization efforts.
Within Central and Eastern Europe, Entain’s operations grew by 10% at constant currency, supported by strong performances in Croatia and other markets across the region. This consistent momentum in CEE highlights the strength of Entain’s local brands and the success of its multi-market strategy.
Confident Into 2026
Entain reiterated its FY25 online NGR growth expectations of approximately 7% on a constant currency basis, with an online EBITDA margin of 25–26%. Despite less favorable sports margins in September, the Group remains within its £1.1–1.15 billion EBITDA guidance range.
BetMGM’s robust performance continues to strengthen Entain’s position, contributing to double-digit growth in total Group EBITDA, including its 50% share. The company confirmed that it remains focused on cash generation and aims to deliver over £0.5 billion in annual adjusted cash flow from 2028.
With a diversified brand portfolio, growing regulated market presence, and sustainable profitability from BetMGM, Entain is entering Q4 2025 and 2026 with strong momentum and strategic clarity.