REG - Entain PLC - Q3 Trading Update

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RNS Number : 3804D  Entain PLC  15 October 2025

            15 October 2025

Entain plc

("Entain" or the "Group")

 

FY25 guidance reiterated; Q3 further evidences underlying momentum and quality
of business

 

Entain plc (LSE: ENT), the global sports betting and gaming group, today
reports trading for the period from 1 July to 30 September 2025 ("Q3").

·      Total Group Net Gaming Revenue ("NGR"): including 50% share of
BetMGM, up +6%, +7%cc(1)

o   Group NGR (exc. US) +4%, +5%cc(1) and BetMGM Net Revenue +23%cc

·      Q3 Online NGR (exc. US): up +5%, 6%cc(1) reflects continued
underlying momentum despite customer friendly sports margins in September

·      BetMGM Q3 ahead of expectations: Q3 Net Revenue +23%cc(1)
supports upgraded(2) FY25 guidance

o   Raised FY25 guidance to Net Revenue of at least $2.75bn and EBITDA
approximately $200m

o   Commencing distribution of cash to parents; anticipate at least $200m
total returned in 2025

·      FY25 guidance reiterated:

o   Expect approximately 7% Online NGR growth on a constant currency basis;
mid-single-digit growth on a reported basis

o   Continue to expect FY25 Group EBITDA(3) in the range of £1,100m to
£1,150m

 

Stella David, CEO of Entain, commented:

"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."

 

Q3 trading highlights:

·    Total Group NGR including 50% share of BetMGM, up +6%, +7%cc(1)

o   Group NGR (exc. US) up +4%, +5%cc(1)

o   Online NGR (exc. US) up +5%, +6%cc(1)

§ Approximately 1-2pp YoY impact from adverse sports results in September

o   Retail NGR +3%, +3%cc(1)

·    UK & Ireland NGR +8%cc(1) in line with expectations

o   Online +15%cc(1), growth in players values driving strong volumes and
further market share gains

o   Retail +2%cc(1), with improving performances across both sports and
gaming

·    International NGR +1%cc(1) (Online +1%cc(1), Retail +6%cc(1)) with
online volume growth (+5%cc(1)) largely offset by customer friendly sports
results in September

o   Brazil -11%cc(1), as adverse sports margins more than offset strong
volume growth (+14%cc)

o   Australia -6%cc(1) due to impact of customer friendly sports results
despite stable volumes

o   Italy +6%cc(1) (Online +5%cc(1), Retail +8%cc(1)), continuing to
maintain stable market share

o   Double-digit Online NGR growth also delivered by Georgia, New Zealand,
Spain, Canada, Austria and Greece

·    Entain CEE NGR up +10%cc(1) (Online +9%cc(1), Retail +11%cc(1)) with
Croatia continuing to perform ahead of expectations

·    BetMGM Q3 net revenue of $667m, up 23%cc(1) YoY, ahead of
expectations driven by its strengthened sports product, leading iGaming
offering and refined player engagement strategy

o   iGaming 21%cc(1), and Online Sports +36%cc(1)

 

Outlook:

Entain reiterates its expectation for FY25 Online NGR growth of approximately
7% on a constant currency basis, or mid-single-digit on a reported basis, and
our expectation of FY25 Online EBITDA margin of 25-26%.

Despite absorbing the impact of customer friendly sports margins in September,
we continue to expect FY25 Group EBITDA in the existing £1,100m to £1,150m
guidance range.

BetMGM continues to perform strongly during 2025, upgrading its expectations
to deliver FY25 net revenue of at least $2.75bn with EBITDA(3) of
approximately $200m. Additionally, BetMGM is now in position to commence
distribution of excess cash to its parents, Entain and MGM Resorts. BetMGM
anticipates distributing at least $200m in 2025.

Year to date performance reinforces our expectation of strong double-digit
growth in FY25 Total Group EBITDA(3) including 50% share of BetMGM.

The Group is well placed into Q4 2025 and 2026. Our clear focus on cash
generation and ongoing strategic delivery underpins Entain's confidence in
generating over £0.5bn of annual adjusted cash flow from 2028.

 

Q3 2025 Trading performance:

                       Q3 2025: 1 July to 30 September 2025
                       Total                        Gaming  Sports  Sports   Sports

                       NGR                          NGR     NGR     Wagers   Margin
                       Reported(4)  CC(1)           CC(1)

 UK & Ireland          +8%          +8%             +7%     +11%    +5%      +0.7pp
    Online UK&I    +15%         +15%            +14%    +19%    +7%      +0.8pp
    Retail UK&I    +2%          +2%             (2%)    +7%     +3%      +0.7pp

 International         0%           +1%             +4%     (1%)    +5%      (0.7pp)
    Online Int'l       (1%)         +1%             +5%     (3%)    +6%      (1.0pp)
    Retail Int'l       +6%          +6%             (5%)    +6%     (3%)     +1.5pp

 CEE                   +12%         +10%            +18%    +7%     (1%)     +1.8pp
    Online CEE         +12%         +9%             +19%    +6%     (1%)     +1.5pp
    Retail CEE         +14%         +11%            +10%    +11%    (3%)     +2.9pp

 Group (exc. US)       +4%          +5%             +7%     +3%     +4%      (0.2pp)
    Online             +5%          +6%             +9%     +1%     +5%      (0.5pp)
    Retail             +3%          +3%             (2%)    +7%     +1%      +1.1pp

 BetMGM                +18%         +23%
    Online             +20%         +25%
    Retail             (49%)        (49%)

 Total Group inc.      +6%          +7%

50% of BetMGM
    Online             +8%          +9%
    Retail             +2%          +2%

 

 

Q3 YTD 2025 Trading performance:

                       Q3 YTD 2025: 1 January to 30 September 2025
                       Total                          Gaming   Sports   Sports   Sports

                       NGR                            NGR      NGR      Wagers   Margin
                       Reported(4)  CC(1)             CC(1)

 UK & Ireland          +9%          +9%               +10%     +7%      +4%      +0.3pp
    Online UK&I    +19%         +19%              +20%     +16%     +9%      +0.4pp
    Retail UK&I    (1%)         (1%)              (3%)     +3%      0%       +0.4pp

 International         (1%)         +2%               +3%      +2%      +2%      +0.1pp
    Online Int'l       (2%)         +2%               +3%      +1%      +3%      (0.1pp)
    Retail Int'l       +2%          +4%               (9%)     +5%      (3%)     +1.4pp

 CEE                   +8%          +8%               +16%     +5%      (3%)     +1.8pp
    Online CEE         +8%          +8%               +17%     +6%      (3%)     +1.8pp
    Retail CEE         +5%          +5%               +4%      +5%      (2%)     +1.6pp

 Group (exc. US)       +3%          +5%               +7%      +4%      +2%      +0.3pp
    Online             +5%          +7%               +10%     +4%      +3%      +0.1pp
    Retail             0%           +1%               (3%)     +4%      (1%)     +0.8pp

 BetMGM                +27%         +31%
    Online             +30%         +33%
    Retail             (28%)        (28%)

 Total Group inc.      +7%          +9%

50% of BetMGM
    Online             +9%          +12%
    Retail             0%           +1%

 

Notes

(1)   Growth on a constant currency basis is calculated by translating both
current and prior year performance at the 2025 exchange rates

(2)   BetMGM previous FY25 guidance of at least $2.7bn Net Revenue and at
least $150m EBITDA provided on 29 July 2025

(3)   EBITDA is defined as earnings before interest, tax, depreciation and
amortisation, share based payments and share of JV income. EBITDA is stated
pre-separately disclosed items

(4)   2025 results are unaudited, with the tables presented relating to
continuing operations and including both statutory and non-statutory measures

 

 

Q3 Conference Call & Audio Webcast

An analyst call will be held today, Wednesday 15 October 2025 at 9:00am BST.
Participants may join via webcast or by conference call dial in, approximately
10 minutes before the start of the call.

Live audio webcast link: Entain Group 2025 Q3 Trading Update
(https://kvgo.com/IJLO/Entain_2025_Q3_Trading_Update)

To participate in the Q&A, please use dial ins below and register via the
following link: Register ENT Q3 Q&A
(https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.netroadshow.com%2Fevents%2Flogin%2FLE9zwo4BR5d50YTbTMDfMkt6qsC4ByWxEIr&data=05%7C02%7Ccallum.sims%40entaingroup.com%7C15e56142061141c05fc908ddfb4aaa63%7C60c43c0a64ac4050bf3e31e1cdfffdeb%7C0%7C0%7C638943020740210544%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=EAuKS9gq0pXL9viFIoBCBgJiYYOYh0g6wBXlfEDiehY%3D&reserved=0)

Advance registration for Q&A creates a calendar invitation including call
details and access PIN, and bypasses speaking with an operator to join the
call on the day.

Operator Assisted Dial-In:               UK:+44 20 3936 2999

US:+1 646 233 4753

Global Dial-In Numbers
(https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.netroadshow.com%2Fconferencing%2Fglobal-numbers%3FconfId%3D89311&data=05%7C02%7Ccallum.sims%40entaingroup.com%7C15e56142061141c05fc908ddfb4aaa63%7C60c43c0a64ac4050bf3e31e1cdfffdeb%7C0%7C0%7C638943020740259910%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=D6wYUlw1omEtGf4WNDT4fEwxvD4qXuTqKqsQe%2FhG7Ec%3D&reserved=0)

Access Code: 008410

A replay and transcript will be available on our website: Results Centre -
Entain Group (https://www.entaingroup.com/investor-relations/results-centre)

Enquiries:

 Investor Relations - Entain plc        investors@entaingroup.com (mailto:investors@entaingroup.com)
 Media - Entain plc                     media@entaingroup.com (mailto:media@entaingroup.com)
 Sodali & Co                            Tel: +44 (0) 20 7250 1446

 Rob Greening/Russ Lynch/Sam Austrums   entain@sodali.com (mailto:entain@sodali.com)

Forward-looking statements

This document contains certain statements that are forward-looking statements.
They appear in a number of places throughout this document and include
statements regarding our intentions, beliefs or current expectations and those
of our officers, Directors and employees concerning, amongst other things,
results of our operations, financial condition, liquidity, prospects, growth,
strategies and the business we operate. These forward-looking statements
include all matters that are not historical facts. By their nature, these
statements involve risks and uncertainties since future events and
circumstances can cause results and developments to differ materially from
those anticipated. Any such forward-looking statements reflect knowledge and
information available at the date of preparation of this document. Other than
in accordance with its legal or regulatory obligations (including under the
Market Abuse Regulation (596/2014) as it forms part of English law by virtue
of the European Union (Withdrawal) Act 2018, the UK Listing Rules, the
Disclosure Guidance and Transparency Rules and the Prospectus Rules), the
Company undertakes no obligation to update or revise any such forward-looking
statements. Nothing in this document should be construed as a profit forecast.
The Company and its Directors accept no liability to third parties in respect
of this document save as would arise under English law.

About Entain plc

Entain plc (LSE: ENT) is a FTSE100 company and is one of the world's largest
sports betting and gaming groups, operating both online and in the retail
sector. The Group owns a comprehensive portfolio of established brands; Sports
brands include BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds,
Sportingbet, Sports Interaction, STS and SuperSport; Gaming brands include
Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and
PartyCasino. The Group operates the TAB NZ brand as part of a long-term
strategic partnership with TAB New Zealand. The Group owns proprietary
technology across all its core product verticals and in addition to its B2C
operations, provides services to a number of third-party customers on a B2B
basis.

The Group has a 50/50 joint venture, BetMGM, a leader in sports betting and
iGaming in the US. Entain provides the technology and capabilities which power
BetMGM as well as exclusive games and products, specially developed at its
in-house gaming studios. The Group is tax resident in the UK and is the only
global operator to exclusively operate in domestically regulated or regulating
markets operating in over 30 territories.

Entain is a leader in ESG, a member of FTSE4Good, the DJSI and is AAA rated by
MSCI. For more information see the Group's website: www.entaingroup.com
(http://www.entaingroup.com/) .

LEI: 213800GNI3K45LQR8L28

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