Entain Gains on Strong BetMGM Performance and Upgraded Guidance

Entain (LON:ENT) shares rose on Tuesday after the Ladbrokes and Coral owner upgraded its full-year outlook, buoyed by a strong performance from its US joint venture BetMGM and better-than-expected trading across its core markets.

The FTSE 100 betting group reported a 7% rise in first-half total net gaming revenue (NGR), 10% on a constant currency basis, including its 50% share of BetMGM.

Entain shares are up around 0.6% so far on Tuesday. The stock closed Monday's session at 936.4p and had hit a high of 967.2p per share earlier in today's session.

The US business, co-owned with MGM Resorts, grew net revenue by 35% in constant currency to $1.35bn, helping lift group earnings guidance.

Group underlying EBITDA for the six months to 30 June climbed 11% year-on-year to £583m, or £625m when including the BetMGM share, representing a 32% increase.

Online NGR outside the US rose 5%, 8% on a constant currency basis, with the UK and Ireland online division surging 21% thanks to market share gains and higher player values.

Entain now expects 2025 online NGR to grow about 7% in constant currency, with an improved online EBITDA margin of 25–26%.

Full-year group EBITDA is forecast at £1.1bn–£1.15bn. BetMGM is guiding for at least $2.7bn in 2025 revenue and $150m in EBITDA, and says it remains on track to reach $500m in the coming years.

Chief executive Stella David said the results showed the business was “getting stronger, fitter and faster” and positioned to generate over £500m in annual cash flow in the medium term. An interim dividend of 9.8p per share was declared, up 5% year-on-year.