Entain reiterated its full-year 2025 guidance today (15 October) following a robust Q3 that showed continued strength in both its domestic and international operations.
The Ladbrokes and Coral parent reported a 6% year-on-year increase in net gaming revenue (NGR), or 7% on a constant currency basis, for the three months ended 30 September.
Excluding the US, where Entain holds a 50% share in its BetMGM joint venture, group NGR climbed 4% on a reported basis, underscoring the company’s steady global performance amid mixed regional results.
Online NGR excluding the US rose 5% despite the impact of less favourable sports outcomes in September, which Entain said trimmed performance by one to two percentage points.
Entain said the results reflected solid customer engagement and ongoing digital momentum across key markets.
In the UK and Ireland, NGR grew 8% year-on-year, supported by a 15% rise in online activity and a modest 2% increase in Entain’s retail operations.
The company noted that the region’s performance was in line with expectations, showing resilience in consumer spending despite economic headwinds.
Internationally, NGR was flat on a reported basis but up 1% at constant currency, as betting volume growth of 5% was offset by customer-friendly sports results during the quarter.
Performance varied across markets: Italy saw a 6% NGR increase, while Brazil and Australia reported declines of 11% and 6%, respectively.
Entain again attributed those decreases to unfavourable sports results, as betting volume grew 14% in Brazil and remained stable in Australia.
Central and Eastern Europe, which includes operations in Poland and Croatia, posted a notable 12% rise in NGR, reflecting the strong momentum of Entain’s diversified portfolio.
Entain looks to maintain momentum
CEO Stella David said: “Entain’s transformation continues at pace, with our strategic execution and expanding bandwidth delivering growth across our portfolio.”
She also described the quarter as further evidence of the “quality of our diverse business and its underlying momentum.”
The group maintained its 2025 outlook, projecting 7% online NGR growth at constant currency, with mid-single-digit growth on a reported basis.
EBITDA is expected to range between £1.10bn and £1.15bn, broadly in line with last year’s £1.09bn result.
Despite the upbeat results, Entain’s shares slipped 2.3% to 818.09p in early Wednesday trading in London, mirroring a slight 0.1% dip in the wider FTSE 100 index.
The stock’s decline followed a 1.8% rise on Tuesday after an encouraging update from BetMGM, where Q3 net revenue climbed 23% to $667m, from $544m a year earlier.
The joint venture raised its full-year revenue forecast to at least $2.75bn and lifted its EBITDA outlook to around $200m, from a previous minimum of $150m.
With the US business now profitable, BetMGM plans to distribute excess cash to its parent companies, returning at least $200m in 2025.
David said the development marked a “significant milestone” and reflected the group’s confidence in delivering consistent long-term growth.
She emphasised Entain’s focus on sustainable growth and goal to generate more than £500m in annual cash flow by 2028.
