Shares in Entain dropped on Wednesday at it announced slowing sales outside of its blockbuster BetMGM US division.
At 823p per share, Entain’s share price was last 2% lower in midweek trading.
Total net gaming revenue (NGR) rose 6% in the third quarter, or 7% on a constant currencies basis.
This figure included the FTSE 100 firm’s 50% stake in BetMGM. Growth was down from 10% recorded in the first half of 2025.
Excluding its US joint venture, quarter three NGR improved 4% at headline level and 5% at stable exchange rates.
Online NGR outside the US rose 5% at headline level and 6% at constant currencies. Entain said that growth “reflects continued underlying momentum despite customer friendly sports margins in September.”
The company said adverse sports results in September chipped between one and two percentage points from online NGR last quarter.
Retail NGR rose 3% at both reported and unchanged currencies.
Mixed Performances
In the UK and Ireland, NGR at constant currencies rose 8% durring the third quarter. Entain said this reflected “growth in players values driving strong volumes and further market share gains.”
Online NGR was up 15%, while retail NGR edged 2% higher.
International NGR (excluding BetMGM) rose 1%. The FTSE business commented that “online volume growth [was] largely offset by customer friendly sports results in September.”
Online NGR rose 1%, while retail NGR improved 6%, both at constant currencies.
In Brazil, Entain said “adverse sports margins more than offset strong volume growth.” This pushed sales 11% lower.
Australian NGR fell 6% at stable currencies, though Italian NGR rose by the same percentage.
Entain added that “double-digit online NGR growth [was] also delivered by Georgia, New Zealand, Spain, Canada, Austria and Greece.”
BetMGM Booms
BetMGM remains Entain’s standout division, and on Tuesday (14 October) it announced further forecast-beating NGR revenues in quarter three.
Net revenues soared 23% year on year, to $667 million.
Entain said that “ongoing successful execution of BetMGM’s refined player engagement strategy supported by further enhanced product and user experiences delivered growth in player activity and retention.”
The joint venture is now tipped to deliver net revenue of $2.75 billion in 2025, Entain said. This is the third such upgrade in the year to date – previous guidance in July pointed to net revenue of $2.7 billion.
Group Guidance Maintained
Chief executive Stella David said that “Entain’s transformation continues at pace, with our strategic execution and expanding bandwidth delivering growth across our portfolio.”
She added that “while we still have more to do, our quarter three performance is further evidence of the quality of our diverse business and its underlying momentum.”
On BetMGM, David said that strong year-to-date performance “is driven by our strengthened sports product and leading iGaming offering, coupled with refined player engagement.”
She commented that the joint venture is now delivering sustainable profit growth, adding that it’s tipped to make a $200m cash distribution this year.
Entain said it expects online NGR to rise 7% at constant currencies and by mid-single-digits on a reported basis, in line with forecasts.
Group EBITDA estimates also remained unchanged, at £1.1 billion to £1.15 billion. Earnings came in at £1.09 billion in 2024.