Entain has reported steady growth in its third-quarter results for 2025, with net gaming revenue (NGR) rising by six percent year-on-year, supported by a strong online performance.
The global sports betting and gambling operator said its Q3 results were ahead of expectations and reaffirmed its full-year guidance, forecasting a seven-percent overall revenue increase for 2025.
For the year to date, Entain’s NGR growth stands at seven percent (three percent excluding U.S. operations). The company noted that this has been driven entirely by online gaming operations, which recorded a nine-percent increase, while retail performance remained flat.
“Entain’s transformation continues at pace, with our strategic execution and expanding bandwidth delivering growth across our portfolio. Whilst we still have more to do, our Q3 performance is further evidence of the quality of our diverse business and its underlying momentum,” Entain CEO Stella David said.
Online continues to drive Entain’s performance
In Q3 alone, overall online NGR climbed eight percent, continuing to be the company’s primary growth engine.
Retail also saw a modest two-percent uptick, while online and retail NGR growth excluding U.S. operations rose five percent and three percent, respectively.
In the U.K. and Ireland, Entain reported eight percent overall growth, driven by a 15-percent surge in online gambling revenue and two-percent growth in retail, both aligning with the company’s expectations.
Internationally, retail led with six-percent growth, while online revenue increased by one percent. However, declines in Brazil and Australia offset stronger performances elsewhere. The company saw six-percent growth in Italy and double-digit gains in markets such as Spain, Canada, Austria, Greece, and Georgia.
Concerns over potential U.K. tax rise
During the company’s earnings call, David addressed the potential impact of a remote gambling tax increase in the U.K., warning that it could force the operator to make adjustments in key business areas.
“There are a number of levers we could pull which include being less generous on bonusing, odds [could] be not quite as good, a reduction in marketing. These are all things that one does to mitigate against unwelcome tax increases,” David told analysts.
Entain CFO Rob Wood added that a tax rise would likely hit the sports sector, as betting operators would scale back sponsorships and advertising.
“It doesn’t matter which (market’s) tax (rate) moves, sponsorships, because there is a long pay back and they are about brand awareness, are an obvious place operators will go,” Wood said. “The only winner in that situation is the black market because they have less competitive disadvantage. The loser of course is (the) sports (sector).”
David emphasized that Entain is preparing for potential changes, saying: “Obviously we don’t sit on our hands and not plan for those eventualities.”
The U.K. government is currently reviewing its remote gambling tax framework, with an update expected in the Nov. 26 autumn budget. Despite the looming uncertainty, Entain’s Q3 performance shows its resilience and steady progress as it continues to build momentum through 2025.
