Entain (ENT) Q3 2025 TU earnings summary

Executive summary

• Delivered fifth consecutive quarter of online growth, with total Group NGR up 7% in constant currency, including BetMGM share.

• Online NGR grew 6% year-on-year, retail up 3%, with broad-based growth across key markets.

• BetMGM outperformed expectations, updating 2025 guidance and confirming at least $200 million cash return to parent by year-end.

• Transformation and tech upgrades underpin improved operational execution and sustainable growth.

Financial highlights

• Group NGR (including BetMGM) up 7% year-on-year in constant currency; online ex U.S. up 6%, retail up 3%.

• BetMGM Q3 net revenue reached $667 million, up 23% (cc) year-on-year.

• iGaming NGR up 9% year-on-year; sports NGR up 1% on 5% wagers growth.

• U.K. and Ireland NGR up 8% (online +15%), Italy online up 5%, retail up 8%.

• Adverse sports results in September reduced EBITDA by approx. GBP 20 million.

Outlook and guidance

• Reiterated 2025 EBITDA guidance of GBP 1,100–1,150 million.

• 2025 online NGR growth expected at ~7% constant currency, mid-single digits reported.

• BetMGM upgraded 2025 guidance: NGR at least $2.75 billion, EBITDA ~$200 million.

• Anticipates at least $200 million cash returned to parents in 2025.

• Targeting over GBP 500 million annual adjusted cash flow from 2028.