Increase in Full-Year 2025 Outlook by Entain after a Robust First Half Performance
Entain, a leading name in the online gaming industry, has announced an upgraded FY 2025 outlook, with significant improvements in Net Gaming Revenue (NGR) and EBITDA forecasts. The optimistic projections come after a robust first half of the year, during which the company experienced growth across multiple regions.
The appointments of Stella David and Pierre Bouchut are seen as a commitment to proven and stable leadership. Stella David, who was appointed CEO in April, replacing Gavin Isaacs, praised the strong performance of both Entain and the BetMGM brand. Bouchut, who served as interim non-executive chair since February, has been appointed to a permanent non-executive chair position.
Entain's FY 2025 projections outline group EBITDA of between GBP 1.1 billion and GBP 1.15 billion. The updated guidance expects net gaming revenue growth of approximately 7%, with the company's total net gaming revenue, including its 50% share of BetMGM, increasing by 7% (10%cc) in the first half of the year.
The strong net gaming revenue mix led to an increase in the online EBITDA margin, exceeding previous expectations. Entain's adjusted EBITDA increased 17.9% to US$2.4 million in 1H 2025 compared to 1H 2024, reflecting resilient overall performance.
For BetMGM (a key joint venture involving Entain), the FY 2025 guidance was raised significantly due to strong H1 performance. Net revenue guidance increased to at least $2.7 billion, up from prior projections of $2.4 billion–$2.5 billion. EBITDA guidance was raised to $150 million or more, a dramatic improvement from prior breakeven expectations.
Entain's ongoing transformation has been highlighted amidst regulatory setbacks and financial hurdles. Despite these challenges, the company experienced 21%cc growth in both the UKI region and Brazil. BetMGM's H1 results supported Entain's ambition for the brand to reach EBITDA of over $500 million for the year.
CEO Stella David expressed confidence in the company's growth and cash flow targets, stating, "We are delighted with our strong performance in the first half of the year and the upward revisions to our financial outlook." Entain also declared an interim dividend of 9.8p per share, a 5% increase year-on-year.
In summary, Entain’s FY 2025 outlook has been upgraded, with NGR expected to grow around 7% year-on-year and EBITDA forecasts improved, especially highlighted by BetMGM’s raised guidance to at least $150 million EBITDA for the full year. The company's resilience and growth potential bode well for its future in the competitive online gaming industry.
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