Entain has released its financial results for the third quarter of 2025, revealing a 6% overall increase in net gaming revenue (NGR).
The operator noted that the performance exceeded expectations, leading it to reiterate its full-year 2025 guidance, which projects an annual revenue upswing of 7%.
The company’s growth continues to be led by its online segment, which saw an 8% NGR increase compared to the prior year.
Retail operations also contributed with a 2% rise in NGR. For the year to date, Entain’s NGR growth stands at 7%, with online up 9% while retail remains flat.
Regionally, the UK & Ireland operations performed strongly with an 8% overall NGR increase, driven by a 15% surge in online revenue and 2% retail growth.
The international segment saw mixed results; strong double-digit growth in markets like Spain, Canada, and Greece, alongside a 6% increase in Italy, helped offset revenue declines of 11% in Brazil and 6% in Australia.
A significant highlight was the performance of BetMGM, Entain’s joint venture in the US, which reported a 23% year-on-year gaming revenue increase to $667m for Q3.
The brand is now achieving sustainable profitable growth and is expected to begin distributing cash to its parent companies later this year.
During the quarter, Entain completed the rollout of its Group BetStation platform across its UK & Ireland retail estate and appointed Andrew Vouris as the permanent CEO for its Australia and New Zealand division.
The company has also started the fourth quarter with new strategic integrations and brand portfolio adjustments.
Stella David, Entain CEO, said:
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.
Russel Pointon, Director, Consumer & Media at Edison Group, commented:
Entain’s Q3 trading shows steady delivery in an increasingly difficult macro environment as Consumer spending remains constrained across key markets. Against that backdrop, mid-single-digit NGR gains in the non-US businesses point to operational resilience rather than acceleration, albeit there is some dampening of growth due to customer friendly sports results. For investors, BetMGM’s upgraded outlook is obviously encouraging. The shift to cash distributions is a positive signal, though the near-term earnings impact is modest. With guidance unchanged, the update is unlikely to alter sentiment materially. Entain’s focus on cost control and cash generation remains sound.
