Entain Plc, the FTSE 100-listed gambling operator, posted impressive financial results in Q3 2025. The company managed to keep solid growth momentum across its diverse portfolio. Total group net gaming revenue rose 6% on a reported basis and 7% at constant currency.
The group revenue showed a healthy 4% growth (5% at constant currency) even without U.S. operations. This shows the company’s resilience despite market challenges, especially given the effect of customer-friendly sports results on margins in September.
The company’s success largely came from its online operations. Online NGR (excluding U.S.) grew by 5% (6% at constant currency). Retail operations added to this success with 3% growth. This proves how well the company balances its digital and physical gambling venues.
The UK & Ireland market stood out with exceptional results. NGR grew 8% at constant currency, powered by a strong 15% surge in online operations. These numbers reflect higher player values and market share gains in this crucial region.
That said, the international NGR, however, edged up just 1% at constant currency. Online volume grew 5% but customer-friendly sports results in September offset much of this gain. Brazil saw a decline despite volume growth. The bright spots included Italy with 6% growth and Entain CEE’s impressive 10% increase.
Several markets showed remarkable strength with double-digit online NGR growth. Georgia, New Zealand, Spain, Canada, Austria, and Greece led this charge. This success proves the value of the company’s geographical diversification strategy.
These results showcase Entain’s skill in guiding through tough market conditions. The company’s multi-channel, multi-market approach works well even as different regions show varying growth patterns. This 15-year-old operator in regulated markets knows how to adapt to different regulatory environments while pushing forward with overall growth.
BetMGM Drives Strong U.S. Performance For Entain
BetMGM remains the pillar of Entain’s North American strategy. The company reached EBITDA of $41 million for the quarter. This marks a remarkable $57 million improvement from the $16 million loss in the same period last year. The operation has generated $150 million in EBITDA year-to-date, which shows its shift to profitable growth that can last.
BetMGM’s continued success and strong year-to-date performance is driven by its strengthened sports product and leading iGaming offering, coupled with refined player engagement. This refined approach to player management has led to big improvements in key metrics. The handle per active user increased by 23% and NGR per active user jumped by 49%.
BetMGM holds a secure podium position with 15% GGR market share across active markets. This includes 21% in iGaming and 8% in online sports. The company’s monthly active users grew 6% year-over-year, while iGaming saw monthly activities increase by 21%.
These strong results led BetMGM to raise its full-year 2025 guidance for the third time this year. The company now expects net revenue of at least $2.75 billion and EBITDA of approximately $200 million. The joint venture plans to give at least $200 million to its parent companies before 2025 ends, with quarterly cash distributions planned ahead.
According to Adam Greenblatt, CEO of BetMGM, “We have reached yet another inflection point in our journey, returning operating cash flow back to Entain and MGM Resorts”.
Regional Markets Show Mixed Results Amid Global Challenges
Entain’s global portfolio, including brands on pikakasinot.com, shows a mixture of regional performances outside the U.S. market. This reveals the company’s resilience and various challenges in different markets. The UK & Ireland, Entain’s biggest market, saw an 8% year-on-year NGR increase at constant currency. Online growth reached 15% while retail grew by 2%. These numbers show how well Entain’s improved customer experience initiatives worked in its home territory.
Brazil stands out as the fastest-growing market outside the U.S.. Yet it saw an 11% NGR decline despite strong volume growth of 14%. Australia faced similar challenges with a 6% NGR drop. The market had stable volumes but struggled with poor sports betting results.
Italy managed to keep steady performance as NGR grew 6% at constant currency. This split between online (5%) and retail (8%) channels. The Central & Eastern European division proved particularly strong with 10% NGR growth. Online operations grew 9% while retail rose 11%. Both Poland and Croatia helped strengthen Entain’s market leadership in these regions.
Several markets produced outstanding results. Austria, Canada, Georgia, Greece, Spain, and New Zealand all saw double-digit online NGR growth. However, stricter regulations in the Netherlands and Belgium led to roughly 20% negative growth year-to-date. These markets make up about 6% of Entain’s online mix. So, these regional differences show more than just varying market conditions.
Entain 3Q Summary
Entain’s impressive third-quarter results show the company’s resilience in today’s tough gambling world. The operator has effectively leveraged the digital revolution that’s reshaping the industry. Their diversified approach across multiple channels and markets, including the USA, has proven vital to sustain growth momentum despite regional challenges.
