Entain reports better-than-expected H1 performance

(Sharecast News) - Bookmaker Entain reported a better-than-expected H1 performance on Tuesday, with strong momentum across its UK, US, and Brazilian operations prompting an upgrade to FY guidance.

Entain said total net gaming revenues rose 7% year-on-year to £2.63bn, while underlying earnings climbed 11% to £583m. UK and Ireland online operations led the charge with 21% growth, reflecting market share recovery and enhanced customer engagement. Its Brazilian arm also posted a 21% increase, principally due to its newly regulated framework.

The FTSE 100-listed group said its 50/50 joint venture with MGM Resorts, BetMGM, had delivered a standout performance in the half, with revenues up 35% as underlying earnings swung to a $109m profit. It now expects BetMGM to generate at least $2.7bn in FY revenues and EBITDA of $150m.

Entain said its strong H1 performance had supported an upgraded expectation of approximately 7% online net gaming revenue growth on a constant currency basis, or mid-single-digit growth on a reported basis, and also introduced FY25 group EBITDA guidance in the range of £1.1bn to £1.15bn.

However, despite the operational strength, Entain reported a post-tax loss of £116.9m, largely due to £50m in provisions related to AUSTRAC proceedings in Australia.

Entain, which declared an interim dividend of 9.8p per share, also revealed that Pierre Bouchut had been appointed as permanent non-executive chair, following his interim appointment back in February.

Chief executive Stella David said: "I am delighted by the ongoing momentum and strong performance that both Entain and BetMGM have delivered in H1 2025. Entain's transformation journey is well underway, gathering pace and is supported by our high-quality portfolio of iconic brands with podium positions in attractive markets. Our business is getting stronger, fitter and faster, with these results reinforcing our confidence in driving sustainable underlying growth and generating more than £0.5bn of cash annually in the medium term."

Reporting by Iain Gilbert at Sharecast.com

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