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Entain PLC’s US joint venture on Tuesday reported a strong third quarter, with first-half momentum continuing and full-year guidance raised. BetMGM is a sports betting and iGaming firm which operates across North America, and is jointly owned by Entain and Nevada-based MGM Resorts International. Entain, the Isle of Man-based sports betting and gaming operator with the Ladbrokes and Coral brands, noted third-quarter net revenue for BetMGM advanced 23% to $667 million from $544 million a year prior. BetMGM swung to earnings before interest, tax, depreciation and amortisation of $41 million from a $16 million loss, as both iGaming and Online Sports gave positive contributions. ‘BetMGM’s momentum from H1 continued into Q3, underpinned by the ongoing execution of our strategic plan. The execution in operations we have described this year - improved marketing efficiency, player management, brand positioning, and product and platform improvements - all contributed to our strong revenue growth and material cash flow increase from both sides of the business,’ said BetMGM Chief Executive Adam Greenblatt. Owing to the strong performance full-year net revenue guidance for BetMGM was lifted to at least $2.75 billion from $2.7 billion, and Ebitda is now anticipated at approximately $200 million, from at least $150 million. Further, the joint venture is ‘now positioned to distribute excess cash to parents, Entain and MGM Resorts’, with at least $200 million expected to be returned in 2025. Entain noted that cash distributions to parents are set for a quarterly cadence going forward. Shares in Entain rose 4.0% to 857.60 pence on Tuesday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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