Global sports betting and gaming group Entain plc reported a 6 percent yearly increase in total net gaming revenue for the third quarter of 2025, driven by strong performance from its US joint venture BetMGM and sustained momentum across its international portfolio.
The FTSE 100-listed company announced total group net gaming revenue, including its 50 percent share of BetMGM, reached 6 percent growth on a reported basis and 7 percent on a constant currency basis for the period from July 1st to September 30th, 2025. Group revenue excluding the US market grew 4 percent, or 5 percent on a constant currency basis.
BetMGM emerged as a standout performer during the quarter, delivering net revenue growth of 23 percent on a constant currency basis, exceeding expectations. The joint venture’s Q3 net revenue totaled $667 million, fueled by ‘its strengthened sports product, leading iGaming offering and refined player engagement strategy,’ according to the company’s trading update. The venture’s iGaming division grew 21 percent while online sports surged 36 percent on a constant currency basis.
“BetMGM’s continued success and strong year to date performance is driven by our strengthened sports product and leading iGaming offering, coupled with refined player engagement,” said Stella David, CEO of Entain. “We are delighted that BetMGM is achieving sustainable profitable growth.”
Following BetMGM’s strong performance, the joint venture upgraded its full-year 2025 guidance to net revenue of at least $2.75 billion with EBITDA of approximately $200 million. The company also announced plans to begin distributing cash to its parent companies, Entain and MGM Resorts, with at least $200 million anticipated for distribution in 2025.
Online net gaming revenue excluding the US grew 5 percent, or 6 percent on a constant currency basis, reflecting “continued underlying momentum despite customer friendly sports margins in September,” the company stated. The UK and Ireland region posted particularly robust growth of 8 percent on a constant currency basis, with online operations surging 15 percent driven by player value growth and market share gains.
Entain reiterated its full-year 2025 guidance, expecting approximately 7 percent online net gaming revenue growth on a constant currency basis and group EBITDA in the range of ￡1.1 billion ($1.43 billion) to ￡1.15 billion ($1.49 billion).
