Entain (ENT) Q3 2025 TU earnings summary

Executive summary

• Transformation strategy continues to deliver, with strong operational execution and expansion across multiple markets.

• Fifth consecutive quarter of online growth since transformation began in early 2024.

• BetMGM achieved sustainable profitability, outperforming expectations and will return at least $200 million to the parent by year-end 2024 and at least $200 million in 2025.

• Q3 2025 saw Total Group NGR rise 7% in constant currency year-over-year, including a 50% share of BetMGM.

Financial highlights

• Total Group NGR, including 50% share of BetMGM, grew 7% in constant currency year-over-year for Q3.

• BetMGM Q3 net revenue reached $667 million, up 23% in constant currency year-over-year.

• iGaming NGR up 9% year-over-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 approximately £20 million.

Outlook and guidance

• 2025 EBITDA guidance reiterated at £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.

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

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