Entain H1 2025: Spain & Brazil Lead Global Growth Performance
Entain plc presented its provisional results for the first half of 2025, highlighting a 3% year-on-year growth in net gaming revenue (NGR), which reached £2,626.9 million, or +6% in constant currency, according to the report published by the company in London.
The online business (excluding the US) showed an increase of +5% year-on-year and +8% in constant currency, driven by the performance of its main brands, such as bwin, partypoker, and Sportingbet.
Spain consolidated itself as the fastest-growing market within Entain’s portfolio, with a 39% increase in constant currency during the semester, driven by the relaunch of the bwin brand and a more segmented local marketing strategy, according to data from Infoplay.
In Brazil, the group reported a 21% growth in NGR in constant currency, leveraging the expansion of the regulated market and the integration of local sports betting products. The country is positioned among the markets with the greatest short-term growth potential.
In other regions, the United Kingdom and Ireland recorded a 21% increase in constant currency, offsetting a 3% decline in the retail segment. Croatia (+11%), Georgia (+9%), and New Zealand (+9%) also showed notable performances.
The group’s underlying operating result (EBITDA) rose to £583.4 million, an 11% increase compared to the same period in 2024. Additionally, Entain announced an interim dividend of 9.8 pence per share, representing a 5% year-on-year increase.
Regarding its financial position, the company closed June with a net debt of £3,550 million, maintaining a leverage of 3.1 times, supported by £964 million in available cash.
Meanwhile, BetMGM, the joint venture with MGM Resorts, continued solid growth: its NGR increased 29% year-on-year, or 36% in constant currency, reaching $1,349 million in revenue during the semester.
Looking ahead to the rest of the year, Entain projects 7% online growth in constant currency and an annual EBITDA between £1,100 and £1,150 million, according to its revised guidance for 2025.
Stella David, the group’s CEO, highlighted:
“I am delighted with the continued momentum and strong performance that both Entain and BetMGM have shown in the first half of 2025. Our transformation process is underway, supported by a portfolio of iconic brands with leading positions in attractive markets. These results reinforce our confidence in generating sustainable growth and more than £500 million in annual cash flow in the medium term.”
Overall, Entain’s results reflect a positive trend in its main regulated markets, consolidating its position as one of the global operators with the greatest multichannel presence and focus on sustainability, compliance, and digital growth.
Tags: Entain, Entin Q1 2025, Bwin, PartyPoker, Sportingbet, BetMGM