Adam Roarty is a journalist covering sports betting, regulation, and industry innovation for CasinoBeats. His coverage includes tax increases in the UK, covering breaking stories in the ever-evolving landscape of US betting such as the...
Read Full BioEntain reported strong growth in its H1 results on Tuesday, beating expectations with total EBITDA up 32%.
The company’s 50% share in BetMGM was a powerful performer, with a 35% increase in revenue. Net gaming revenue (NGR) in Brazil rose 21% as the market increased regulations. The UK market also performed well, with NGR rising by 21%. However, a proposed increase in taxes could impact Entain’s operations in the country, which include flagship brands Ladbrokes and Coral.
CEO Stella David believes the company’s strong international portfolio will protect future revenues even if taxes increase. She stated: “Of course, we don’t want to see taxes go up in the UK, but we have this fantastic [global] portfolio business.”
The potential impact of tax increases may have contributed to a sharp decline in the company’s share price, despite the results appearing favorable on paper for H1. The price had risen prior to the results being released, but has fallen by over 12% in the past five days.
Business Getting ‘Stronger, Fitter, Faster,’ Says CEO
David was appointed as permanent CEO in April, following two spells as the company’s interim leader. In the first major report under her tenure, she was positive about the results, stating: “I am delighted by the ongoing momentum and strong performance that both Entain and BetMGM have delivered in H1 2025.
“Entain’s transformation journey is well underway, gathering pace and is supported by our high-quality portfolio of iconic brands with podium positions in attractive markets.
“Our business is getting stronger, fitter and faster, with these results reinforcing our confidence in driving sustainable underlying growth and generating more than £0.5bn of cash annually in the medium term.”
David previously served as interim CEO following the tumultuous tenure of Jette Nygaard-Andersen, who was forced to resign after a bribery scandal led to the company being fined £585 million ($803 million). She then replaced Gavin Issacs, who was in the post for just five months until February this year.
BetMGM Leading International Growth
In Entain’s earnings report, the company noted there is a “clear path to $500m EBITDA and beyond” for BetMGM. The joint venture with MGM Resorts has secured access to sports betting in Missouri through a partnership with Century Casinos.
BetMGM is now licensed in 20 states across the US and holds an estimated 14% of the gaming market after generating $1.35 billion in the first half of 2025. The company is now targeting $2.7 billion in revenue for the year, with expected core earnings of at least $150 million, nearly 50% higher than its earlier goals.
When David was appointed as CEO in April, she emphasized that US online sports betting through BetMGM was a key component of the company’s growth strategy.
Additionally, she highlighted Brazil as a key market going forward. Sportingbet, Entain’s main brand in Brazil, signed a deal with soccer club Palmeiras earlier this year to increase its presence in the country.
David also said the company had awakened “a sleeping giant” in Spain after a marketing campaign to revive Bwin led to growth of 37% in the country.
In Australia, revenue was down 7% with the company facing a potential fine for allegations Ladbrokes and NEDs failed to meet compliance regulations.
David dismissed speculation that a £50 million provision on Entain’s balance sheet related to an impending fine, noting: “The provision is purely accounting driven.”
