Entain has published its Q1 2025 trading update, reporting Group Net Gaming Revenue (NGR) growth of 9% year-on-year, or 11% on a constant currency basis, including its 50% share in BetMGM. The performance was supported by strong growth in online operations and favourable sports margins across key regions, with UK and Brazilian markets contributing notably. The company also announced the appointment of Stella David as permanent Chief Executive Officer, effective immediately.
Online NGR, including the US, rose 12% year-on-year, up 15% in constant currency terms. Excluding the US, online NGR increased by 6%, or 10% on a constant currency basis, outperforming internal expectations due to strong volumes in the UK and favourable outcomes in sports betting. UK and Ireland online revenue was particularly strong, up 23% in constant currency, while Brazil reported a 31% increase under its newly regulated igaming framework.
BetMGM delivered NGR growth of 34% in constant currency, with record igaming and online sports revenues in the quarter. The venture generated $22 million in EBITDA, with Entain reaffirming expectations that BetMGM will be EBITDA-positive in FY25 and deliver between $2.4 billion and $2.5 billion in revenue this year.
Retail operations posted a modest 2% increase in NGR, with performance in Central and Eastern Europe (CEE) markets up 11%. CEE online growth reached 13%, led by continued strength in Croatia. Conversely, Australian operations declined by 8% in constant currency, reflecting customer-friendly sports results.
The company reiterated its forecast for mid-single-digit growth in online NGR for the full year 2025 on a constant currency basis. Management also expressed confidence in delivering over £500 million in pre-dividend annual cash generation in the medium term, supported by operational efficiency and strategic progress across global igaming markets.
Stella David’s appointment as CEO is intended to provide continuity and strategic focus following a period of leadership transition. Her permanent role is expected to support the ongoing execution of Entain’s growth and transformation agenda across its global betting and gaming portfolio.
Stella David, CEO of Entain, spoke about the financial results: “We have made a strong start to 2025. Our improving operational execution saw us exit 2024 with clear momentum which has continued in Q1. Entain has a clear and compelling strategy with today’s results further evidence of its delivery. We are in the early stages of our journey of improvement and are driving ahead at pace.
Entain’s portfolio of podium positions in attractive and regulated growth markets underpins the structural growth embedded in our business. We are confident that our current momentum and underlying growth will deliver quality and sustainable earnings with a clear pathway to generating over £0.5 billion of annual cashflow in the medium term.”
Commenting on Stella David taking the position of CEO full time, Pierre Bouchut, Interim Chair of Entain said: “The Board is delighted to have appointed Stella as CEO. She is an accomplished and commercial business leader with a long track record of success across multiple industries. Stella has played a pivotal role in shaping, implementing and executing the ongoing delivery of Entain’s strategy to drive value for our shareholders. She is highly regarded by our stakeholders, and her appointment provides consistency and stability as the business pursues its many growth opportunities.”
Stella David, CEO of Entain, added: “Entain has a clear strategy and we are making great strides in strengthening our operational capabilities. Having taken the time to reflect, I am hugely excited to be leading the business going forward as Entain’s CEO as we accelerate our journey of improvement. Entain is a great business with significant potential and I am confident in its ability to deliver further success in the future.”
