Entain shares surge on upgraded guidance following strong US performance

Shares in gambling giant Entain climbed 0.6% on Tuesday after the FTSE 100 company upgraded its full-year outlook, driven by exceptional performance from its US joint venture BetMGM and market share gains across core territories.

The Ladbrokes and Coral owner reported a 7% increase in first-half total net gaming revenue, reaching 10% growth on a constant currency basis when including its 50% share of BetMGM. Group underlying earnings before interest, tax, depreciation and amortisation rose 11% year-on-year to £583million, or £625million including the BetMGM contribution, representing a 32% increase.

BetMGM emerged as the standout performer, with net revenue soaring 35% year-on-year to $1.35billion in constant currency terms. The joint venture with MGM Resorts achieved EBITDA of $109million in the first half, marking a significant turnaround from the previous year’s losses. The partnership now expects to deliver revenue of at least $2.7billion for 2025, with EBITDA guidance of at least $150million.

Entain’s UK and Ireland online division surged 21% as the company regained market share through strong volumes in sports and gaming. Chief Executive Stella David, permanently appointed in April, declared the business was getting stronger, fitter and faster while reinforcing confidence in generating over £500million of cash annually in the medium term.

The company now expects 2025 online net gaming revenue to grow approximately 7% in constant currency, with an improved online EBITDA margin of 25–26%. Full-year group EBITDA is forecast between £1.1billion and £1.15billion, while an interim dividend of 9.8p per share was declared, representing a 5% year-on-year increase.