Entain (ENT) Status update summary

Financial performance

• Q3 net revenue was $710m, up 7% YoY; iGaming revenue was $483m, up 6%, online sports $216m, up 7%, and retail sports $11m, up 5%.

• Q3 adjusted EBITDA was $86m, up 112% YoY; 9M adjusted EBITDA was $185m, up 24%, on net revenue of $2.116bn, up 5%.

• Q3 handle was $3.24bn, up 3%; GGR hold was 10.7%, up 55 bps, and NGR hold was 6.7%, up 30 bps.

• Average monthly actives fell 3% YoY to 878,000; Q3 iGaming contribution exceeded $135m and online sports contribution was positive.

• Q3 cash to parents totaled $68m: $18m in fees and $50m in distributions.

iGaming

• Q3 iGaming NGR per active rose 4% YoY and active players increased 2%.

• Game of Thrones was the most successful game launch across BetMGM markets, including the U.S., Ontario and Alberta; Alberta launch metrics trended above Ontario’s.

• SideBet Jackpot launched in Michigan and West Virginia, with rollout to all gaming markets planned through year-end.

• Borgata app average daily actives in New Jersey and Pennsylvania were up 28% from the February pre-launch benchmark.

• Alberta contributed 2 percentage points to Q3 iGaming growth; 20% of new players came from Alberta, with acquisition ahead of forecast trajectory and daily targets.

Online and retail sports

• Q3 online sports revenue was $216m, up 7% YoY, and retail sports revenue was $11m, up 5%; comparisons were affected by sports-calendar differences.

• Online sports handle grew 3%; handle per active rose 13% and NGR per active rose 18%, while monthly actives declined 9% as the player base was refined for value.

• Nevada online sports handle grew 8%; 55%-60% of sports players also played gaming, while 15%-20% of iGamers also bet on sports.

• Sportsbook enhancements ahead of NFL season added expanded cash-out and bet tracking, betting insights, customizable bets and an improved rewards hub.

• Sports faced regulated and unregulated competition, expected to persist at least into mid-2027; high-value player engagement and per-active metrics remained attractive.