Entain PLC's (LSE:ENT) shares opened higher after the company upgraded its full-year guidance following a stronger-than-expected first half performance.
The global sports betting and gaming group, which owns the Ladbrokes bookmaking chain, reported a 7% rise in total net gaming revenue (NGR) for the six months to 30 June 2025.
On a constant currency basis, growth was 10%, boosted by a 35% increase at its US joint venture BetMGM and a 3% rise at Entain itself.
Online net gaming revenue outside the US grew 5% (8% at constant currency), led by strong performance in sports betting and gaming.
The UK and Ireland delivered 21% growth on a constant currency basis, driven by market share gains and higher player values. Brazil also grew by 21% in a competitive and newly regulated market.
BetMGM’s robust results have supported an upgraded outlook for the full year and a clear path towards achieving $500 million in earnings before interest, tax, depreciation and amortisation (EBITDA) and beyond.
Entain saw margin improvement, with online EBITDA margins ahead of expectations due to favourable revenue mix and operational efficiencies. The company raised its full-year margin guidance to 25-26%.
Group EBITDA for the first half reached £583 million, up 11% year on year, with total Group EBITDA including the 50% BetMGM stake rising 32% to £625 million.
For the full year 2025, Entain now expects approximately 7% growth in online net gaming revenue on a constant currency basis, with mid-single-digit growth reported. It introduced Group EBITDA guidance of £1.1 billion to £1.15 billion..
The stock opened 1% higher.